Hi Ed:
Loaded question, because there can be a number of different reasons. I'll try and answer this as simple as I can. I think to begin I will state that we are on version 8.03.408A. This can make a difference since different versions can act different. We are testing to move to version 9 and we know that things are different.
I'm puzzled by your statement that you are unable to determine how these post dated transactions got there. Somewhere along the line someone had to process a transaction and used a prior date. (Or it's possible the system did something goofy and indicated a date on a transaction different than when it was actually run. For example I know this happens on Service Call billings, the service call invoice date will come through with the date of the first labor transaction on the job..goofy, I know!)If you are not specifically looking for post dated transactions, these unposted transactions can get old.
Short answer on how to handle them. 1.) When you run COS WIp capture, if there are old back dated transactions, a box will pop up, listing the transactions with dates outside the current period. You can either by-pass them, leave them unposted and continue with the COS WIP process. Or, right in that box you can change the date of the transaction to a date in the current period. You will know this has happened because once posted you will see a different system date versus transaction date on the transaction record.
2.) We have had rare instances where we can not get the date changed on a transaction through COS WIP capture. In those cases what we have done, so as not to change prior period financials is to print out the Inv Wip Recon report for those unposted transactions. It has a nice account summary at the bottom. We re-open the applicable period, COS WIP capture and post the transaction as is, but then also post a reversing journal entry. This will then show no change to any balances in the prior period. Since it's a reversing entry, the GL balance affect will show in the next period. (Mind you if this goes back months, the reversing journal entry needs to be created in each of the periods up to the current).
Hope this helps!
Chris Berger
Dorner Mfg. Corp.
Loaded question, because there can be a number of different reasons. I'll try and answer this as simple as I can. I think to begin I will state that we are on version 8.03.408A. This can make a difference since different versions can act different. We are testing to move to version 9 and we know that things are different.
I'm puzzled by your statement that you are unable to determine how these post dated transactions got there. Somewhere along the line someone had to process a transaction and used a prior date. (Or it's possible the system did something goofy and indicated a date on a transaction different than when it was actually run. For example I know this happens on Service Call billings, the service call invoice date will come through with the date of the first labor transaction on the job..goofy, I know!)If you are not specifically looking for post dated transactions, these unposted transactions can get old.
Short answer on how to handle them. 1.) When you run COS WIp capture, if there are old back dated transactions, a box will pop up, listing the transactions with dates outside the current period. You can either by-pass them, leave them unposted and continue with the COS WIP process. Or, right in that box you can change the date of the transaction to a date in the current period. You will know this has happened because once posted you will see a different system date versus transaction date on the transaction record.
2.) We have had rare instances where we can not get the date changed on a transaction through COS WIP capture. In those cases what we have done, so as not to change prior period financials is to print out the Inv Wip Recon report for those unposted transactions. It has a nice account summary at the bottom. We re-open the applicable period, COS WIP capture and post the transaction as is, but then also post a reversing journal entry. This will then show no change to any balances in the prior period. Since it's a reversing entry, the GL balance affect will show in the next period. (Mind you if this goes back months, the reversing journal entry needs to be created in each of the periods up to the current).
Hope this helps!
Chris Berger
Dorner Mfg. Corp.
--- In vantage@yahoogroups.com, Ed Garbowski <egarbowski@...> wrote:
>
> Chris,
> Very good explanation. Would you happen to know why unposted transactions show up in the Inventory WIP Account Reconciliation for periods that have long since been closed, and how to get rid of them? We are not able to determine how they got there in the first place.
>
> Thanks,
> Ed
> From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf Of Berger, Christopher
> Sent: Wednesday, March 23, 2011 12:46 PM
> To: vantage@yahoogroups.com
> Subject: [Vantage] Re: Financial Reports
>
>
>
>
> Paul, your question regarding Inv Wip Reconciliation Report and COS/WIP
> capture, what it does.
>
> It's not as complicated as it might first seem. It's rather simple.
> The Inventory Module of Epicor does not post transactions directly to
> the General Ledger. The Inventory module consists of all the
> transactions generated from - Jobs / Job management, inventory,
> purchasing, and shipping. The Inventory WIP Reconciliation report,
> reports out on all those transactions generated in the Inventory Module.
> It will show all Job transactions, All inventory movements, All
> Purchasing transactions, and all shipping transactions. It is simply
> the report vehicle for those transactions. You can run it for date
> periods, fiscal periods, Posted to the general ledger or unposted to the
> general ledger, by job, by transaction type, by a specific plant, by all
> plants, etc...
>
> The COS WIP capture function is simply the process by which you tell the
> system which of the Inventory Module transactions to post to the General
> Ledger. Until you run that process the transactions will not show in
> the general ledger. Why does it matter when you run that, might be the
> next question? It really all depends on your business. Some companies
> run it once a month at the end of the month. Some companies do it more
> often. The driver on when to run it depends on your accounting
> department, what use would they have of the information in the general
> ledger earlier than at month end?
>
> Just a couple other minor items to consider when deciding when to run
> COS WIP capture: First: If you wait to post all of the transaction until
> the last day of the month, the process can take a very long time. In
> our case that would be 2-4 hours. Second: Once COS WIP capture is run,
> it is more difficult to change or correct inventory module transaction
> (particularly Labor transactions). Once a labor transaction is posted
> through COS WIp capture, it record can no longer be changed or
> corrected. Of course you can dictate the date range of transactions to
> post. As an option, maybe you want a one week offset. This week post
> the transactions through the prior week.
>
> I'm sure there are lots of other examples and things to consider. But
> this is a pretty good, easy summary to follow.
>
> Sincerely,
>
> Chris Berger
>
> Controller
>
> Dorner Mfg. Corp.
>
> Telephone: 262-369-1120
>
> Fax: 262-367-3243
>
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>
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