Accounting Gurus help needed - Gross Profit Issues

system · March 23, 2012, 2:57pm

From an accounting standpoint, find out what detail is driving down the gross profit. Ie, material, labor, overhead etc.

If you print a simple gross profit report look for exceptions based upon your summary accounts..ie material issued twice (or the shop tried to cover up scrap by re-issuing material) or jobs where labor os clocked through or take a long time.

Also, be sure all inventory and wip ties to the detail report first.

--- In vantage@yahoogroups.com, Manasa Reddy <manasa@...> wrote:
>
> If your Income Statement showed that your gross profit was understated where would you look in Vantage to figure it out?
>
> I have ideas but I wanted to know what areas would you look for issues.
>
> TIA!
>
>
>
> M. Manasa Reddy
> manasa@...<mailto:manasa@...>
> 630.806.2000 x1515
>
>
> [Non-text portions of this message have been removed]
>

system · March 22, 2012, 9:54am

If your Income Statement showed that your gross profit was understated where would you look in Vantage to figure it out?

I have ideas but I wanted to know what areas would you look for issues.

TIA!

M. Manasa Reddy
manasa@...<mailto:manasa@...>
630.806.2000 x1515

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

system · March 22, 2012, 10:01am

Good Day Manasa:

Please clarify what two reports\screens you are comparing; that is,
how\what does it show that indicates the GP is understated?

len.hartka@...

________________________________

From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf
Of Manasa Reddy
Sent: Thursday, March 22, 2012 9:55 AM
To: vantage@yahoogroups.com
Subject: [Vantage] Accounting Gurus help needed - Gross Profit Issues

If your Income Statement showed that your gross profit was understated
where would you look in Vantage to figure it out?

I have ideas but I wanted to know what areas would you look for issues.

TIA!

M. Manasa Reddy
manasa@... <mailto:manasa%40weldcoa.com>
<mailto:manasa@... <mailto:manasa%40weldcoa.com> >
630.806.2000 x1515

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

This e-mail and any attachments may contain proprietary and/or confidential information. If you are not the intended recipient, please notify the sender immediately by reply e-mail or at 410-472-2900 and then delete the message without using, disseminating, or copying this message or any portion thereof. With e-mail communications you are urged to protect against viruses.

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

system · March 22, 2012, 10:14am

Just looking at the income statement.

Our company has traditionally made so much money depending on the product group and every year we have been relatively consistent despite the downturn. This year (for whatever reason) the percentages you see on the income statement do not jive with past years even though we "sold" the same amount.

I am looking at the discounts we have given out during the past two months but so far we have not given out anything out of the ordinary.

M. Manasa Reddy
manasa@...<mailto:manasa@...>
630.806.2000 x1515
From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf Of Len Hartka
Sent: Thursday, March 22, 2012 9:02 AM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] Accounting Gurus help needed - Gross Profit Issues

Good Day Manasa:

Please clarify what two reports\screens you are comparing; that is,
how\what does it show that indicates the GP is understated?

len.hartka@...<mailto:len.hartka%40sunautomation.com>

________________________________

From: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com> [mailto:vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com>] On Behalf
Of Manasa Reddy
Sent: Thursday, March 22, 2012 9:55 AM
To: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com>
Subject: [Vantage] Accounting Gurus help needed - Gross Profit Issues

If your Income Statement showed that your gross profit was understated
where would you look in Vantage to figure it out?

I have ideas but I wanted to know what areas would you look for issues.

TIA!

M. Manasa Reddy
manasa@...<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com>
<mailto:manasa@...<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com> >
630.806.2000 x1515

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system · March 22, 2012, 10:55am

Good Day Manasa:

I am not that familiar with what reports you should run- others will
hopefully chime in; but what you have to do is simply compare line items
from previous years. There is probably a report that will do that.

Other comments on comparing the line items on the reports:

1. Look at sub-totals - if one is off, then those are the detail lines
you need to look at.
2. Compute what the income would have had to of been to get the profit
you want - that will give you a idea of the DOLLAR error you are looking
for. Do the same for cost\expense.
2b.Compare each line item to find the one that is way off.
2c. PARTICULARLY, look for lines that did not exist on the previous
statement - A huge bonus payout to employees or Shareholders, Tax
penalty, etc.
3. Remember there are two possibilities:
a1. The report is correct and something odd happened ( a big
order shipped a day after the period, inventory is up, etc.)
OR b2. The report is wrong because of either: A bad Entry ( or
duplicate entry) or a change was made to the report and it is getting
the wrong answer with even good data.
4. Rerun the reports for the previous period ( that was OK) and see if
report gets the same answer as before.
5. Check error report and logs -- Others will chime in I hope with
report names ( like Posting errors)
6. Are there Un-Posted entries - maybe if there are problems in posting
- OR run report to include un-posted.
8. Run for this month to see if Profit is way up - something got posted
to wrong period then
7. Comparing each line will find the errors, the possibilities are
endless, but some to look for:
Loan payoff
Tax Penalty - goes right to the bottom line and was not "
allowed" for before hand
Asset-buy-listed-as-expense - hit income instead of balance
sheet
Inventory-Value-error - a single UOM error can cause inventory
to go up $500,000 in error.
Inflation - everything went up a little that is going to Become
CRITICAL when true inflation
kicks in very, very soon.
As you indicated, did you look at List-Price or actual
Discounted-Selling-Price. If sold at list would it have been OK?
Is cash flow very tight? not a direct relation, but if profit is
way down, you will be short cash
Big Research and development project - maybe wrong G\L# used
MRB - did customers return a large machine to a recall for many
parts
Write off ( Scrapping) of inventory - maybe just one big part?
Did your accounting dept.do some "One-Time-way-overdue"
adjustment to income or expense.

Again, there are reports to help for all of these. Sorry I do not
know them in E9 - we are still new to it.

Sun is on 9.05.605 since 10/2/11 - SQL-Unidata
Live on 9.05.601B since 11/29/10
Sun was previously on M2K (Manage-2000) 7.0 SP 5 (Informix)
.

len.hartka@...

