Michael
In 6.1 the costs are held in WIP until "Capture Cost of Sales" is run
and posted. If you have average costing for finished goods the costs
accumulated in the job are transferred to COS. If you have Standard
costing the costs the standard cost is pulled out of the job and any
inequallity is posted to varience. If any parts are left in the job
the costs associated with them are purged to varience also. Again all
this happens at "Capture Cost of Sales."
We run Capture COS on the first day of the month after we know all
labor is in and right and all material transactions have been made.
We also hold shipping until all those costs are right. Then when
Capture COS is run all the costs have caught up all the shipped
items.
Russ Dover
To: <vantage@yahoogroups.com>
From: "Michael D. Howard" <mike@...>
Subject: RE: [Vantage] v 6.1, Costs hungup in WIP
In 6.1 the costs are held in WIP until "Capture Cost of Sales" is run
and posted. If you have average costing for finished goods the costs
accumulated in the job are transferred to COS. If you have Standard
costing the costs the standard cost is pulled out of the job and any
inequallity is posted to varience. If any parts are left in the job
the costs associated with them are purged to varience also. Again all
this happens at "Capture Cost of Sales."
We run Capture COS on the first day of the month after we know all
labor is in and right and all material transactions have been made.
We also hold shipping until all those costs are right. Then when
Capture COS is run all the costs have caught up all the shipped
items.
Russ Dover
To: <vantage@yahoogroups.com>
From: "Michael D. Howard" <mike@...>
Subject: RE: [Vantage] v 6.1, Costs hungup in WIP
> Costs that arrive after the shipping transaction
> fall through to manufacturing variance at capture
> & post time.
>
> This allows you to maintain an accurate income
> statement but it does raise the question as to
> having an accurate history on the costs of the
> job.
>
> We found out that the most practical solution for
> us was to spruce up our job costing practices the
> best we could, in order to eneter all the costs as
> soon as posible, and then live with the fact that
> some costs are unavoidably late.
>
> Piece part unit costs can be adjusted later, as long
> as you keep track of the effect on inventory values,
> and the general ledger can be corrected through journal
> entries.
>
> It isn't pretty .. or convenient .. but we could
> find no other solution in the instance where we had
> to ship before the costs were all in.
>
>
> -----Original Message-----
> From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com]On
> Behalf
> Of Rough Brothers
> Sent: Friday, May 06, 2005 7:02 AM
> To: Vantage Users
> Subject: [Vantage] v 6.1, Costs hungup in WIP
>
>
> We have tested that you can add costs to a job after it has been
> shipped but
> they get hung up in WIP. Since the job has been shipped the shipping
> transaction that moves the costs from WIP to CGS has already occurred.
> Therefore, we haven't seen a way to move the accumulated costs from
> WIP to
> CGS.
>
> Sometimes we have costs that need to be posted to the job after we
> invoice.
> The issue that I have seen is that the cost posted to the job after
> the job
> is invoiced gets hung up in WIP.
>
> Does anyone have a solution to this? Or due to this fact, this
> requires you
> to complete/close the job at the time of invoicing. We would never
> want to
> add costs to a job that has been invoiced.
>
>
>
>
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