Year end inventory

Yahoo Archive
1
We don't ever do a full physical. I swear it messes more things up than
it ever fixes. We rely 100% on our cycle counts throughout the year to
fix any issues. The only other thing I do is print an inventory listing
1 - 2 times per year. This is to look for parts not listed (very rare)
which are physically in a bin location. We hire outside auditors every
year to validate our systems, and has not been a problem in the last
three years.



Bruce Butler

IT Manager

Knappe & Koester, Inc.

_____

From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf
Of Paul H. Smith
Sent: Wednesday, May 23, 2007 5:25 PM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] Year end inventory



Geary, how many lines of inventory do you have. We currently have 6,900.
Thanks for the feedback as well.

-----Original Message-----
From: vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com>
[mailto:vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com> ]On
Behalf Of
Geary, Stephanie
Sent: Wednesday, May 23, 2007 4:27 PM
To: vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com>
Subject: RE: [Vantage] Year end inventory

Our transactions affect the GL but we do inventory in one/two day.
Nothing is received or issued until inventory is done and posted.
Inventory stock status is about all there is except the inventory change
report in the count section. I run a stock status before and after to
check the accuracy of posting.

________________________________

From: vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com>
[mailto:vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com> ] On
Behalf
Of Paul H. Smith
Sent: Wednesday, May 23, 2007 1:44 PM
To: Vantage
Subject: [Vantage] Year end inventory

We are using vantage ver 6.

For all those using vantage to conduct inventory can any explain what
process you go through. For us we ensure all issues and receipts are
conducted. Then we start the count, conduct inventory, review the
variance
report. Once we are satisfied with the results we post the count. We
then
print a stock status for our year end value. We currently do not have
the
inventory transactions effecting the GL account, I am not an accountant
so I
am not sure how this effects the numbers. Is there another report to
obtain
a year end value other than the stock status. What about the material
that
is received in after you start the count. Is vantage capturing
these?Last
question, what is the length of time you take to conduct the inventory?
Thank you in advance.

Paul H. Smith

[Non-text portions of this message have been removed]

[Non-text portions of this message have been removed]





[Non-text portions of this message have been removed]
2
Hi All,

I have a question about accounting practices I am hoping someone can
advise me on. 7/1/06 was our fiscal year end. I just found out that
our controller went in and deleted 6 customer packing slips on that date
- these were items we had shipped to the customer. When I called to ask
him about it, he said he had to delete them because we did not have PO's
from the customer and therefore he could not invoice them and accounting
practice says if we shipped them last fiscal year we would also have to
bill them that year. Anyway, I am not an accountant, but this just
seems soooo wrong to me to delete the packing slip that we sent to our
customer! It seems that this would be much worse than having a shipment
without an invoice in the same year. Can any other accounting folk on
this list tell me what's right here?

Thanks,
Sarah



[Non-text portions of this message have been removed]
3
Sarah, so what does he consider 'shipping'.....the packing slip or the
physical leaving of the facility?



I personally would have put the invoices on hold and 'beat-up' the sales
department to get the PO in here ASAP then post the invoices a few days
later (still with a June/July 1 date). If there was concern about not
getting the PO I would have stopped the shipment.



Having said all that...he might have another reason for doing what he
did but told you what he thought you might accept as the reason. Bottom
line....don't ever question the controller.....they are always right!
:-)



Matt

________________________________

From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf
Of sarah.vareschi@...
Sent: Tuesday, July 11, 2006 11:06 AM
To: vantage@yahoogroups.com
Subject: [Vantage] Procedural question regarding shipments / invoices at
year-end



Hi All,

I have a question about accounting practices I am hoping someone can
advise me on. 7/1/06 was our fiscal year end. I just found out that
our controller went in and deleted 6 customer packing slips on that date
- these were items we had shipped to the customer. When I called to ask
him about it, he said he had to delete them because we did not have PO's
from the customer and therefore he could not invoice them and accounting
practice says if we shipped them last fiscal year we would also have to
bill them that year. Anyway, I am not an accountant, but this just
seems soooo wrong to me to delete the packing slip that we sent to our
customer! It seems that this would be much worse than having a shipment
without an invoice in the same year. Can any other accounting folk on
this list tell me what's right here?

Thanks,
Sarah






[Non-text portions of this message have been removed]
4
--- In vantage@yahoogroups.com, "MATT FINN" <matt@...> wrote:
>
. Bottom
> line....don't ever question the controller.....they are always right!
> :-)
>

Wouldn't it be nice if that were true!

Brian
5
Year end inventory





I am looking for a view from a controller or other experience
involving accounting and inventory. Our background: we are a job shop and a
publicly traded company, we are also preparing for SOX compliance. We are
using vantage 6.0. We conduct a year end physical inventory and we do not
shut down to conduct inventory. We ensued a clean cut off and started
inventory 6/14.



Here are our procedures:



We run a stock status report before the start count procedure in vantage
and after we locked down our numbers, there was a small difference between
the stock status amount and the count variance amount, no transactions were
made between the printing of these reports. The difference was small (anyone
know why this number would be off?)



We then conduct our count being very careful to insure we are capturing
the activity before the count.



June 30th, after re-counts etc, we post the count and then run another
stock status. This is the finial stock status report to get our year end
inventory numbers.



Ok here is the situation. Our controller is looking for the following:



He wants to see a roll forward (this is everything that has
come in after we have locked down the numbers) What is the best way to
provide this information? I have stated that the finial stock status report
will have everything that has come in after we started inventory, am I
correct?



