Thom,
Â
We went live last year with Vista and unfortunately, my a/p clearing account was never reconciled until year end (we went live in July). Since we were new with the system, there were quite a few posting errors that ran through the a/p clearing and finally I gave up trying to reconcile it to the received but not invoiced and made a journal entry to balance it to the report. I had most items reconciled but the time it took to get to the last bit wasn't worth it and it wasn't material to our financials.  Since then I run my A/P clearing account and dump it into excel. Then I run my WIP/COS report for the month on just the A/P clearing account. (This process does take a bit of my time, so having the BAQ may speed up the process). I then take the daily detail from the WIP/COS report and put it into my G/L A/P clearing account, so that I have the complete detail in my G/L detail A/P clearing. From that point, I just start marking off those
receipts that match the invoices (and yes I do have to go back a couple of months of receipts that hit the A/P clearing). Once all that is done, I then sort and add up those receipts that do not have a corresponding invoice and ensure that they agree with the received but not invoiced report. Most of the time they do and when they don't it usually is because my A/P person has an open A/P batch that was created after I ran the received but not invoiced report.
Â
As for the invoiced but not received, we do not enter invoices where we have not received the item, so I don't have that issue. If after a reasonable amount of time, we still have not received the item, we will be in contact with the vendor to inquire about the issue.
Â
I would like the BAQ's as the process that I do is very cumbersome and time consuming, so any help others can provide in reconciling this report is most appreciated.
Â
My work email is barbara.kite@....
Â
Thanks
Â
Barbara Kite
Controller
Cableform, Inc.
www.cableform.com
Â
We went live last year with Vista and unfortunately, my a/p clearing account was never reconciled until year end (we went live in July). Since we were new with the system, there were quite a few posting errors that ran through the a/p clearing and finally I gave up trying to reconcile it to the received but not invoiced and made a journal entry to balance it to the report. I had most items reconciled but the time it took to get to the last bit wasn't worth it and it wasn't material to our financials.  Since then I run my A/P clearing account and dump it into excel. Then I run my WIP/COS report for the month on just the A/P clearing account. (This process does take a bit of my time, so having the BAQ may speed up the process). I then take the daily detail from the WIP/COS report and put it into my G/L A/P clearing account, so that I have the complete detail in my G/L detail A/P clearing. From that point, I just start marking off those
receipts that match the invoices (and yes I do have to go back a couple of months of receipts that hit the A/P clearing). Once all that is done, I then sort and add up those receipts that do not have a corresponding invoice and ensure that they agree with the received but not invoiced report. Most of the time they do and when they don't it usually is because my A/P person has an open A/P batch that was created after I ran the received but not invoiced report.
Â
As for the invoiced but not received, we do not enter invoices where we have not received the item, so I don't have that issue. If after a reasonable amount of time, we still have not received the item, we will be in contact with the vendor to inquire about the issue.
Â
I would like the BAQ's as the process that I do is very cumbersome and time consuming, so any help others can provide in reconciling this report is most appreciated.
Â
My work email is barbara.kite@....
Â
Thanks
Â
Barbara Kite
Controller
Cableform, Inc.
www.cableform.com
--- On Mon, 8/18/08, Thomas Rose <t.rose@...> wrote:
From: Thomas Rose <t.rose@...>
Subject: RE: {Disarmed} [Vantage] Vantage - Capture COS/WIP Concerns
To: "vantage@yahoogroups.com" <vantage@yahoogroups.com>
Date: Monday, August 18, 2008, 5:07 PM
I am a Controller, and I, too am concerned about balancing the AP Clearing account. As noted, the report Epicor provides for received not invoiced only works at the specific point in time it is created. Another concern is there is no report of items invoiced but not received. That second concern alone will cause the provided report to be inaccurate even at the particular point in time it is run. The problem with the Epicor report is it only looks at a flag that designates whether an item has been invoiced or not. You really need to know the date the item was invoiced and compare that to the date the item was received.
I have created three reports which may help with your questions 1 through 3; Received Not Invoiced, Invoiced Not Received, and a rollforward report. I would be happy to provide these along with the associated BAQ's to anyone who is interested, with the following warnings:
* I am fairly new to this, so things are probably sub optimal.
* These reports have only been run on our test system, not in production. They appear to work properly in test, however, I have a lot of garbage data in test that makes it uncertain it is running properly. You should thoroughly test these reports and BAQ's to satisfy yourself they provide the information you require.
* I am unable to filter the BAQ as part of the report process. So, the BAQ downloads all the data, and it is then filtered at the report level. I imagine this could be a big performance drag in a production environment. If someone likes the concept of these reports, I would welcome some greater expertise in filtering the BAQ before it goes to the report.
Thom Rose
Controller
Electric Mirror, LLC
T 425 776-4946 ext. 1024
A 11831 Beverly Park Road, Building D, Everett, WA 98204 USA
www.electricmirror. com<http://www.electric mirror.com/>
From: vantage@yahoogroups .com [mailto:vantage@yahoogroups .com] On Behalf Of Michael McWilliams
Sent: Monday, August 18, 2008 9:41 AM
To: vantage@yahoogroups .com
Subject: {Disarmed} [Vantage] Vantage - Capture COS/WIP Concerns
Anyone have any help with any of the questions from below. I am
guessing we will need to bring in a financial consultant to hammer
this stuff out. This is an email from our controller.
Vantage - Capture COS/WIP Concerns
Background:
Receipts are entered against PO's in Vantage. In order to post the
JE for the accrual from the receipt, the Capture COS/WIP process is
run. This creates a debit to expense, credit to AP Clearing. When
this process is run, an IJ is created with the description
of "Periodic Posting Process".
Receipts are not batch posted, so there is no entry register. And,
the periodic posting journal nets all account activity together.
So, there is no reference detail on the journal reports which tells
you the source of the GL activity.
There is a "Received but not Invoiced" report, which (theoretically)
should tie us to AP Clearing.
When AP is entered, the GL transaction creates a debit to AP
Clearing, and a credit to AP. Assuming there is was no variance, AP
Clearing will net to zero. Debits to AP Clearing appear to be
invoice specific.
If there is a variance, the same Capture COS/WIP process creates a
PJ to book the variance and properly offset AP Clearing.
We spent many months unable to reconcile AP Clearing.
1. When the GL dos not tie cleanly to the "Received but not
Invoiced" report, what tools are there for us to reconcile the
difference?
2. We have learned from the user group that "timing"matters, and
have been advised
that we must complete all activity in one period before beginning
the next. This advice seems to have helped; HOWEVER we know that we
cannot reasonably do this once we go live.
3. If timing is very critical, what effect might I expect if a
receiver is deleted (which defaults to system date) and re-entered,
which uses receipt date how will this activity effect our ability to
reconcile "Received but not Invoiced" to AP Clearing.?
BIGGER CONCERN:
The Capture COS/WIP process also updates/posts for inventory and job
costing.
4. If we have had such difficulty reconciling a simple account like
AP Clearing, how will we reconcile inventory/job costing?
5. Since we run around the clock, how do we cut off any one day or
period before beginning the next, in order to maintain a clean
timing cut-off?
6. What processes and procedures can we implement before going
live to ensure that we are able to reconcile the effected job and
inventory costs/accounts.
7. What tools are available to support reconciliation?
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