7

________________________________

From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf
Of Manasa Reddy
Sent: Thursday, March 22, 2012 10:14 AM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] Accounting Gurus help needed - Gross Profit
Issues

Just looking at the income statement.

Our company has traditionally made so much money depending on the
product group and every year we have been relatively consistent despite
the downturn. This year (for whatever reason) the percentages you see on
the income statement do not jive with past years even though we "sold"
the same amount.

I am looking at the discounts we have given out during the past two
months but so far we have not given out anything out of the ordinary.

M. Manasa Reddy
manasa@... <mailto:manasa%40weldcoa.com>
<mailto:manasa@... <mailto:manasa%40weldcoa.com> >
630.806.2000 x1515
From: vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com>
[mailto:vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com> ] On
Behalf Of Len Hartka
Sent: Thursday, March 22, 2012 9:02 AM
To: vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com>
Subject: RE: [Vantage] Accounting Gurus help needed - Gross Profit
Issues

Good Day Manasa:

Please clarify what two reports\screens you are comparing; that is,
how\what does it show that indicates the GP is understated?

len.hartka@... <mailto:len.hartka%40sunautomation.com>
<mailto:len.hartka%40sunautomation.com>

________________________________

From: vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> [mailto:vantage@yahoogroups.com
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>]
On Behalf
Of Manasa Reddy
Sent: Thursday, March 22, 2012 9:55 AM
To: vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com>
Subject: [Vantage] Accounting Gurus help needed - Gross Profit Issues

If your Income Statement showed that your gross profit was understated
where would you look in Vantage to figure it out?

I have ideas but I wanted to know what areas would you look for issues.

TIA!

M. Manasa Reddy
manasa@... <mailto:manasa%40weldcoa.com>
<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com>
<mailto:manasa@... <mailto:manasa%40weldcoa.com>
<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com> >
630.806.2000 x1515

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system · March 22, 2012, 11:04am

Wow, thanks Len...the list helps to point me in some direction.

BTW, we are on Vista 8.0 anyway. I was looking for more general accounting practices, which is what you gave me.

M. Manasa Reddy
manasa@...<mailto:manasa@...>
630.806.2000 x1515
From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf Of Len Hartka
Sent: Thursday, March 22, 2012 9:56 AM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] Accounting Gurus help needed - Gross Profit Issues

Good Day Manasa:

I am not that familiar with what reports you should run- others will
hopefully chime in; but what you have to do is simply compare line items
from previous years. There is probably a report that will do that.

Other comments on comparing the line items on the reports:

1. Look at sub-totals - if one is off, then those are the detail lines
you need to look at.
2. Compute what the income would have had to of been to get the profit
you want - that will give you a idea of the DOLLAR error you are looking
for. Do the same for cost\expense.
2b.Compare each line item to find the one that is way off.
2c. PARTICULARLY, look for lines that did not exist on the previous
statement - A huge bonus payout to employees or Shareholders, Tax
penalty, etc.
3. Remember there are two possibilities:
a1. The report is correct and something odd happened ( a big
order shipped a day after the period, inventory is up, etc.)
OR b2. The report is wrong because of either: A bad Entry ( or
duplicate entry) or a change was made to the report and it is getting
the wrong answer with even good data.
4. Rerun the reports for the previous period ( that was OK) and see if
report gets the same answer as before.
5. Check error report and logs -- Others will chime in I hope with
report names ( like Posting errors)
6. Are there Un-Posted entries - maybe if there are problems in posting
- OR run report to include un-posted.
8. Run for this month to see if Profit is way up - something got posted
to wrong period then
7. Comparing each line will find the errors, the possibilities are
endless, but some to look for:
Loan payoff
Tax Penalty - goes right to the bottom line and was not "
allowed" for before hand
Asset-buy-listed-as-expense - hit income instead of balance
sheet
Inventory-Value-error - a single UOM error can cause inventory
to go up $500,000 in error.
Inflation - everything went up a little that is going to Become
CRITICAL when true inflation
kicks in very, very soon.
As you indicated, did you look at List-Price or actual
Discounted-Selling-Price. If sold at list would it have been OK?
Is cash flow very tight? not a direct relation, but if profit is
way down, you will be short cash
Big Research and development project - maybe wrong G\L# used
MRB - did customers return a large machine to a recall for many
parts
Write off ( Scrapping) of inventory - maybe just one big part?
Did your accounting dept.do some "One-Time-way-overdue"
adjustment to income or expense.

Again, there are reports to help for all of these. Sorry I do not
know them in E9 - we are still new to it.

Sun is on 9.05.605 since 10/2/11 - SQL-Unidata
Live on 9.05.601B since 11/29/10
Sun was previously on M2K (Manage-2000) 7.0 SP 5 (Informix)
.

len.hartka@...<mailto:len.hartka%40sunautomation.com>

7

________________________________

From: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com> [mailto:vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com>] On Behalf
Of Manasa Reddy
Sent: Thursday, March 22, 2012 10:14 AM
To: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com>
Subject: RE: [Vantage] Accounting Gurus help needed - Gross Profit
Issues

Just looking at the income statement.

Our company has traditionally made so much money depending on the
product group and every year we have been relatively consistent despite
the downturn. This year (for whatever reason) the percentages you see on
the income statement do not jive with past years even though we "sold"
the same amount.

I am looking at the discounts we have given out during the past two
months but so far we have not given out anything out of the ordinary.

M. Manasa Reddy
manasa@...<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com>
<mailto:manasa@...<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com> >
630.806.2000 x1515
From: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
[mailto:vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com> ] On
Behalf Of Len Hartka
Sent: Thursday, March 22, 2012 9:02 AM
To: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
Subject: RE: [Vantage] Accounting Gurus help needed - Gross Profit
Issues

Good Day Manasa:

Please clarify what two reports\screens you are comparing; that is,
how\what does it show that indicates the GP is understated?

len.hartka@...<mailto:len.hartka%40sunautomation.com> <mailto:len.hartka%40sunautomation.com>
<mailto:len.hartka%40sunautomation.com>

________________________________

From: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> [mailto:vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>]
On Behalf
Of Manasa Reddy
Sent: Thursday, March 22, 2012 9:55 AM
To: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com>
Subject: [Vantage] Accounting Gurus help needed - Gross Profit Issues

If your Income Statement showed that your gross profit was understated
where would you look in Vantage to figure it out?

