A/P Clearing account

Yahoo Archive
1
I actually found out more today, what period the invoices clear the
ledger account is determined by the ap invoice entry batch they are
put in to, not neccessarily the invoice date. For example, if you
had a batch that was set up for period 2 but dated the invoice
January 31, the invoice would clear the ledger in February, not
January. Because of that and due to the fact that receipts get added
to the gl account when the capture/post WIP activity occurrs, it is
probably best to do it during a clean cutt-off, all receiving is done
for the month and you just ran the capture/post process.






--- In vantage@yahoogroups.com, "meolam13" <meolam13@...> wrote:
>
> I have done a test following a transaction thru the recript entry
and
> the invoice input and posting and it was flowing properly. It
seems
> we have a timing difference in the A/P Clearing account in that
some
> receipts are entered in a different month than the invoice is
dated.
> For instance, I have one on my desk that has a receipt date of
2/4/08
> and the invoice is dated 1/31/08. Should I change my invoice date
to
> match the receipt date so that I can see the debit and credit to
A/P
> clearing in the same month?
>
> Also, our "Received but not Invoiced" report is not tying out to
our
> A/P Clearing balance. I have read in another posting to this user
> group that the report will not tie out unless it is run on the 1st
> day of the month. Beacause when invoices are posted, the system
goes
> back and clears the receipts off the report. So, even though I
have
> goods received at 12/31/07 but no invoice posted for them, when the
> invoice is posted it clears the items off the report.
>
>
>
> --- In vantage@yahoogroups.com, "mdhoge" <mhoge@> wrote:
> >
> > --- In vantage@yahoogroups.com, "meolam13" <meolam13@> wrote:
> > >
> > > When receipts are matched and entered inthe Shipping/Receiving
> module
> > > they are not hitting the G/L properly. They should be
crediting
> A/P
> > > clearing. Does anyone have information as to how to find out
> what
> > > accounts the receipt entry function is hitting?
> > >
> >
> >
> > Check the g/l account configuration in the ap module in the
> following
> > path
> >
> > Financial Management/Accounts Payable/Set Up/Accounts Payable Gl
> > Account/
> >
> > Bring up the trade ap set up (default). It should list the
various
> > accounts that are set up for the ap module. (Payables/Defualt
> > Expense/Discount/Clearing etc)
> >
>
2
When receipts are matched and entered inthe Shipping/Receiving module
they are not hitting the G/L properly. They should be crediting A/P
clearing. Does anyone have information as to how to find out what
accounts the receipt entry function is hitting?
3
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Have you checked the Accounts Payable GL Account towhich this supplier has been linked, this will hold the Clearing account GLreference, if not check the company configuration> Modules> ControlAccounts> Clearing.



I hope the above helps.



Padmanabhan









---------------------------------


From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf Of meolam13
Sent: 13 February 2008 01:03
To: vantage@yahoogroups.com
Subject: [Vantage] A/P Clearing account




When receipts are matched and entered intheShipping/Receiving module
they are not hitting the G/L properly. They should be crediting A/P
clearing. Does anyone have information as to how to find out what
accounts the receipt entry function is hitting?








---------------------------------
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[Non-text portions of this message have been removed]
4
Run the Inventory/WIP Reconciliation report to see the entries that are
created. By the way, these entries will not show up in your general
ledger until you run the Capture COS/WIP Activity in the Job Management
Module.



Christy J. Morris

Controller
Cold Jet, LLC
455 Wards Corner Road
Loveland, Ohio 45140


513-716-6370

513-576-8986 (fax)
www.coldjet.com



Setting industry standards in dry ice technology and solutions for over
20 years.

________________________________

From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf
Of meolam13
Sent: Tuesday, February 12, 2008 4:03 PM
To: vantage@yahoogroups.com
Subject: [Vantage] A/P Clearing account



When receipts are matched and entered inthe Shipping/Receiving module
they are not hitting the G/L properly. They should be crediting A/P
clearing. Does anyone have information as to how to find out what
accounts the receipt entry function is hitting?







