What to do with Clearing Account $$$

Darren,
Are talking about the clearing and variance suspense accounts? Or a PO
Clearing account? PO Clearing should end up taking care of itself as long as
the receipts are used at the time of A/P Invoice entry. One thing you should
like at is the Invty/wip reconciliation report to see what type of
transaction created these entries. On the Invty/wip you should what they
call type and most of the ones that hit the clearing and variance suspense
accounts should be either ADJ-PUR which is created when the P.O. price and
the a/p invoice price don't match if these are small dollar amounts we
usually move them to the proper cost of goods sold accounts. If these are
large dollar amount we will look to see if inventory is still on hand and
then do a cost adjustment on the part as well as moving them to cost of
goods sold accounts. Or MFG-VAR which is created when there is a difference
in cost used verse cost on the job usually very small $ amounts. For us the
MFG-VAR are usually pennies. Sometimes if you are buying to a job and ship
from the job or receive the finished goods into inventory one month but
don't process the a/p invoice until the next month and then close the job
you will also get a MFG-VAR which then needs to be either moved to your cost
of goods sold account usually.

Jim
> -----Original Message-----
> From: Darren Mann [mailto:dmann@...]
> Sent: Thursday, February 06, 2003 8:46 AM
> To: vantage@yahoogroups.com
> Subject: RE: [Vantage] What to do with Clearing Account $$$
>
>
> We DO use part classes with all PO items (at least their suppose to??).
> Yes, we use the inventory module post to G/L option.
> I will investigate the PO part class thing and see where it takes me. The
> problem we have with the entries already in the clearing account is the
> apparent lack of a good trail as to where they came from.
>
> Thanks,
> Darren Mann
> Miller Products Co.
>
>
>
> -----Original Message-----
> From: Edward F. Fox, Jr. [mailto:efox@...]
> Sent: Thursday, February 06, 2003 7:58 AM
> To: vantage@yahoogroups.com
> Subject: RE: [Vantage] What to do with Clearing Account $$$
>
>
> You should not have any balance in the clearing account.
>
> I have a lot of items clear through the account when posting my bank
> reconciliation but the ending balance is zero.
>
> Are you posting the Inventory Module? If so, your problem would suggest
> that Parts/PO's are being setup without a Part Class. When you
> do this the
> receipt transaction is posted to the suspense account.
>
> To fix this you need to set up and use part classes and create reclass
> entries for the items already in the suspense account.
>
> Edward F. Fox, Jr., CPA
> Controller
> Maxson Automatic Machinery Company
> Phone: 401-596-0162 x110
> Fax: 401-596-1050
> www.maxsonautomatic.com
>
>
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>
>
> Useful links for the Yahoo!Groups Vantage Board are: ( Note: You
> must have already linked your email address to a yahoo id to
> enable access. )
> (1) To access the Files Section of our Yahoo!Group for Report
> Builder and Crystal Reports and other 'goodies', please goto:
> http://groups.yahoo.com/group/vantage/files/.
> (2) To search through old msg's goto:
> http://groups.yahoo.com/group/vantage/messages
> (3) To view links to Vendors that provide Vantage services goto:
> http://groups.yahoo.com/group/vantage/links
>
> Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
>
>
>
Our controller was wondering what other companies do to adjust transactions
out of the clearing account. She is getting a sizable dollar amount in
there and is unclear what this indicates or what creates these transactions.
Can anyone shed some light on this dilemma?

Thanks,
Darren Mann
Miller Products Co.

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You should not have any balance in the clearing account.

I have a lot of items clear through the account when posting my bank
reconciliation but the ending balance is zero.

Are you posting the Inventory Module? If so, your problem would suggest
that Parts/PO's are being setup without a Part Class. When you do this the
receipt transaction is posted to the suspense account.

To fix this you need to set up and use part classes and create reclass
entries for the items already in the suspense account.