I have ideas but I wanted to know what areas would you look for issues.

TIA!

M. Manasa Reddy
manasa@...<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com>
<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com>
<mailto:manasa@...<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com>
<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com> >
630.806.2000 x1515

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system · March 22, 2012, 11:15am

Good Day Manasa:

Vista is a mature package so it will, for sure, have some good
reports. Helpline would be very good for that.

With Epicor9, you sort of have to write your own; but it is rapidly
improving.

One final thought, if you have good relations with an Accounting
firm, send them the two reports, and they might do a quick look for no
charge. As irritating as they are, they do understand this stuff.
Probably not have a solution, but might narrow it down to a certain G\L
account. Check with management before sending since they can get touchy
about spreading 'bad' news.

len.hartka@...

________________________________

From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf
Of Manasa Reddy
Sent: Thursday, March 22, 2012 11:05 AM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] Accounting Gurus help needed - Gross Profit
Issues

Wow, thanks Len...the list helps to point me in some direction.

BTW, we are on Vista 8.0 anyway. I was looking for more general
accounting practices, which is what you gave me.

M. Manasa Reddy
manasa@... <mailto:manasa%40weldcoa.com>
<mailto:manasa@... <mailto:manasa%40weldcoa.com> >
630.806.2000 x1515
From: vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com>
[mailto:vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com> ] On
Behalf Of Len Hartka
Sent: Thursday, March 22, 2012 9:56 AM
To: vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com>
Subject: RE: [Vantage] Accounting Gurus help needed - Gross Profit
Issues

Good Day Manasa:

I am not that familiar with what reports you should run- others will
hopefully chime in; but what you have to do is simply compare line items
from previous years. There is probably a report that will do that.

Other comments on comparing the line items on the reports:

1. Look at sub-totals - if one is off, then those are the detail lines
you need to look at.
2. Compute what the income would have had to of been to get the profit
you want - that will give you a idea of the DOLLAR error you are looking
for. Do the same for cost\expense.
2b.Compare each line item to find the one that is way off.
2c. PARTICULARLY, look for lines that did not exist on the previous
statement - A huge bonus payout to employees or Shareholders, Tax
penalty, etc.
3. Remember there are two possibilities:
a1. The report is correct and something odd happened ( a big
order shipped a day after the period, inventory is up, etc.)
OR b2. The report is wrong because of either: A bad Entry ( or
duplicate entry) or a change was made to the report and it is getting
the wrong answer with even good data.
4. Rerun the reports for the previous period ( that was OK) and see if
report gets the same answer as before.
5. Check error report and logs -- Others will chime in I hope with
report names ( like Posting errors)
6. Are there Un-Posted entries - maybe if there are problems in posting
- OR run report to include un-posted.
8. Run for this month to see if Profit is way up - something got posted
to wrong period then
7. Comparing each line will find the errors, the possibilities are
endless, but some to look for:
Loan payoff
Tax Penalty - goes right to the bottom line and was not "
allowed" for before hand
Asset-buy-listed-as-expense - hit income instead of balance
sheet
Inventory-Value-error - a single UOM error can cause inventory
to go up $500,000 in error.
Inflation - everything went up a little that is going to Become
CRITICAL when true inflation
kicks in very, very soon.
As you indicated, did you look at List-Price or actual
Discounted-Selling-Price. If sold at list would it have been OK?
Is cash flow very tight? not a direct relation, but if profit is
way down, you will be short cash
Big Research and development project - maybe wrong G\L# used
MRB - did customers return a large machine to a recall for many
parts
Write off ( Scrapping) of inventory - maybe just one big part?
Did your accounting dept.do some "One-Time-way-overdue"
adjustment to income or expense.

Again, there are reports to help for all of these. Sorry I do not
know them in E9 - we are still new to it.

Sun is on 9.05.605 since 10/2/11 - SQL-Unidata
Live on 9.05.601B since 11/29/10
Sun was previously on M2K (Manage-2000) 7.0 SP 5 (Informix)
.

len.hartka@... <mailto:len.hartka%40sunautomation.com>
<mailto:len.hartka%40sunautomation.com>

7

________________________________

From: vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> [mailto:vantage@yahoogroups.com
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>]
On Behalf
Of Manasa Reddy
Sent: Thursday, March 22, 2012 10:14 AM
To: vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com>
Subject: RE: [Vantage] Accounting Gurus help needed - Gross Profit
Issues

Just looking at the income statement.

Our company has traditionally made so much money depending on the
product group and every year we have been relatively consistent despite
the downturn. This year (for whatever reason) the percentages you see on
the income statement do not jive with past years even though we "sold"
the same amount.

I am looking at the discounts we have given out during the past two
months but so far we have not given out anything out of the ordinary.

M. Manasa Reddy
manasa@... <mailto:manasa%40weldcoa.com>
<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com>
<mailto:manasa@... <mailto:manasa%40weldcoa.com>
<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com> >
630.806.2000 x1515
From: vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
[mailto:vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com> ]
On
Behalf Of Len Hartka
Sent: Thursday, March 22, 2012 9:02 AM
To: vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
Subject: RE: [Vantage] Accounting Gurus help needed - Gross Profit
Issues

Good Day Manasa:

Please clarify what two reports\screens you are comparing; that is,
how\what does it show that indicates the GP is understated?

len.hartka@... <mailto:len.hartka%40sunautomation.com>
<mailto:len.hartka%40sunautomation.com>
<mailto:len.hartka%40sunautomation.com>
<mailto:len.hartka%40sunautomation.com>

________________________________

From: vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> [mailto:vantage@yahoogroups.com
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>]
On Behalf
Of Manasa Reddy
Sent: Thursday, March 22, 2012 9:55 AM
To: vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com>
Subject: [Vantage] Accounting Gurus help needed - Gross Profit Issues

If your Income Statement showed that your gross profit was understated
where would you look in Vantage to figure it out?

I have ideas but I wanted to know what areas would you look for issues.

TIA!

