Darren- we just finished our physical inventory too- what a fun couple of
days we both have had!
i use the WIP/Recon report to track the activity in the G/L and make sure
that balance matches the change on the G/L. you can also run a G/L report
for the account and ensure the only transactions there are periodic postings
(anything from the general journal, etc. will throw off the balance). we
accept our stock status report as the real number, and check it against the
g/l number monthly (as well as WIP, A/P, A/R, etc). some variance is
allowed by our CPA (we have about $1.2M raw inventory, our book to physical
variance thru the last year ran about $2500- that was OK), but we would have
to make an adjustment monthly if it got out of hand. you can contact me
directly if you have questions.
anybody hear if the user-4-user conference is "go" or a "no-go"?
james martin
-----Original Message-----
From: Mike Lowe [mailto:MLowe@...]
Sent: Wednesday, July 03, 2002 8:37 AM
To: vantage@yahoogroups.com; vantage@yahoogroups.com
Subject: Re:[Vantage] WIP/Inventory Questions
Is your controller taking the Inventory Variance account into consideration?
____________________Reply Separator____________________
Subject: [Vantage] WIP/Inventory Questions
Author: <vantage@yahoogroups.com>
Date: 7/3/02 9:15 AM
We just completed a full physical inventory for our fiscal yearend. The
controller asked me a question yesterday regarding the totals compared to
what the G/L showed for account balances. Needless to say they are way off
and I was wondering if this is normal or if someone could explain why the
G/L accounts never seem to match what is shown as total value for that Part
class. We do use part classes and separate our finished stock items from
purchased goods. We use average cost in inventory. And one account for
WIP. What means/reports can we use to balance the inventory valuation with
the G/L account balances?
Do we just need to make a year end adjustment to make them reflect the total
value?
Thanks,
Darren Mann
Miller Products Co.
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
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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/
This message including all attachments is the sole property of Electritek Inc. The dissemination, distribution, use or copying of this message or or attachments is strictly prohibited without the express written consent of Electritek Inc.
days we both have had!
i use the WIP/Recon report to track the activity in the G/L and make sure
that balance matches the change on the G/L. you can also run a G/L report
for the account and ensure the only transactions there are periodic postings
(anything from the general journal, etc. will throw off the balance). we
accept our stock status report as the real number, and check it against the
g/l number monthly (as well as WIP, A/P, A/R, etc). some variance is
allowed by our CPA (we have about $1.2M raw inventory, our book to physical
variance thru the last year ran about $2500- that was OK), but we would have
to make an adjustment monthly if it got out of hand. you can contact me
directly if you have questions.
anybody hear if the user-4-user conference is "go" or a "no-go"?
james martin
-----Original Message-----
From: Mike Lowe [mailto:MLowe@...]
Sent: Wednesday, July 03, 2002 8:37 AM
To: vantage@yahoogroups.com; vantage@yahoogroups.com
Subject: Re:[Vantage] WIP/Inventory Questions
Is your controller taking the Inventory Variance account into consideration?
____________________Reply Separator____________________
Subject: [Vantage] WIP/Inventory Questions
Author: <vantage@yahoogroups.com>
Date: 7/3/02 9:15 AM
We just completed a full physical inventory for our fiscal yearend. The
controller asked me a question yesterday regarding the totals compared to
what the G/L showed for account balances. Needless to say they are way off
and I was wondering if this is normal or if someone could explain why the
G/L accounts never seem to match what is shown as total value for that Part
class. We do use part classes and separate our finished stock items from
purchased goods. We use average cost in inventory. And one account for
WIP. What means/reports can we use to balance the inventory valuation with
the G/L account balances?
Do we just need to make a year end adjustment to make them reflect the total
value?
Thanks,
Darren Mann
Miller Products Co.
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/
This message including all attachments is the sole property of Electritek Inc. The dissemination, distribution, use or copying of this message or or attachments is strictly prohibited without the express written consent of Electritek Inc.