Edward F. Fox, Jr., CPA
Controller
Maxson Automatic Machinery Company
Phone: 401-596-0162 x110
Fax: 401-596-1050
www.maxsonautomatic.com


-----Original Message-----
From: Darren Mann [mailto:dmann@...]
Sent: Thursday, February 06, 2003 8:52 AM
To: Vantage User Group (E-mail)
Subject: [Vantage] What to do with Clearing Account $$$


Our controller was wondering what other companies do to adjust transactions
out of the clearing account. She is getting a sizable dollar amount in
there and is unclear what this indicates or what creates these transactions.
Can anyone shed some light on this dilemma?

Thanks,
Darren Mann
Miller Products Co.

---
Outgoing mail is certified Virus Free.
Checked by AVG anti-virus system (http://www.grisoft.com).
Version: 6.0.449 / Virus Database: 251 - Release Date: 1/27/2003



Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must have
already linked your email address to a yahoo id to enable access. )
(1) To access the Files Section of our Yahoo!Group for Report Builder and
Crystal Reports and other 'goodies', please goto:
http://groups.yahoo.com/group/vantage/files/.
(2) To search through old msg's goto:
http://groups.yahoo.com/group/vantage/messages
(3) To view links to Vendors that provide Vantage services goto:
http://groups.yahoo.com/group/vantage/links

Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
You should not have to make any adjustments to any clearing account. If it
is A/P clearing, it is cleared when you enter the invoice from the vendor
against the PO receipt. The A/R clearing account is credited when you
invoice the shipment. I am not aware of any other clearing account.

Randall Lunsford
Excel Machinery, Ltd.
e-mail: rlunsf@...
Phone: (806) 335-4565 ext. 531
Fax: (806) 335-9017

-----Original Message-----
From: Darren Mann [mailto:dmann@...]
Sent: Thursday, February 06, 2003 7:52 AM
To: Vantage User Group (E-mail)
Subject: [Vantage] What to do with Clearing Account $$$

Our controller was wondering what other companies do to adjust transactions
out of the clearing account. She is getting a sizable dollar amount in
there and is unclear what this indicates or what creates these transactions.
Can anyone shed some light on this dilemma?

Thanks,
Darren Mann
Miller Products Co.

---
Outgoing mail is certified Virus Free.
Checked by AVG anti-virus system (http://www.grisoft.com).
Version: 6.0.449 / Virus Database: 251 - Release Date: 1/27/2003



Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must have
already linked your email address to a yahoo id to enable access. )
(1) To access the Files Section of our Yahoo!Group for Report Builder and
Crystal Reports and other 'goodies', please goto:
http://groups.yahoo.com/group/vantage/files/.
(2) To search through old msg's goto:
http://groups.yahoo.com/group/vantage/messages
(3) To view links to Vendors that provide Vantage services goto:
http://groups.yahoo.com/group/vantage/links

Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
We DO use part classes with all PO items (at least their suppose to??).
Yes, we use the inventory module post to G/L option.
I will investigate the PO part class thing and see where it takes me. The
problem we have with the entries already in the clearing account is the
apparent lack of a good trail as to where they came from.

Thanks,
Darren Mann
Miller Products Co.



-----Original Message-----
From: Edward F. Fox, Jr. [mailto:efox@...]
Sent: Thursday, February 06, 2003 7:58 AM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] What to do with Clearing Account $$$


You should not have any balance in the clearing account.

I have a lot of items clear through the account when posting my bank
reconciliation but the ending balance is zero.

Are you posting the Inventory Module? If so, your problem would suggest
that Parts/PO's are being setup without a Part Class. When you do this the
receipt transaction is posted to the suspense account.

To fix this you need to set up and use part classes and create reclass
entries for the items already in the suspense account.

Edward F. Fox, Jr., CPA
Controller
Maxson Automatic Machinery Company
Phone: 401-596-0162 x110
Fax: 401-596-1050
www.maxsonautomatic.com


---
Outgoing mail is certified Virus Free.
Checked by AVG anti-virus system (http://www.grisoft.com).
Version: 6.0.449 / Virus Database: 251 - Release Date: 1/27/2003
To which clearing account are you referring? The A/P Clearing Account
should retain the balance of items received, but not yet invoiced. So
unless all your vendors have sent in invoices in a timely manner(neat trick
to receive a 1/31/03 invoice through the mail by 1/31/03), there should be a
balance in the A/P clearing account.