M. Manasa Reddy
manasa@... <mailto:manasa%40weldcoa.com>
<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com>
<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com>
<mailto:manasa@... <mailto:manasa%40weldcoa.com>
<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com>
<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com> >
630.806.2000 x1515

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From:
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system · March 22, 2012, 11:20am

The sad part is that our accounting firm are the ones asking me to look into this....they are not trusting the system so I have to prove them wrong, again.

Thanks again...

M. Manasa Reddy
manasa@...<mailto:manasa@...>
630.806.2000 x1515

From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf Of Len Hartka
Sent: Thursday, March 22, 2012 10:15 AM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] Accounting Gurus help needed - Gross Profit Issues

Good Day Manasa:

Vista is a mature package so it will, for sure, have some good
reports. Helpline would be very good for that.

With Epicor9, you sort of have to write your own; but it is rapidly
improving.

One final thought, if you have good relations with an Accounting
firm, send them the two reports, and they might do a quick look for no
charge. As irritating as they are, they do understand this stuff.
Probably not have a solution, but might narrow it down to a certain G\L
account. Check with management before sending since they can get touchy
about spreading 'bad' news.

len.hartka@...<mailto:len.hartka%40sunautomation.com>

________________________________

From: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com> [mailto:vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com>] On Behalf
Of Manasa Reddy
Sent: Thursday, March 22, 2012 11:05 AM
To: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com>
Subject: RE: [Vantage] Accounting Gurus help needed - Gross Profit
Issues

Wow, thanks Len...the list helps to point me in some direction.

BTW, we are on Vista 8.0 anyway. I was looking for more general
accounting practices, which is what you gave me.

M. Manasa Reddy
manasa@...<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com>
<mailto:manasa@...<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com> >
630.806.2000 x1515
From: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
[mailto:vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com> ] On
Behalf Of Len Hartka
Sent: Thursday, March 22, 2012 9:56 AM
To: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
Subject: RE: [Vantage] Accounting Gurus help needed - Gross Profit
Issues

Good Day Manasa:

I am not that familiar with what reports you should run- others will
hopefully chime in; but what you have to do is simply compare line items
from previous years. There is probably a report that will do that.

Other comments on comparing the line items on the reports:

1. Look at sub-totals - if one is off, then those are the detail lines
you need to look at.
2. Compute what the income would have had to of been to get the profit
you want - that will give you a idea of the DOLLAR error you are looking
for. Do the same for cost\expense.
2b.Compare each line item to find the one that is way off.
2c. PARTICULARLY, look for lines that did not exist on the previous
statement - A huge bonus payout to employees or Shareholders, Tax
penalty, etc.
3. Remember there are two possibilities:
a1. The report is correct and something odd happened ( a big
order shipped a day after the period, inventory is up, etc.)
OR b2. The report is wrong because of either: A bad Entry ( or
duplicate entry) or a change was made to the report and it is getting
the wrong answer with even good data.
4. Rerun the reports for the previous period ( that was OK) and see if
report gets the same answer as before.
5. Check error report and logs -- Others will chime in I hope with
report names ( like Posting errors)
6. Are there Un-Posted entries - maybe if there are problems in posting
- OR run report to include un-posted.
8. Run for this month to see if Profit is way up - something got posted
to wrong period then
7. Comparing each line will find the errors, the possibilities are
endless, but some to look for:
Loan payoff
Tax Penalty - goes right to the bottom line and was not "
allowed" for before hand
Asset-buy-listed-as-expense - hit income instead of balance
sheet
Inventory-Value-error - a single UOM error can cause inventory
to go up $500,000 in error.
Inflation - everything went up a little that is going to Become
CRITICAL when true inflation
kicks in very, very soon.
As you indicated, did you look at List-Price or actual
Discounted-Selling-Price. If sold at list would it have been OK?
Is cash flow very tight? not a direct relation, but if profit is
way down, you will be short cash
Big Research and development project - maybe wrong G\L# used
MRB - did customers return a large machine to a recall for many
parts
Write off ( Scrapping) of inventory - maybe just one big part?
Did your accounting dept.do some "One-Time-way-overdue"
adjustment to income or expense.

Again, there are reports to help for all of these. Sorry I do not
know them in E9 - we are still new to it.

Sun is on 9.05.605 since 10/2/11 - SQL-Unidata
Live on 9.05.601B since 11/29/10
Sun was previously on M2K (Manage-2000) 7.0 SP 5 (Informix)
.

len.hartka@...<mailto:len.hartka%40sunautomation.com> <mailto:len.hartka%40sunautomation.com>
<mailto:len.hartka%40sunautomation.com>

7

________________________________

From: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> [mailto:vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>]
On Behalf
Of Manasa Reddy
Sent: Thursday, March 22, 2012 10:14 AM
To: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com>
Subject: RE: [Vantage] Accounting Gurus help needed - Gross Profit
Issues

Just looking at the income statement.

Our company has traditionally made so much money depending on the
product group and every year we have been relatively consistent despite
the downturn. This year (for whatever reason) the percentages you see on
the income statement do not jive with past years even though we "sold"
the same amount.

I am looking at the discounts we have given out during the past two
months but so far we have not given out anything out of the ordinary.

M. Manasa Reddy
manasa@...<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com>
<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com>
<mailto:manasa@...<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com>
<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com> >
630.806.2000 x1515
From: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
[mailto:vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com> ]
On
Behalf Of Len Hartka
Sent: Thursday, March 22, 2012 9:02 AM
To: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
Subject: RE: [Vantage] Accounting Gurus help needed - Gross Profit
Issues

Good Day Manasa:

Please clarify what two reports\screens you are comparing; that is,
how\what does it show that indicates the GP is understated?

len.hartka@...<mailto:len.hartka%40sunautomation.com> <mailto:len.hartka%40sunautomation.com>
<mailto:len.hartka%40sunautomation.com>
<mailto:len.hartka%40sunautomation.com>
<mailto:len.hartka%40sunautomation.com>

________________________________

From: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> [mailto:vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>]
On Behalf
Of Manasa Reddy
Sent: Thursday, March 22, 2012 9:55 AM
To: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com>
Subject: [Vantage] Accounting Gurus help needed - Gross Profit Issues

If your Income Statement showed that your gross profit was understated
where would you look in Vantage to figure it out?

