To the group
If I could walk through a scenario. We order raw material to our inventory (Example G\L # 445). It goes into inspection, then gets passed. We then move the material from the pass bin to the correct shelf location in the stock room. From a finical standpoint what would an accountant see? Really trying to understand the flow from a financial standpoint so thanks for any help anyone can provide.
Paul,
In order for the costs to hit your G/L you will need to run the Capture COS/WIP Activity. We typically run this at the end of each month.
In your case if you haven't ran this activity yet, I would recommend running it for each monthly period so that the cost posts into the correct month. Otherwise you will have to "re-date" each transaction into the current month which is time consuming.
I do not know of any other way to post the costs of your transactions to the G/L without this process.
There are a lot of details about the average costing method that I could share with you but it would be hard to do via email.
If you would like, feel free to call me and we can discuss.
Thanks and good luck,
Michelle de la Vega
Program Director
Cold Jet, LLC
455 Wards Corner Road
Loveland, Ohio 45140
USA
+1 513-716-6400 (office)
+1 513-382-3281 (mobile)
+1 513-831-1209 (fax)
www.coldjet.com<http://www.coldjet.com>
[cid:image001.jpg@01CC2C0B.E12013E0<mailto:image001.jpg%4001CC2C0B.E12013E0>]
From: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com> [mailto:vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com>] On Behalf Of Paul Smith
Sent: Tuesday, June 14, 2011 3:04 PM
To: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com>
Subject: [Vantage] RE: Cost and how vantage 6 works
Currently using average
________________________________
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 Michelle de la Vega
Sent: Tuesday, June 14, 2011 1:53 PM
To: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com><mailto:vantage%40yahoogroups.com>
Subject: [Vantage] RE: Cost and how vantage 6 works
Paul,
Do you know which costing method you are using? Last, Average or Standard?
Michelle de la Vega
Program Director
Cold Jet, LLC
455 Wards Corner Road
Loveland, Ohio 45140
USA
+1 513-716-6400 (office)
+1 513-382-3281 (mobile)
+1 513-831-1209 (fax)
www.coldjet.com<http://www.coldjet.com>
[cid:image001.jpg@01CC2A9A.69376530<mailto:image001.jpg%4001CC2A9A.69376530><mailto:image001.jpg%4001CC2A9A.69376530><mailto:image001.jpg%4001CC2A9A.69376530>]
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 Paul Smith
Sent: Tuesday, June 14, 2011 10:42 AM
To: Vantage (vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com><mailto:vantage%40yahoogroups.com><mailto:vantage%40yahoogroups.com>)
Subject: [Vantage] Cost and how vantage 6 works
We are using vantage 6, I am desperately trying to understand how vantage moves cost through the system. We do not use the Capture COS\WIP process nor do we use the Inventory/WIP reconciliation. I have no knowledge of how vantage handles the end of QTR closing process either. Does anyone have an example of how and when vantage moves cost through the system. Thank you so much in advance for any help anyone can provide.
Paul Smith
Inventory Management
________________________________
The information contained in this message is intended solely for the individual it is specifically and originally addressed. This message and its contents may contain confidential or privileged information. If you are not the intended recipient, you are hereby notified that any disclosure or distribution, or taking any action in reliance on the content of this information is strictly prohibited. If you received this message in error, please delete it from any computer and notify the sender. If you suspect that this message may have been altered, please notify the sender.
[Non-text portions of this message have been removed]
[Non-text portions of this message have been removed]
________________________________
The information contained in this message is intended solely for the individual it is specifically and originally addressed. This message and its contents may contain confidential or privileged information. If you are not the intended recipient, you are hereby notified that any disclosure or distribution, or taking any action in reliance on the content of this information is strictly prohibited. If you received this message in error, please delete it from any computer and notify the sender. If you suspect that this message may have been altered, please notify the sender.
[Non-text portions of this message have been removed]
[Non-text portions of this message have been removed]
________________________________
The information contained in this message is intended solely for the individual it is specifically and originally addressed. This message and its contents may contain confidential or privileged information. If you are not the intended recipient, you are hereby notified that any disclosure or distribution, or taking any action in reliance on the content of this information is strictly prohibited. If you received this message in error, please delete it from any computer and notify the sender. If you suspect that this message may have been altered, please notify the sender.
