AP Clearing Account?

Yahoo Archive
1
Randall,

Thanks for the confirmation.

The problem I was having is that the Inventory Account wasn't getting debited at the time the AP Clearing was being credited. I finally figured out (with very little help from the online help) that the G/L transactions for the Inventory Acct ONLY happen when the "Capture WIP/COS Process" is run. Since were coming from Vista 4, and didn't use the Production MOdules properly, the need for this processing step eluded me.

Thanks again,

Calvin
----- Original Message -----
From: Randy Lunsford
To: vantage@yahoogroups.com
Sent: Tuesday, January 22, 2008 10:23 AM
Subject: RE: [Vantage] AP Clearing Account ???


Calvin, you are correct on the process of PO's. When the PO for the
inventoried item is received, Inventory is debited (assuming you have
inventory as the account in Product Class) and AP Clearing is credited.
Your step 4 (when the invoice is entered into Accounts Payable and
matched to the receipt) is the process where AP Clearing is debited.
Inventory is credited when you issue a part to a job or sell the part,
but that is totally separate from the AP side.


Randall Lunsford

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

________________________________

From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf
Of Calvin Krusen
Sent: Tuesday, January 22, 2008 8:58 AM
To: vantage@yahoogroups.com
Subject: [Vantage] AP Clearing Account ???

What processes create transactions affecting the "AP Clearing
Account"?

And in what order should they normally occur?

I thought the process is as as follows:
1) Create a PO for Inventoried Item. No G/L Tx's

2) Receive material against the PO. "AP Clearing Acct" CR created
(don't know what the off-setting DB would be)

3) Enter the invoice from the supplier, with a New Receipt Line. No
G/L Tx's

4) Post AP Invoices. G/L Tx's: "Accts Payable" CR, & "AP Clearing"
DB

5) Create AP Payments. No G/L Tx's

6) Process Payements. No G/L Tx's

7) Post Payments. G/L Tx's: "Cash Operating" CR, & "Accts Payable" DB

What function is supposed to DB the "AP Clearing" acct?

When does the "Inventory Acct" get credited? Is "AP Clearing" the
new name for our "Inventory Acct"?

Thanks in advance,

Calvin

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2
What processes create transactions affecting the "AP Clearing
Account"?

And in what order should they normally occur?

I thought the process is as as follows:
1) Create a PO for Inventoried Item. No G/L Tx's

2) Receive material against the PO. "AP Clearing Acct" CR created
(don't know what the off-setting DB would be)

3) Enter the invoice from the supplier, with a New Receipt Line. No
G/L Tx's

4) Post AP Invoices. G/L Tx's: "Accts Payable" CR, & "AP Clearing"
DB

5) Create AP Payments. No G/L Tx's

6) Process Payements. No G/L Tx's

7) Post Payments. G/L Tx's: "Cash Operating" CR, & "Accts Payable" DB

What function is supposed to DB the "AP Clearing" acct?

When does the "Inventory Acct" get credited? Is "AP Clearing" the
new name for our "Inventory Acct"?

Thanks in advance,

Calvin
3
Calvin, you are correct on the process of PO's. When the PO for the
inventoried item is received, Inventory is debited (assuming you have
inventory as the account in Product Class) and AP Clearing is credited.
Your step 4 (when the invoice is entered into Accounts Payable and
matched to the receipt) is the process where AP Clearing is debited.
Inventory is credited when you issue a part to a job or sell the part,
but that is totally separate from the AP side.


Randall Lunsford

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



________________________________

From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf
Of Calvin Krusen
Sent: Tuesday, January 22, 2008 8:58 AM
To: vantage@yahoogroups.com
Subject: [Vantage] AP Clearing Account ???



What processes create transactions affecting the "AP Clearing
Account"?

And in what order should they normally occur?

I thought the process is as as follows:
1) Create a PO for Inventoried Item. No G/L Tx's

2) Receive material against the PO. "AP Clearing Acct" CR created
(don't know what the off-setting DB would be)

3) Enter the invoice from the supplier, with a New Receipt Line. No
G/L Tx's

4) Post AP Invoices. G/L Tx's: "Accts Payable" CR, & "AP Clearing"
DB

5) Create AP Payments. No G/L Tx's

6) Process Payements. No G/L Tx's

7) Post Payments. G/L Tx's: "Cash Operating" CR, & "Accts Payable" DB

What function is supposed to DB the "AP Clearing" acct?

When does the "Inventory Acct" get credited? Is "AP Clearing" the
new name for our "Inventory Acct"?

Thanks in advance,

Calvin






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