[Non-text portions of this message have been removed]
5
--- In vantage@yahoogroups.com, "meolam13" <meolam13@...> wrote:
>
> When receipts are matched and entered inthe Shipping/Receiving module
> they are not hitting the G/L properly. They should be crediting A/P
> clearing. Does anyone have information as to how to find out what
> accounts the receipt entry function is hitting?
>


Check the g/l account configuration in the ap module in the following
path

Financial Management/Accounts Payable/Set Up/Accounts Payable Gl
Account/

Bring up the trade ap set up (default). It should list the various
accounts that are set up for the ap module. (Payables/Defualt
Expense/Discount/Clearing etc)
6
I have done a test following a transaction thru the recript entry and
the invoice input and posting and it was flowing properly. It seems
we have a timing difference in the A/P Clearing account in that some
receipts are entered in a different month than the invoice is dated.
For instance, I have one on my desk that has a receipt date of 2/4/08
and the invoice is dated 1/31/08. Should I change my invoice date to
match the receipt date so that I can see the debit and credit to A/P
clearing in the same month?

Also, our "Received but not Invoiced" report is not tying out to our
A/P Clearing balance. I have read in another posting to this user
group that the report will not tie out unless it is run on the 1st
day of the month. Beacause when invoices are posted, the system goes
back and clears the receipts off the report. So, even though I have
goods received at 12/31/07 but no invoice posted for them, when the
invoice is posted it clears the items off the report.



--- In vantage@yahoogroups.com, "mdhoge" <mhoge@...> wrote:
>
> --- In vantage@yahoogroups.com, "meolam13" <meolam13@> wrote:
> >
> > When receipts are matched and entered inthe Shipping/Receiving
module
> > they are not hitting the G/L properly. They should be crediting
A/P
> > clearing. Does anyone have information as to how to find out
what
> > accounts the receipt entry function is hitting?
> >
>
>
> Check the g/l account configuration in the ap module in the
following
> path
>
> Financial Management/Accounts Payable/Set Up/Accounts Payable Gl
> Account/
>
> Bring up the trade ap set up (default). It should list the various
> accounts that are set up for the ap module. (Payables/Defualt
> Expense/Discount/Clearing etc)
>
7
I am going through the same process in testing the AP clearing. I
found some issues on how our AP person enters the invoices. My
understanding is that the invoice needs to be dated in the period you
expect to cut off. Ie for example, a receipt occurred in December,
an invoice came in January dated December. You would need to enter
that Invoice dated December, and the capture post process will clear
that receipt in December through the g/l. If you date in January,
it won't clear until then. On a side note, check how the invoiced
are being entered, I found our AP person was entering subseguent
invoices to a receipt against the AP clearing account. Once one
invoice is entered against a receipt, the remaining balance against
that receipt will clear off against the given g/l account the receipt
was entered against.




--- In vantage@yahoogroups.com, "meolam13" <meolam13@...> wrote:
>
> I have done a test following a transaction thru the recript entry
and
> the invoice input and posting and it was flowing properly. It
seems
> we have a timing difference in the A/P Clearing account in that
some
> receipts are entered in a different month than the invoice is
dated.
> For instance, I have one on my desk that has a receipt date of
2/4/08
> and the invoice is dated 1/31/08. Should I change my invoice date
to
> match the receipt date so that I can see the debit and credit to
A/P
> clearing in the same month?
>
> Also, our "Received but not Invoiced" report is not tying out to
our
> A/P Clearing balance. I have read in another posting to this user
> group that the report will not tie out unless it is run on the 1st
> day of the month. Beacause when invoices are posted, the system
goes
> back and clears the receipts off the report. So, even though I
have
> goods received at 12/31/07 but no invoice posted for them, when the
> invoice is posted it clears the items off the report.
>
>
>
> --- In vantage@yahoogroups.com, "mdhoge" <mhoge@> wrote:
> >
> > --- In vantage@yahoogroups.com, "meolam13" <meolam13@> wrote:
> > >
> > > When receipts are matched and entered inthe Shipping/Receiving
> module
> > > they are not hitting the G/L properly. They should be
crediting
> A/P
> > > clearing. Does anyone have information as to how to find out
> what
> > > accounts the receipt entry function is hitting?
> > >
> >
> >
> > Check the g/l account configuration in the ap module in the
> following
> > path
> >
> > Financial Management/Accounts Payable/Set Up/Accounts Payable Gl
> > Account/
> >
> > Bring up the trade ap set up (default). It should list the
various
> > accounts that are set up for the ap module. (Payables/Defualt
> > Expense/Discount/Clearing etc)
> >
>