Clearing Old Packing Slips

Yahoo Archive
1
This is the way we do it too-hold the invoices until the item is received,
match it to the packing slip (receiver), then pay. Otherwise, you may be
paying for something you 1)didn't receive or 2) that quality will send back
after inspection.

This matching method is SOP for everywhere I've ever been, with or without
Vantage

Lydia

-----Original Message-----
From: Wilmoth, Deb [mailto:Deb@...]
Sent: Monday, January 22, 2001 2:03 PM
To: 'vantage@egroups.com'
Subject: RE: [Vantage] Clearing Old Packing Slips

This is a different perspective on viewing the issue.......and deciding
which problem to attack.
2
I'm sure this has been asked before ...

Sometimes, we will receive an invoice from a vender before the
actual item arrives. When our AP person enters the invoice, they
have to enter it as an Misc. Invoice. Later, when the item actually
shows up, there isn't a linkage between the packing slip and the
invoice, and the packing slip remains in the clearing account. Is
there any way of clearing these packing slips? If so, how will it
affect the G/L ?

Thanks in advance.



===============================================
Malcolm Spann
MIS
Malmberg Engineering
(925) 606-6500 x19
(925) 606-6505 FAX
Malcolm@...
===============================================
3
This is a different perspective on viewing the issue.......and deciding
which problem to attack.

We recognize the goods (merchandise) as a payable only once it is received
(as do our customers). Packing slips are matched to the PO once received
and delivered to A/P only then. It is Purchasing's (or Receiving's) way of
letting A/P know that we are paying for actual goods. Unless the packing
slip or merchandise is verified, no invoice is recognized. Hence, we do not
end up with stray receivers (packing slips) that need to be cleared.

To answer the problem as you have stated it, you still have to receive the
packing slip to an invoice to clear it. Then choose your method to clear
the duplicated invoice. Such as entering a debit memo or creating an A/P
payment adjustment.
Then verify that the corrections are made accurately - verify the G/L to
make sure the G/L accounts reflect the correct amounts. If a debit memo
is entered, then a zero balance check has to be generated. UGH. In my humble
opinion, it is attacking the problem the most difficult way.

Deb Wilmoth
Controller
Reeder & Kline Machine Co.


-----Original Message-----
From: Malcolm Spann [mailto:Malcolm@...]
Subject: [Vantage] Clearing Old Packing Slips

Sometimes, we will receive an invoice from a vender before the
actual item arrives. When our AP person enters the invoice, they
have to enter it as an Misc. Invoice. Later, when the item actually
shows up, there isn't a linkage between the packing slip and the
invoice, and the packing slip remains in the clearing account. Is
there any way of clearing these packing slips? If so, how will it
affect the G/L ?

Thanks in advance.






[Non-text portions of this message have been removed]
4
At 04:22 PM 1/22/2001 , you wrote:
>Sometimes, we will receive an invoice from a vender before the
>actual item arrives. When our AP person enters the invoice, they

Someone at Epicor came up with this procedure for doing COD orders for us:

-Wayne


* Create a GL account "COD's" - this will be a kind of clearing
account.
* In AP/Master File Maintenance/ Bank Account - setup a Bank
masterfile called COD - description "paid by COD"
* The GL account used for Cash account in the above BANK master will
be the COD clearing account
The flow of the steps for the COD
1. Since the Check needs to be done ASAP - do it first - The bank will
be the proper CASH account and you will use a misc payment and the GL
account will be the COD GL account created above.
2. Do a purchase order or misc. receipt for the material you just paid
3. When the Invoiced is received - for my customer, this came a few
days later- enter in ap against the billing receipt from step 2 above.
Because if a receipt is entered an invoice needs to be applied to it.
4. IN check entry do a manual using the above created BANK for COD. The
GL transactions here will be a credit against the COD account, this will
offset and net out to Zero the debit to COD GL from the actual check. The
Debit account with this account AP because since the invoice went in we need
to net out the AP account to Zero when paid.
The advantage of this is NO manual GL transactions - the part transaction
files exist for history- the AP invoice is in the system for history- COD
payments can be made without a lot of rigmarole.
5
If you are on 4.0, you can enter the invoice as an 'Unreceived' line. Then,
later, when the item is received, you can go to 'invoice/receipt match' and
match it. Therefore, you will not have any receipts hung open.

In our company, we NEVER purposely enter invoices before the item arrives
in. Why would we want to get a jump on paying for something that we haven't
received yet? I don't know, I guess some companies do that to keep up with
their invoices, but we don't do that. It is very rare that we would get an
invoice before we received the parts anyway. However, when we first went
live, our A/P wasn't too good at matching stuff to the receipt lines, so we
did have a lot of 'Received but not invoiced' that we had to clear out.

As far as I know, there are only two ways to clean up old 'Received but Not
Invoiced' items.

(1) Create a dummy AP Invoice with a 0 value, match it, change the value to
$0 and post it.

(2) Delete the Packing slip items and void out the PO they came from.

If the items were received to a job, both methods take the dollars off of
jobs, so be very careful as to what you are doing and keep records.
I would also recommend commenting or 'memoing' everything thoroughly so down
the road you remember why you voided a po or created a $0 invoice.

HTH, Sarah


---------------------------------
Sometimes, we will receive an invoice from a vender before the
actual item arrives. When our AP person enters the invoice, they
have to enter it as an Misc. Invoice. Later, when the item actually
shows up, there isn't a linkage between the packing slip and the
invoice, and the packing slip remains in the clearing account. Is
there any way of clearing these packing slips? If so, how will it
affect the G/L ?