Then to make matters worse for reconciling the A/P clearing account, any
invoices entered for the past month (Jan.) in the current month (Feb) have
the A/P Adjustments dated Feb. not January EVEN if entered in a January
Group with a January Date!
Vantage uses the system date not the invoice date........LONG TIME PET
PEEVE! GRRRRR! Anyone know if this has change in later releases?

Deb Wilmoth
Controller
Reeder & Kline Machine Company, Inc.
Vantage 5.0


-----Original Message-----
From: Edward F. Fox, Jr. [mailto:efox@...]
Sent: Thursday, February 06, 2003 8:58 AM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] What to do with Clearing Account $$$


You should not have any balance in the clearing account.

I have a lot of items clear through the account when posting my bank
reconciliation but the ending balance is zero.

Are you posting the Inventory Module? If so, your problem would suggest
that Parts/PO's are being setup without a Part Class. When you do this the
receipt transaction is posted to the suspense account.

To fix this you need to set up and use part classes and create reclass
entries for the items already in the suspense account.

Edward F. Fox, Jr., CPA
Controller
Maxson Automatic Machinery Company
Phone: 401-596-0162 x110
Fax: 401-596-1050
www.maxsonautomatic.com


-----Original Message-----
From: Darren Mann [mailto:dmann@...]
Sent: Thursday, February 06, 2003 8:52 AM
To: Vantage User Group (E-mail)
Subject: [Vantage] What to do with Clearing Account $$$


Our controller was wondering what other companies do to adjust transactions
out of the clearing account. She is getting a sizable dollar amount in
there and is unclear what this indicates or what creates these transactions.
Can anyone shed some light on this dilemma?

Thanks,
Darren Mann
Miller Products Co.

---
Outgoing mail is certified Virus Free.
Checked by AVG anti-virus system (http://www.grisoft.com).
Version: 6.0.449 / Virus Database: 251 - Release Date: 1/27/2003



Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must have
already linked your email address to a yahoo id to enable access. )
(1) To access the Files Section of our Yahoo!Group for Report Builder and
Crystal Reports and other 'goodies', please goto:
http://groups.yahoo.com/group/vantage/files/.
(2) To search through old msg's goto:
http://groups.yahoo.com/group/vantage/messages
(3) To view links to Vendors that provide Vantage services goto:
http://groups.yahoo.com/group/vantage/links

Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/




Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must have
already linked your email address to a yahoo id to enable access. )
(1) To access the Files Section of our Yahoo!Group for Report Builder and
Crystal Reports and other 'goodies', please goto:
http://groups.yahoo.com/group/vantage/files/.
(2) To search through old msg's goto:
http://groups.yahoo.com/group/vantage/messages
(3) To view links to Vendors that provide Vantage services goto:
http://groups.yahoo.com/group/vantage/links

Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/



[Non-text portions of this message have been removed]
If you are looking at the "Periodic Posting Process" entries in the G/L
Account Tracker the "Cost Transaction" button gives good detail as to the
specific PO, Job, Transaction type, etc. that created the posting. I use it
a lot a month end.

Jerry Boyle
Sipco Molding Technologies
Meadville, PA. 16335
p 814.724.2243 x53
f 814.724.2244
vantage 5.10.132

-----Original Message-----
From: Darren Mann [mailto:dmann@...]
Sent: Thursday, February 06, 2003 9:46 AM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] What to do with Clearing Account $$$
We DO use part classes with all PO items (at least their suppose to??).
Yes, we use the inventory module post to G/L option.
I will investigate the PO part class thing and see where it takes me. The
problem we have with the entries already in the clearing account is the
apparent lack of a good trail as to where they came from.