I have ideas but I wanted to know what areas would you look for issues.

TIA!

M. Manasa Reddy
manasa@...<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com>
<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com>
<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com>
<mailto:manasa@...<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com>
<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com>
<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com> >
630.806.2000 x1515

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system · March 22, 2012, 11:29am

Good Day Manasa:

..................have to prove them wrong, again.

Been there done that.

len.hartka@...

________________________________

From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf
Of Manasa Reddy
Sent: Thursday, March 22, 2012 11:20 AM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] Accounting Gurus help needed - Gross Profit
Issues

The sad part is that our accounting firm are the ones asking me to look
into this....they are not trusting the system so I have to prove them
wrong, again.

Thanks again...

M. Manasa Reddy
manasa@... <mailto:manasa%40weldcoa.com>
<mailto:manasa@... <mailto:manasa%40weldcoa.com> >
630.806.2000 x1515

From: vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com>
[mailto:vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com> ] On
Behalf Of Len Hartka
Sent: Thursday, March 22, 2012 10:15 AM
To: vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com>
Subject: RE: [Vantage] Accounting Gurus help needed - Gross Profit
Issues

Good Day Manasa:

Vista is a mature package so it will, for sure, have some good
reports. Helpline would be very good for that.

With Epicor9, you sort of have to write your own; but it is rapidly
improving.

One final thought, if you have good relations with an Accounting
firm, send them the two reports, and they might do a quick look for no
charge. As irritating as they are, they do understand this stuff.
Probably not have a solution, but might narrow it down to a certain G\L
account. Check with management before sending since they can get touchy
about spreading 'bad' news.

len.hartka@... <mailto:len.hartka%40sunautomation.com>
<mailto:len.hartka%40sunautomation.com>

________________________________

From: vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> [mailto:vantage@yahoogroups.com
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>]
On Behalf
Of Manasa Reddy
Sent: Thursday, March 22, 2012 11:05 AM
To: vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com>
Subject: RE: [Vantage] Accounting Gurus help needed - Gross Profit
Issues

Wow, thanks Len...the list helps to point me in some direction.

BTW, we are on Vista 8.0 anyway. I was looking for more general
accounting practices, which is what you gave me.

M. Manasa Reddy
manasa@... <mailto:manasa%40weldcoa.com>
<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com>
<mailto:manasa@... <mailto:manasa%40weldcoa.com>
<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com> >
630.806.2000 x1515
From: vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
[mailto:vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com> ]
On
Behalf Of Len Hartka
Sent: Thursday, March 22, 2012 9:56 AM
To: vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
Subject: RE: [Vantage] Accounting Gurus help needed - Gross Profit
Issues

Good Day Manasa:

I am not that familiar with what reports you should run- others will
hopefully chime in; but what you have to do is simply compare line items
from previous years. There is probably a report that will do that.

Other comments on comparing the line items on the reports:

1. Look at sub-totals - if one is off, then those are the detail lines
you need to look at.
2. Compute what the income would have had to of been to get the profit
you want - that will give you a idea of the DOLLAR error you are looking
for. Do the same for cost\expense.
2b.Compare each line item to find the one that is way off.
2c. PARTICULARLY, look for lines that did not exist on the previous
statement - A huge bonus payout to employees or Shareholders, Tax
penalty, etc.
3. Remember there are two possibilities:
a1. The report is correct and something odd happened ( a big
order shipped a day after the period, inventory is up, etc.)
OR b2. The report is wrong because of either: A bad Entry ( or
duplicate entry) or a change was made to the report and it is getting
the wrong answer with even good data.
4. Rerun the reports for the previous period ( that was OK) and see if
report gets the same answer as before.
5. Check error report and logs -- Others will chime in I hope with
report names ( like Posting errors)
6. Are there Un-Posted entries - maybe if there are problems in posting
- OR run report to include un-posted.
8. Run for this month to see if Profit is way up - something got posted
to wrong period then
7. Comparing each line will find the errors, the possibilities are
endless, but some to look for:
Loan payoff
Tax Penalty - goes right to the bottom line and was not "
allowed" for before hand
Asset-buy-listed-as-expense - hit income instead of balance
sheet
Inventory-Value-error - a single UOM error can cause inventory
to go up $500,000 in error.
Inflation - everything went up a little that is going to Become
CRITICAL when true inflation
kicks in very, very soon.
As you indicated, did you look at List-Price or actual
Discounted-Selling-Price. If sold at list would it have been OK?
Is cash flow very tight? not a direct relation, but if profit is
way down, you will be short cash
Big Research and development project - maybe wrong G\L# used
MRB - did customers return a large machine to a recall for many
parts
Write off ( Scrapping) of inventory - maybe just one big part?
Did your accounting dept.do some "One-Time-way-overdue"
adjustment to income or expense.

Again, there are reports to help for all of these. Sorry I do not
know them in E9 - we are still new to it.

Sun is on 9.05.605 since 10/2/11 - SQL-Unidata
Live on 9.05.601B since 11/29/10
Sun was previously on M2K (Manage-2000) 7.0 SP 5 (Informix)
.

len.hartka@... <mailto:len.hartka%40sunautomation.com>
<mailto:len.hartka%40sunautomation.com>
<mailto:len.hartka%40sunautomation.com>
<mailto:len.hartka%40sunautomation.com>

7

________________________________

From: vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> [mailto:vantage@yahoogroups.com
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>]
On Behalf
Of Manasa Reddy
Sent: Thursday, March 22, 2012 10:14 AM
To: vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com>
Subject: RE: [Vantage] Accounting Gurus help needed - Gross Profit
Issues

Just looking at the income statement.

Our company has traditionally made so much money depending on the
product group and every year we have been relatively consistent despite
the downturn. This year (for whatever reason) the percentages you see on
the income statement do not jive with past years even though we "sold"
the same amount.

I am looking at the discounts we have given out during the past two
months but so far we have not given out anything out of the ordinary.

