Thanks for the suggestions. I will test the options and let you know how it went.
--- In vantage@yahoogroups.com, "chrisb53029" <chris.berger@...> wrote:
>
> I will attempt to give you some ideas. First, however, I will make the assumption that you are not doing any percentage of completion entries. Instead you are recording revenue and costs upon "shipment" except that it is deferred at time of shipment until some later date, that being receipt of cash.
>
> You could do a couple of things:
> 1.) You could record the initial billing via Advance Billings with deferred revenue checked. This will post the invoice transaction to a liability account, deferred revenue, as defined in company configuration, product groups, or A/R Accounts. This will not record any revenue or COGS. However, to do this then you would not be able to use the Shipment function, instead your shipping department would have to use Miscellaneous Shipments to generate the paper work necessary for the physical shipment of goods. Upon receipt of cash for the advance billing, you would then conduct the Shipment function which records the revenue and COGS (when invoiced). The Invoice will show properly as it will reverse out the advance billing from the shipment invoice. The thing you will need to keep track of is when to perform the Shipment function which wouldn't be terrible since an easy procedure is whenever cash is received against an advance billing (the problem will be identifying if an AR document is an advanced billing...not easily identifiable in cash receipts entry but a custom report could tell you.)
>
> 2.) Another way....Use advance billings like above to generate the billing. Have your shipping department ship as normal. This posts the costs as a Ship Not Invoiced. Set this Shipped Not Invoiced account up as an inventory category account. The costs will sit in this account until A/R invoice - Get Shipments is processed and posted. The shipment function makes the transaction available for invoicing. Don't "Get Shipments" for those transaction you have received the cash for on the advanced billing. Once cash is received that is your trigger to complete the invoicing function which properly records the revenue, offsets the advanced billing, and moves the costs from Shipped not invoiced to COGS. The procedure issue here is identifying when transactions available in AR invoicing - Get Shipments - are those for deferred revenue, i.e. don't invoice yet.
>
> Either of these suggestions still requires careful tracking, but is probably much smoother and the time involved on when to invoice is less than all the tracking and manual journal entry time you are doing now. No easy way to identify customer - transacitons under this process, a custom report would be required but maybe you can identy the group of available transactions or customers via an A/R Account set up code from which you can filter a custom report on.
>
> One other process issue when using advanced billings, Miscellaneous Charges do not work well with advanced billings. Miscellaneous Charges are recorded to the GL immediately when any invoice is posted.
>
> Hope this makes sense. If you would desire to discuss further feel free to call me.
>
> Sincerely,
> Chris Berger
> Controller
> Dorner Mfg. Corp.
> 262-369-1120
>
>
> --- In vantage@yahoogroups.com, "sh_bbi" <sh_bbi@> wrote:
> >
> > Hi,
> > I am a very new user of Vantage. I recently joined a life sciences company with international customers. Since some of these customers do not have long history with us we defer the revenue on such shipments. The system is setup to record revenue and A/R on shipment. After which we sort the deferred customer invoices and record a manual journal entry to reclass revenue and COS to deferred revenue and deferred COS and rerecord the inventory back on the books.
> > Once we receive cash we recognize revenue and COS via a manual journal entry in the period cash is received.
> > All that said, I was hoping that maybe some of the other Vantage users might have found better and system oriented ways to do this. I am trying to get away from doing so many manual journal entries. I would really appreciate if anyone can help me automate this.
> >
> > Thanks
> >
>