[Non-text portions of this message have been removed]
If I could walk through a scenario. We order raw material to our inventory (Example G\L # 445). It goes into inspection, then gets passed. We then move the material from the pass bin to the correct shelf location in the stock room. From a finical standpoint what would an accountant see? Really trying to understand the flow from a financial standpoint so thanks for any help anyone can provide.
Paul,
In order for the costs to hit your G/L you will need to run the Capture COS/WIP Activity. We typically run this at the end of each month.
In your case if you haven't ran this activity yet, I would recommend running it for each monthly period so that the cost posts into the correct month. Otherwise you will have to "re-date" each transaction into the current month which is time consuming.
I do not know of any other way to post the costs of your transactions to the G/L without this process.
There are a lot of details about the average costing method that I could share with you but it would be hard to do via email.
If you would like, feel free to call me and we can discuss.
Thanks and good luck,
Michelle de la Vega
Program Director
Cold Jet, LLC
455 Wards Corner Road
Loveland, Ohio 45140
USA
+1 513-716-6400 (office)
+1 513-382-3281 (mobile)
+1 513-831-1209 (fax)
www.coldjet.com<http://www.coldjet.com>
[cid:image001.jpg@01CC2C0B.E12013E0<mailto:image001.jpg%4001CC2C0B.E12013E0>]
From: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com> [mailto:vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com>] On Behalf Of Paul Smith
Sent: Tuesday, June 14, 2011 3:04 PM
To: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com>
Subject: [Vantage] RE: Cost and how vantage 6 works
Currently using average
________________________________
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 Michelle de la Vega
Sent: Tuesday, June 14, 2011 1:53 PM
To: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com><mailto:vantage%40yahoogroups.com>
Subject: [Vantage] RE: Cost and how vantage 6 works
Paul,
Do you know which costing method you are using? Last, Average or Standard?
Michelle de la Vega
Program Director
Cold Jet, LLC
455 Wards Corner Road
Loveland, Ohio 45140
USA
+1 513-716-6400 (office)
+1 513-382-3281 (mobile)
+1 513-831-1209 (fax)
www.coldjet.com<http://www.coldjet.com>
[cid:image001.jpg@01CC2A9A.69376530<mailto:image001.jpg%4001CC2A9A.69376530><mailto:image001.jpg%4001CC2A9A.69376530><mailto:image001.jpg%4001CC2A9A.69376530>]
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 Paul Smith
Sent: Tuesday, June 14, 2011 10:42 AM
To: Vantage (vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com><mailto:vantage%40yahoogroups.com><mailto:vantage%40yahoogroups.com>)
Subject: [Vantage] Cost and how vantage 6 works
We are using vantage 6, I am desperately trying to understand how vantage moves cost through the system. We do not use the Capture COS\WIP process nor do we use the Inventory/WIP reconciliation. I have no knowledge of how vantage handles the end of QTR closing process either. Does anyone have an example of how and when vantage moves cost through the system. Thank you so much in advance for any help anyone can provide.
Paul Smith
Inventory Management
________________________________
The information contained in this message is intended solely for the individual it is specifically and originally addressed. This message and its contents may contain confidential or privileged information. If you are not the intended recipient, you are hereby notified that any disclosure or distribution, or taking any action in reliance on the content of this information is strictly prohibited. If you received this message in error, please delete it from any computer and notify the sender. If you suspect that this message may have been altered, please notify the sender.
[Non-text portions of this message have been removed]
[Non-text portions of this message have been removed]
________________________________
The information contained in this message is intended solely for the individual it is specifically and originally addressed. This message and its contents may contain confidential or privileged information. If you are not the intended recipient, you are hereby notified that any disclosure or distribution, or taking any action in reliance on the content of this information is strictly prohibited. If you received this message in error, please delete it from any computer and notify the sender. If you suspect that this message may have been altered, please notify the sender.
[Non-text portions of this message have been removed]
[Non-text portions of this message have been removed]
________________________________
The information contained in this message is intended solely for the individual it is specifically and originally addressed. This message and its contents may contain confidential or privileged information. If you are not the intended recipient, you are hereby notified that any disclosure or distribution, or taking any action in reliance on the content of this information is strictly prohibited. If you received this message in error, please delete it from any computer and notify the sender. If you suspect that this message may have been altered, please notify the sender.
[Non-text portions of this message have been removed]