M. Manasa Reddy
manasa@... <mailto:manasa%40weldcoa.com>
<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com>
<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com>
<mailto:manasa@... <mailto:manasa%40weldcoa.com>
<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com>
<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com> >
630.806.2000 x1515
From: vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
[mailto:vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com> ]
On
Behalf Of Len Hartka
Sent: Thursday, March 22, 2012 9:02 AM
To: vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
Subject: RE: [Vantage] Accounting Gurus help needed - Gross Profit
Issues

Good Day Manasa:

Please clarify what two reports\screens you are comparing; that is,
how\what does it show that indicates the GP is understated?

len.hartka@... <mailto:len.hartka%40sunautomation.com>
<mailto:len.hartka%40sunautomation.com>
<mailto:len.hartka%40sunautomation.com>
<mailto:len.hartka%40sunautomation.com>
<mailto:len.hartka%40sunautomation.com>
<mailto:len.hartka%40sunautomation.com>

________________________________

From: vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> [mailto:vantage@yahoogroups.com
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>]
On Behalf
Of Manasa Reddy
Sent: Thursday, March 22, 2012 9:55 AM
To: vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com>
Subject: [Vantage] Accounting Gurus help needed - Gross Profit Issues

If your Income Statement showed that your gross profit was understated
where would you look in Vantage to figure it out?

I have ideas but I wanted to know what areas would you look for issues.

TIA!

M. Manasa Reddy
manasa@... <mailto:manasa%40weldcoa.com>
<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com>
<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com>
<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com>
<mailto:manasa@... <mailto:manasa%40weldcoa.com>
<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com>
<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com>
<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com> >
630.806.2000 x1515

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system · March 23, 2012, 10:59am

Although not a guru, I have seen inventory value issues like Len is referring to below. A purchase was made based on silver troy ounces, but was received in inches. From within the actual cost environment, this generated a huge PPV (PUR-VAR) and the value went into inventory (roughly $150K). So inventory was overstated and profitability was low.

You can look for a similar situation in MFG-VAR especially if you are standard cost environment. Which leads to another question of whether you are in product development and costs are not being updated causing a lot of MFG-VAR with undervalued inventory? In the standard cost environment this could lead to an understated inventory, and increased MFG-VAR expense.

Bruce Butler, IS Manager

From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf Of Len Hartka
Sent: Thursday, March 22, 2012 10:30 AM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] Accounting Gurus help needed - Gross Profit Issues

Good Day Manasa:

..................have to prove them wrong, again.

Been there done that.

len.hartka@...<mailto:len.hartka%40sunautomation.com>

________________________________

From: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com> [mailto:vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com>] On Behalf
Of Manasa Reddy
Sent: Thursday, March 22, 2012 11:20 AM
To: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com>
Subject: RE: [Vantage] Accounting Gurus help needed - Gross Profit
Issues

The sad part is that our accounting firm are the ones asking me to look
into this....they are not trusting the system so I have to prove them
wrong, again.

Thanks again...

M. Manasa Reddy
manasa@...<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com>
<mailto:manasa@...<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com> >
630.806.2000 x1515

From: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
[mailto:vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com> ] On
Behalf Of Len Hartka
Sent: Thursday, March 22, 2012 10:15 AM
To: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
Subject: RE: [Vantage] Accounting Gurus help needed - Gross Profit
Issues

Good Day Manasa:

Vista is a mature package so it will, for sure, have some good
reports. Helpline would be very good for that.

With Epicor9, you sort of have to write your own; but it is rapidly
improving.

One final thought, if you have good relations with an Accounting
firm, send them the two reports, and they might do a quick look for no
charge. As irritating as they are, they do understand this stuff.
Probably not have a solution, but might narrow it down to a certain G\L
account. Check with management before sending since they can get touchy
about spreading 'bad' news.

len.hartka@...<mailto:len.hartka%40sunautomation.com> <mailto:len.hartka%40sunautomation.com>
<mailto:len.hartka%40sunautomation.com>

________________________________

From: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> [mailto:vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>]
On Behalf
Of Manasa Reddy
Sent: Thursday, March 22, 2012 11:05 AM
To: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com>
Subject: RE: [Vantage] Accounting Gurus help needed - Gross Profit
Issues

Wow, thanks Len...the list helps to point me in some direction.

BTW, we are on Vista 8.0 anyway. I was looking for more general
accounting practices, which is what you gave me.

M. Manasa Reddy
manasa@...<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com>
<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com>
<mailto:manasa@...<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com>
<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com> >
630.806.2000 x1515
From: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
[mailto:vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com> ]
On
Behalf Of Len Hartka
Sent: Thursday, March 22, 2012 9:56 AM
To: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
Subject: RE: [Vantage] Accounting Gurus help needed - Gross Profit
Issues

Good Day Manasa:

I am not that familiar with what reports you should run- others will
hopefully chime in; but what you have to do is simply compare line items
from previous years. There is probably a report that will do that.

Other comments on comparing the line items on the reports:

1. Look at sub-totals - if one is off, then those are the detail lines
you need to look at.
2. Compute what the income would have had to of been to get the profit
you want - that will give you a idea of the DOLLAR error you are looking
for. Do the same for cost\expense.
2b.Compare each line item to find the one that is way off.
2c. PARTICULARLY, look for lines that did not exist on the previous
statement - A huge bonus payout to employees or Shareholders, Tax
penalty, etc.
3. Remember there are two possibilities:
a1. The report is correct and something odd happened ( a big
order shipped a day after the period, inventory is up, etc.)
OR b2. The report is wrong because of either: A bad Entry ( or
duplicate entry) or a change was made to the report and it is getting
the wrong answer with even good data.
4. Rerun the reports for the previous period ( that was OK) and see if
report gets the same answer as before.
5. Check error report and logs -- Others will chime in I hope with
report names ( like Posting errors)
6. Are there Un-Posted entries - maybe if there are problems in posting
- OR run report to include un-posted.
8. Run for this month to see if Profit is way up - something got posted
to wrong period then
7. Comparing each line will find the errors, the possibilities are
endless, but some to look for:
Loan payoff
Tax Penalty - goes right to the bottom line and was not "
allowed" for before hand
Asset-buy-listed-as-expense - hit income instead of balance
sheet
Inventory-Value-error - a single UOM error can cause inventory
to go up $500,000 in error.
Inflation - everything went up a little that is going to Become
CRITICAL when true inflation
kicks in very, very soon.
As you indicated, did you look at List-Price or actual
Discounted-Selling-Price. If sold at list would it have been OK?
Is cash flow very tight? not a direct relation, but if profit is
way down, you will be short cash
Big Research and development project - maybe wrong G\L# used
MRB - did customers return a large machine to a recall for many
parts
Write off ( Scrapping) of inventory - maybe just one big part?
Did your accounting dept.do some "One-Time-way-overdue"
adjustment to income or expense.

