Our finance director freaked out because debits did not equal credits because we had a transfer order that was shipped but not yet received. He wanted me to reverse the transaction or create an offsetting transaction.
After I received the transfer, he told me that he wanted the receipt to be done on the same day as the shipment. Is there any way to change the receipt after it is done to change the date.
This request honestly doesn’t make sense as we are shipping parts halfway across the country and it takes a few days. I also want to make sure we physically receive what is expected. However he is the boss.
Do you have a GL Control code setup for Plant Transfer? When we do a shipment, it goes against an in-transit account. We use that to reconcile the debits/credits until it gets received.
That’s mainly used when you want to invoice/receive the items between the sites. Leaving this unchecked just moves the cost back and forth. Depending on costing, you may need to define a variance account for transfers as well if your costing is different at the site level.
We don’t use the Interdivisional accounting, but the GL control still handles moving the cost from inventory->in-transit->inventory
Oh dear. The transfer order was shipped on 3/20, received 3/26. Apparently both as one sided transactions. The problem is the daily total for those two business dates not balancing won’t allow all WIP activity for that period to post.
