Capture WIP - Month End Closing

Yahoo Archive
1
My month end process is very similar with a few additional items:

Confirm all PO receipts have been completed
Close Payables / Reconcile aging to GL
Confirm customer invoicing complete / Reconcile AR aging to GL
Ensure all labor edits are complete
Review and close jobs
Run and finalize backlog report
Run Inventory / WIP Reconciliation Report
Review Stock Status Report
Run WIP Report
Capture COS
Run WIP Report
Reconcile WIP Report to GL
Reconcile AP uninvoiced to GL
Run Sales Gross Margin

Virginia Joseph
Deep Hole Specialists, LLC
440-708-5239
vjoseph@...


--- In vantage@yahoogroups.com, "barbara.biller" <bbiller@...> wrote:
>
> Capture WIP discussion has been VERY informative - Thank you!
> My question: Is there best practice for month end closing to best capture WIP/Job costs?
> Our process is:
> During the Month, as required, Ship from Job and/or Mfg Rcpt.
> At end of Month,
> Review & Close Jobs
> Run M/E Stock Status
> Run WIP Rpt Before Commit Job Costs
> Run Commit Job Costs
> Run WIP Rpt. After CJC
> Run Mat'l Trans Rpt
> Run Sales Gross Margin
>
> Appreciate, in advance, comment on best practice for ME closing.
>
2
Capture WIP discussion has been VERY informative - Thank you!
My question: Is there best practice for month end closing to best capture WIP/Job costs?
Our process is:
During the Month, as required, Ship from Job and/or Mfg Rcpt.
At end of Month,
Review & Close Jobs
Run M/E Stock Status
Run WIP Rpt Before Commit Job Costs
Run Commit Job Costs
Run WIP Rpt. After CJC
Run Mat'l Trans Rpt
Run Sales Gross Margin

Appreciate, in advance, comment on best practice for ME closing.
3
Hi,

Your question is very timely. We are a new user running E9. I'm trying to close March and have little knowledge about how this is supposed to come together. Any help from my fellow accountants would be appreciated.

Rob,


________________________________
From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf Of barbara.biller
Sent: Wednesday, April 11, 2012 8:46 AM
To: vantage@yahoogroups.com
Subject: [Vantage] Capture WIP - Month End Closing



Capture WIP discussion has been VERY informative - Thank you!
My question: Is there best practice for month end closing to best capture WIP/Job costs?
Our process is:
During the Month, as required, Ship from Job and/or Mfg Rcpt.
At end of Month,
Review & Close Jobs
Run M/E Stock Status
Run WIP Rpt Before Commit Job Costs
Run Commit Job Costs
Run WIP Rpt. After CJC
Run Mat'l Trans Rpt
Run Sales Gross Margin

Appreciate, in advance, comment on best practice for ME closing.



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