Again, there are reports to help for all of these. Sorry I do not
know them in E9 - we are still new to it.

Sun is on 9.05.605 since 10/2/11 - SQL-Unidata
Live on 9.05.601B since 11/29/10
Sun was previously on M2K (Manage-2000) 7.0 SP 5 (Informix)
.

len.hartka@...<mailto:len.hartka%40sunautomation.com> <mailto:len.hartka%40sunautomation.com>
<mailto:len.hartka%40sunautomation.com>
<mailto:len.hartka%40sunautomation.com>
<mailto:len.hartka%40sunautomation.com>

7

________________________________

From: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> [mailto:vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>]
On Behalf
Of Manasa Reddy
Sent: Thursday, March 22, 2012 10:14 AM
To: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com>
Subject: RE: [Vantage] Accounting Gurus help needed - Gross Profit
Issues

Just looking at the income statement.

Our company has traditionally made so much money depending on the
product group and every year we have been relatively consistent despite
the downturn. This year (for whatever reason) the percentages you see on
the income statement do not jive with past years even though we "sold"
the same amount.

I am looking at the discounts we have given out during the past two
months but so far we have not given out anything out of the ordinary.

M. Manasa Reddy
manasa@...<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com>
<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com>
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<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com> >
630.806.2000 x1515
From: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
[mailto:vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com> ]
On
Behalf Of Len Hartka
Sent: Thursday, March 22, 2012 9:02 AM
To: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
Subject: RE: [Vantage] Accounting Gurus help needed - Gross Profit
Issues

Good Day Manasa:

Please clarify what two reports\screens you are comparing; that is,
how\what does it show that indicates the GP is understated?

len.hartka@...<mailto:len.hartka%40sunautomation.com> <mailto:len.hartka%40sunautomation.com>
<mailto:len.hartka%40sunautomation.com>
<mailto:len.hartka%40sunautomation.com>
<mailto:len.hartka%40sunautomation.com>
<mailto:len.hartka%40sunautomation.com>
<mailto:len.hartka%40sunautomation.com>

________________________________

From: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> [mailto:vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com>
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<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>]
On Behalf
Of Manasa Reddy
Sent: Thursday, March 22, 2012 9:55 AM
To: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com>
Subject: [Vantage] Accounting Gurus help needed - Gross Profit Issues

If your Income Statement showed that your gross profit was understated
where would you look in Vantage to figure it out?

I have ideas but I wanted to know what areas would you look for issues.

TIA!

M. Manasa Reddy
manasa@...<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com>
<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com>
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630.806.2000 x1515

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system · March 23, 2012, 11:06am

We are average cost, but it would still stand out if that had happened. I'll check for those transactions. Thanks!

M. Manasa Reddy
manasa@...<mailto:manasa@...>
630.806.2000 x1515
From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf Of Butler, Bruce
Sent: Friday, March 23, 2012 9:59 AM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] Accounting Gurus help needed - Gross Profit Issues

Although not a guru, I have seen inventory value issues like Len is referring to below. A purchase was made based on silver troy ounces, but was received in inches. From within the actual cost environment, this generated a huge PPV (PUR-VAR) and the value went into inventory (roughly $150K). So inventory was overstated and profitability was low.

You can look for a similar situation in MFG-VAR especially if you are standard cost environment. Which leads to another question of whether you are in product development and costs are not being updated causing a lot of MFG-VAR with undervalued inventory? In the standard cost environment this could lead to an understated inventory, and increased MFG-VAR expense.

Bruce Butler, IS Manager

From: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com> [mailto:vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com>] On Behalf Of Len Hartka
Sent: Thursday, March 22, 2012 10:30 AM
To: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com>
Subject: RE: [Vantage] Accounting Gurus help needed - Gross Profit Issues

Good Day Manasa:

..................have to prove them wrong, again.

Been there done that.

len.hartka@...<mailto:len.hartka%40sunautomation.com><mailto:len.hartka%40sunautomation.com>

________________________________

From: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com><mailto:vantage%40yahoogroups.com> [mailto:vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com><mailto:vantage%40yahoogroups.com>] On Behalf
Of Manasa Reddy
Sent: Thursday, March 22, 2012 11:20 AM
To: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com><mailto:vantage%40yahoogroups.com>
Subject: RE: [Vantage] Accounting Gurus help needed - Gross Profit
Issues

The sad part is that our accounting firm are the ones asking me to look
into this....they are not trusting the system so I have to prove them
wrong, again.

Thanks again...

M. Manasa Reddy
manasa@...<mailto:manasa%40weldcoa.com><mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com>
<mailto:manasa@...<mailto:manasa%40weldcoa.com><mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com> >
630.806.2000 x1515

From: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com><mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
[mailto:vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com><mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com> ] On
Behalf Of Len Hartka
Sent: Thursday, March 22, 2012 10:15 AM
To: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com><mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
Subject: RE: [Vantage] Accounting Gurus help needed - Gross Profit
Issues

Good Day Manasa:

Vista is a mature package so it will, for sure, have some good
reports. Helpline would be very good for that.

With Epicor9, you sort of have to write your own; but it is rapidly
improving.

