Cost in two places?

Paul,
Maybe what they meant was that the original costs stay in the job as total costs, but the are moved out of WIP and into Inventory as FG or SFG. The job costs remain the same, but they are relieved from WIP once the receipts from manufacturing is performed. If the total job cost was $1000.00, then once everything had been received or shipped, then you would see the corresponding relief on each of those items, leaving $0 in WIP.

Hope that helps.
Cindy

--- In vantage@yahoogroups.com, Paul Smith <psmith@...> wrote:
>
>
>
> I came out of a meeting today very confused so any help anyone can provide would be very helpful. We are currently using Vantage 6, what was said in the meeting is that when you remove an assembly from a job (receipts from manufacturing) and place the assembly in stock the cost stays on the job and on the part in stock. Is this a true statement? Is vantage designed to do this? Is there an accounting function or a supply chain function that must take place to have the cost in one spot? From a manufacturing standpoint is this what you want or is this a known error from Epicor? Again, thanks for any help provided.
>
>
>
>
> Paul Smith
> Inventory Management
> 233 Ballston Ave
> Saratoga Springs NY, 12866
> 518-245-4358
>
>
>
>
> ________________________________
>
>
> 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.
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> [Non-text portions of this message have been removed]
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I came out of a meeting today very confused so any help anyone can provide would be very helpful. We are currently using Vantage 6, what was said in the meeting is that when you remove an assembly from a job (receipts from manufacturing) and place the assembly in stock the cost stays on the job and on the part in stock. Is this a true statement? Is vantage designed to do this? Is there an accounting function or a supply chain function that must take place to have the cost in one spot? From a manufacturing standpoint is this what you want or is this a known error from Epicor? Again, thanks for any help provided.




Paul Smith
Inventory Management
233 Ballston Ave
Saratoga Springs NY, 12866
518-245-4358




________________________________


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]
Those "To inventory" costs will show in wip until the Cost Capture is run.


--- In vantage@yahoogroups.com, Paul Smith <psmith@...> wrote:
>
>
>
> I came out of a meeting today very confused so any help anyone can provide would be very helpful. We are currently using Vantage 6, what was said in the meeting is that when you remove an assembly from a job (receipts from manufacturing) and place the assembly in stock the cost stays on the job and on the part in stock. Is this a true statement? Is vantage designed to do this? Is there an accounting function or a supply chain function that must take place to have the cost in one spot? From a manufacturing standpoint is this what you want or is this a known error from Epicor? Again, thanks for any help provided.
>
>
>
>
> Paul Smith
> Inventory Management
> 233 Ballston Ave
> Saratoga Springs NY, 12866
> 518-245-4358
>
>
>
>
> ________________________________
>
>
> 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]
>
Please excuse a my non-financial understanding of vantage but, what does this do? What is vantage doing in the background? Thanks again.




________________________________
From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf Of cmulford_66
Sent: Wednesday, July 27, 2011 2:34 PM
To: vantage@yahoogroups.com
Subject: [Vantage] Re: Cost in two places?



Those "To inventory" costs will show in wip until the Cost Capture is run.

--- In vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com>, Paul Smith <psmith@...> wrote:
>
>
>
> I came out of a meeting today very confused so any help anyone can provide would be very helpful. We are currently using Vantage 6, what was said in the meeting is that when you remove an assembly from a job (receipts from manufacturing) and place the assembly in stock the cost stays on the job and on the part in stock. Is this a true statement? Is vantage designed to do this? Is there an accounting function or a supply chain function that must take place to have the cost in one spot? From a manufacturing standpoint is this what you want or is this a known error from Epicor? Again, thanks for any help provided.
>
>
>
>
> Paul Smith
> Inventory Management
> 233 Ballston Ave
> Saratoga Springs NY, 12866
> 518-245-4358
>
>
>
>
> ________________________________
>
>
> 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]
>





________________________________


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]
Hi Paul: My understanding is that when the assembly is received to inventory, the costs associated with those parts will create a G/L transaction that will not post in the G/L until you run the "Capture COS / WIP Activity". However, you can see the movement of the costs if you run the Inventory/WIP reconciliation report. In the G/L posting section of the report interface, choose the radial button "Only Unposted to G/L". The report will then show you all the transactions created by Vantage "in the background" and that will post to the G/L when you run the Capture COS/WIP Activity.

The act of receiving the assembly to inventory will DR your Finished Goods account (based on the G/L Account specified in the part class assigned to your part) and will CR WIP. You will also see the costs associated with the assembly move on the Work In Process report. The costs associated with the assembly received to inventory will show on the row labeled "To Inventory". Any costs associated with parts that were manufactured on this job, received to inventory and then shipped to the customer will show on the row "C.O.S" and any costs associate with parts still in the manufacturing process will appear on the row "W.I.P" The report will also show you the total job costs on the row "To Date". It is important to note that the Work In Process report reflects where the particular job costs have been recorded on your G/L at any point in time. However, regardless of whether the costs reside in WIP, Inventory or COS on the G/L, all costs incurred on a job will always show up as total job costs on the production detail report and on the WIP report on the row labeled "To Date".



HTH,

Virginia Joseph
Deep Hole Specialists, LLC
vjoseph@...
440-543-8157
--- In vantage@yahoogroups.com, Paul Smith <psmith@...> wrote:
>
> Please excuse a my non-financial understanding of vantage but, what does this do? What is vantage doing in the background? Thanks again.
>
>
>
>
> ________________________________
> From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf Of cmulford_66
> Sent: Wednesday, July 27, 2011 2:34 PM
> To: vantage@yahoogroups.com
> Subject: [Vantage] Re: Cost in two places?
>
>
>
> Those "To inventory" costs will show in wip until the Cost Capture is run.
>
> --- In vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com>, Paul Smith <psmith@> wrote:
> >
> >
> >
> > I came out of a meeting today very confused so any help anyone can provide would be very helpful. We are currently using Vantage 6, what was said in the meeting is that when you remove an assembly from a job (receipts from manufacturing) and place the assembly in stock the cost stays on the job and on the part in stock. Is this a true statement? Is vantage designed to do this? Is there an accounting function or a supply chain function that must take place to have the cost in one spot? From a manufacturing standpoint is this what you want or is this a known error from Epicor? Again, thanks for any help provided.
> >
> >
> >
> >
> > Paul Smith
> > Inventory Management
> > 233 Ballston Ave
> > Saratoga Springs NY, 12866
> > 518-245-4358
> >
> >
> >
> >
> > ________________________________
> >
> >
> > 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]
> >
>
>
>
>
>
> ________________________________
>
>
> 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]
>