Randy's suggestion of posting the invoice to the period matching the
date you actually enter it will be fine if you have the G/L interface
for purchase order receipts turned on in Vantage. Otherwise you would
not be following proper accounting procedures. Consider a hypothetical
invoice for an inventory item received in December, whose invoice is
not posted to the G/L until January. The year end physical inventory
might include the materials but your G/L would not. An inventory
adjustment would be posted in December only to have the January
posting of the invoice duplicate the adjustment. Of course this could
be avoided by a manual accrual being posted into December's G/L and a
reversing entry posted in January if you recognized that the invoice
had not been posted yet. This would all be more work than it is worth
in my opinion. I would recomment posting invoices to the G/L in the
period it was actually received and make sure that A/P batch edit
lists are reviewed prior to posting for incorrect dates.
Wouln't another possible fix be to enter a credit memo for the same
amount, to the same G/L account, using the same "bad" date, and then
re-enter the invoice with the correct date? Just select all 3 items
with your next check run to remove them all from the aging reports.
Jeff Milbrath, CPA
Controller
Hartford Finishing, Inc.
date you actually enter it will be fine if you have the G/L interface
for purchase order receipts turned on in Vantage. Otherwise you would
not be following proper accounting procedures. Consider a hypothetical
invoice for an inventory item received in December, whose invoice is
not posted to the G/L until January. The year end physical inventory
might include the materials but your G/L would not. An inventory
adjustment would be posted in December only to have the January
posting of the invoice duplicate the adjustment. Of course this could
be avoided by a manual accrual being posted into December's G/L and a
reversing entry posted in January if you recognized that the invoice
had not been posted yet. This would all be more work than it is worth
in my opinion. I would recomment posting invoices to the G/L in the
period it was actually received and make sure that A/P batch edit
lists are reviewed prior to posting for incorrect dates.
Wouln't another possible fix be to enter a credit memo for the same
amount, to the same G/L account, using the same "bad" date, and then
re-enter the invoice with the correct date? Just select all 3 items
with your next check run to remove them all from the aging reports.
Jeff Milbrath, CPA
Controller
Hartford Finishing, Inc.
--- In vantage@yahoogroups.com, Randy Lunsford <rlunsf@e...> wrote:
> Dennis, There are two things that I found that have made
reconciliation a
> breeze. I haven't been off in over a year, and that was due to an entry
> error. The first step is the A/P entry of the invoice. If it is
linked to
> a PO, make sure that you enter the G/L period of the month of the
actual A/P
> entry, not the receipt date. In other words, if you have a PO that was
> received in December and you don't make the A/P entry until January, you
> enter the G/L period of January for the entry. Also, when you print
the A/P
> aging report, you need to select the "Fiscal Period" option instead
of the
> "Invoice Date" option. This will only pull in the invoices entered
in the
> G/L month you are trying to reconcile.
>
> Randall Lunsford
> Excel Machinery, Ltd.
> e-mail: rlunsf@e...
> Phone: (806) 335-4565 ext. 531
> Fax: (806) 335-9017
>
> -----Original Message-----
> From: Dennis O'Hara [mailto:d.ohara@s...]
> Sent: Sunday, January 09, 2005 10:51 PM
> To: Vantage User Group (Vantage User Group)
> Subject: [Vantage] Discrepancy between General Ledger & Subsidiary
Ledger
>
>
> We have identified a discrepancy between the General ledger and the
Accounts
> payable ledger report - I have been able to identify some
transactions that
> have not been processed correctly but the sheer volume of entries
make it a
> mind numbing exercise to investigate manually. Has anybody been able to
> develop a report that compares general ledger entry postings to
subsidiary
> ledger postings or alternatively is there a prove balance mechanism
>
> Regards
>
> Dennis O'Hara
> General Manager Finance
> The Signcraft Group
> Tel 61 3 9687 8455 Fax 61 3 9687 7235
> Direct 61 3 8371 3711
> d.ohara@s...
> www.signcraft.com.au <www.signcraft.com.au>
>
>
>
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