One final thought, if you have good relations with an Accounting
firm, send them the two reports, and they might do a quick look for no
charge. As irritating as they are, they do understand this stuff.
Probably not have a solution, but might narrow it down to a certain G\L
account. Check with management before sending since they can get touchy
about spreading 'bad' news.

len.hartka@...<mailto:len.hartka%40sunautomation.com><mailto:len.hartka%40sunautomation.com> <mailto:len.hartka%40sunautomation.com>
<mailto:len.hartka%40sunautomation.com>

________________________________

From: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com><mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> [mailto:vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com><mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>]
On Behalf
Of Manasa Reddy
Sent: Thursday, March 22, 2012 11:05 AM
To: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com><mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com>
Subject: RE: [Vantage] Accounting Gurus help needed - Gross Profit
Issues

Wow, thanks Len...the list helps to point me in some direction.

BTW, we are on Vista 8.0 anyway. I was looking for more general
accounting practices, which is what you gave me.

M. Manasa Reddy
manasa@...<mailto:manasa%40weldcoa.com><mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com>
<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com>
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<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com> >
630.806.2000 x1515
From: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com><mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
[mailto:vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com><mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com> ]
On
Behalf Of Len Hartka
Sent: Thursday, March 22, 2012 9:56 AM
To: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com><mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
Subject: RE: [Vantage] Accounting Gurus help needed - Gross Profit
Issues

Good Day Manasa:

I am not that familiar with what reports you should run- others will
hopefully chime in; but what you have to do is simply compare line items
from previous years. There is probably a report that will do that.

Other comments on comparing the line items on the reports:

1. Look at sub-totals - if one is off, then those are the detail lines
you need to look at.
2. Compute what the income would have had to of been to get the profit
you want - that will give you a idea of the DOLLAR error you are looking
for. Do the same for cost\expense.
2b.Compare each line item to find the one that is way off.
2c. PARTICULARLY, look for lines that did not exist on the previous
statement - A huge bonus payout to employees or Shareholders, Tax
penalty, etc.
3. Remember there are two possibilities:
a1. The report is correct and something odd happened ( a big
order shipped a day after the period, inventory is up, etc.)
OR b2. The report is wrong because of either: A bad Entry ( or
duplicate entry) or a change was made to the report and it is getting
the wrong answer with even good data.
4. Rerun the reports for the previous period ( that was OK) and see if
report gets the same answer as before.
5. Check error report and logs -- Others will chime in I hope with
report names ( like Posting errors)
6. Are there Un-Posted entries - maybe if there are problems in posting
- OR run report to include un-posted.
8. Run for this month to see if Profit is way up - something got posted
to wrong period then
7. Comparing each line will find the errors, the possibilities are
endless, but some to look for:
Loan payoff
Tax Penalty - goes right to the bottom line and was not "
allowed" for before hand
Asset-buy-listed-as-expense - hit income instead of balance
sheet
Inventory-Value-error - a single UOM error can cause inventory
to go up $500,000 in error.
Inflation - everything went up a little that is going to Become
CRITICAL when true inflation
kicks in very, very soon.
As you indicated, did you look at List-Price or actual
Discounted-Selling-Price. If sold at list would it have been OK?
Is cash flow very tight? not a direct relation, but if profit is
way down, you will be short cash
Big Research and development project - maybe wrong G\L# used
MRB - did customers return a large machine to a recall for many
parts
Write off ( Scrapping) of inventory - maybe just one big part?
Did your accounting dept.do some "One-Time-way-overdue"
adjustment to income or expense.

Again, there are reports to help for all of these. Sorry I do not
know them in E9 - we are still new to it.

Sun is on 9.05.605 since 10/2/11 - SQL-Unidata
Live on 9.05.601B since 11/29/10
Sun was previously on M2K (Manage-2000) 7.0 SP 5 (Informix)
.

len.hartka@...<mailto:len.hartka%40sunautomation.com><mailto:len.hartka%40sunautomation.com> <mailto:len.hartka%40sunautomation.com>
<mailto:len.hartka%40sunautomation.com>
<mailto:len.hartka%40sunautomation.com>
<mailto:len.hartka%40sunautomation.com>

7

________________________________

From: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com><mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> [mailto:vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com><mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>]
On Behalf
Of Manasa Reddy
Sent: Thursday, March 22, 2012 10:14 AM
To: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com><mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com>
Subject: RE: [Vantage] Accounting Gurus help needed - Gross Profit
Issues

Just looking at the income statement.

Our company has traditionally made so much money depending on the
product group and every year we have been relatively consistent despite
the downturn. This year (for whatever reason) the percentages you see on
the income statement do not jive with past years even though we "sold"
the same amount.

I am looking at the discounts we have given out during the past two
months but so far we have not given out anything out of the ordinary.

M. Manasa Reddy
manasa@...<mailto:manasa%40weldcoa.com><mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com>
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<mailto:manasa%40weldcoa.com> <mailto:manasa%40weldcoa.com> >
630.806.2000 x1515
From: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com><mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
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On
Behalf Of Len Hartka
Sent: Thursday, March 22, 2012 9:02 AM
To: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com><mailto:vantage%40yahoogroups.com> <mailto:vantage%40yahoogroups.com>
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Subject: RE: [Vantage] Accounting Gurus help needed - Gross Profit
Issues

Good Day Manasa:

Please clarify what two reports\screens you are comparing; that is,
how\what does it show that indicates the GP is understated?

len.hartka@...<mailto:len.hartka%40sunautomation.com><mailto:len.hartka%40sunautomation.com> <mailto:len.hartka%40sunautomation.com>
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On Behalf
Of Manasa Reddy
Sent: Thursday, March 22, 2012 9:55 AM
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Subject: [Vantage] Accounting Gurus help needed - Gross Profit Issues

If your Income Statement showed that your gross profit was understated
where would you look in Vantage to figure it out?

I have ideas but I wanted to know what areas would you look for issues.

TIA!

M. Manasa Reddy
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Topic		Replies	Views
Help from all Accounting Gurus Yahoo Archive	3	325	February 13, 2004
Help from all Accounting Gurus Yahoo Archive	0	369	February 13, 2004
Gross Profit Report Yahoo Archive	3	422	May 24, 2001
Accounting help Yahoo Archive	9	588	March 29, 2011
Variances between Detail sub ledger reports and what posts in GL Yahoo Archive	18	2513	April 29, 2005

Accounting Gurus help needed - Gross Profit Issues

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