How is the count variance report designed to interact with the
finial year end numbers. My point is that the count variance report is only
used to conduct inventory that once you post the count this report has
provided its full functionality. He comments that he wants to see count tags
tying back to the stock status report.



All these concerns are due to the auditors.





How are others handling year end inventory, anyone have policies or
procedures they are will to share?. Thanks for any help that can be
provided.




Paul H. Smith








[Non-text portions of this message have been removed]
6
We are using vantage ver 6.

For all those using vantage to conduct inventory can any explain what
process you go through. For us we ensure all issues and receipts are
conducted. Then we start the count, conduct inventory, review the variance
report. Once we are satisfied with the results we post the count. We then
print a stock status for our year end value. We currently do not have the
inventory transactions effecting the GL account, I am not an accountant so I
am not sure how this effects the numbers. Is there another report to obtain
a year end value other than the stock status. What about the material that
is received in after you start the count. Is vantage capturing these?Last
question, what is the length of time you take to conduct the inventory?
Thank you in advance.

Paul H. Smith


[Non-text portions of this message have been removed]
7
Our transactions affect the GL but we do inventory in one/two day.
Nothing is received or issued until inventory is done and posted.
Inventory stock status is about all there is except the inventory change
report in the count section. I run a stock status before and after to
check the accuracy of posting.



________________________________

From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf
Of Paul H. Smith
Sent: Wednesday, May 23, 2007 1:44 PM
To: Vantage
Subject: [Vantage] Year end inventory




We are using vantage ver 6.

For all those using vantage to conduct inventory can any explain what
process you go through. For us we ensure all issues and receipts are
conducted. Then we start the count, conduct inventory, review the
variance
report. Once we are satisfied with the results we post the count. We
then
print a stock status for our year end value. We currently do not have
the
inventory transactions effecting the GL account, I am not an accountant
so I
am not sure how this effects the numbers. Is there another report to
obtain
a year end value other than the stock status. What about the material
that
is received in after you start the count. Is vantage capturing
these?Last
question, what is the length of time you take to conduct the inventory?
Thank you in advance.

Paul H. Smith






[Non-text portions of this message have been removed]
8
Geary, how many lines of inventory do you have. We currently have 6,900.
Thanks for the feedback as well.


-----Original Message-----
From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com]On Behalf Of
Geary, Stephanie
Sent: Wednesday, May 23, 2007 4:27 PM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] Year end inventory


Our transactions affect the GL but we do inventory in one/two day.
Nothing is received or issued until inventory is done and posted.
Inventory stock status is about all there is except the inventory change
report in the count section. I run a stock status before and after to
check the accuracy of posting.

________________________________

From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf
Of Paul H. Smith
Sent: Wednesday, May 23, 2007 1:44 PM
To: Vantage
Subject: [Vantage] Year end inventory

We are using vantage ver 6.

For all those using vantage to conduct inventory can any explain what
process you go through. For us we ensure all issues and receipts are
conducted. Then we start the count, conduct inventory, review the
variance
report. Once we are satisfied with the results we post the count. We
then
print a stock status for our year end value. We currently do not have
the
inventory transactions effecting the GL account, I am not an accountant
so I
am not sure how this effects the numbers. Is there another report to
obtain
a year end value other than the stock status. What about the material
that
is received in after you start the count. Is vantage capturing
these?Last
question, what is the length of time you take to conduct the inventory?
Thank you in advance.

Paul H. Smith

[Non-text portions of this message have been removed]






[Non-text portions of this message have been removed]
9
Paul,

Not anywhere near your volume. We have 1300 lines of inventory. Not
including WIP.

I know Vantage is suppose to keep track of what happens after you start
your count for inventory but I have never been willing to trust it... so
we don't let anyone do anything that would affect inventory until we can
post the count. If you do the people entering the tickets need to be
more knowledgeable about the timing and I never want to risk it.

Stephanie



________________________________

From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf
Of Paul H. Smith
Sent: Wednesday, May 23, 2007 5:25 PM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] Year end inventory



Geary, how many lines of inventory do you have. We currently have 6,900.
Thanks for the feedback as well.

-----Original Message-----
From: vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com>
[mailto:vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com> ]On
Behalf Of
Geary, Stephanie
Sent: Wednesday, May 23, 2007 4:27 PM
To: vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com>
Subject: RE: [Vantage] Year end inventory

Our transactions affect the GL but we do inventory in one/two day.
Nothing is received or issued until inventory is done and posted.
Inventory stock status is about all there is except the inventory change
report in the count section. I run a stock status before and after to
check the accuracy of posting.

________________________________

From: vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com>
[mailto:vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com> ] On
Behalf
Of Paul H. Smith
Sent: Wednesday, May 23, 2007 1:44 PM
To: Vantage
Subject: [Vantage] Year end inventory

We are using vantage ver 6.

For all those using vantage to conduct inventory can any explain what
process you go through. For us we ensure all issues and receipts are
conducted. Then we start the count, conduct inventory, review the
variance
report. Once we are satisfied with the results we post the count. We
then
print a stock status for our year end value. We currently do not have
the
inventory transactions effecting the GL account, I am not an accountant
so I
am not sure how this effects the numbers. Is there another report to
obtain
a year end value other than the stock status. What about the material
that
is received in after you start the count. Is vantage capturing
these?Last
question, what is the length of time you take to conduct the inventory?
Thank you in advance.

Paul H. Smith






[Non-text portions of this message have been removed]