Dan-
I believe these are "free" tools or "repaired" tools (i.e. no customer
invoicing will occur). What we do at Metal Spinners is create a "T" or
"RT" job (the "T" or "RT" goes either in front of or behind the next
assigned job number). Then, blocks are purchased directly to the job
via the Part Class (WIP-Material) and labor and overhead are applied as
hours are reported. Then, once the tool/retool job is complete, we
close the job, which causes it, in our set up, to fall out to
Manufacturing Variance when I run the Capture WIP/Post routine. Then, I
print off the Inventory/WIP Account reconcilation report for the
Manufacturing Variance account and total up all the "T" and "RT" jobs
and make a manual accounting entry to move this cost from the Variance
to CIP (we capitalize internal-use/free tooling over a 3 year
straight-line period). By following this process, we capture/capitalize
our non-billed tooling costs.
Let me know if you need additional information!
Thanks!
Rick Ludwig
-----Original Message-----
From: Dan Spoerl [mailto:dans@...]
Sent: Wednesday, February 16, 2005 7:47 AM
To: vantage@yahoogroups.com
Subject: [Vantage] FW: Mat'l costs
Good morning all,
Any help would be greatly appreciated on the request posed below.
Thank you,
Dan Spoerl
In reviewing our mat'l costs for the past year, I noticed that all sheet
mat'l, tool steel & wood blocks were expensed directly into our G/L
account
for material. I don't really have a good measurement as to what our
breakdown of actual sheet stock costs on a monthly basis, what our tool
steel costs are on a monthly basis or our wood blocks - they are all
just
lumped into a general "material" account.
When a PO is created, it appears as though the "part classes" are set up
correctly as far as the G/L accounts (ie. under the part master, if
sheet
stock is purchased then the part class is correctly assigned to sheet
stock,
when tool steel is purchased, the part class is correct, etc.). When
the
product is received through the PO, the product moves into the WIP
Inventory
G/L account - an asset account.
What can we do to get the product moved into the appropriate G/L expense
account once it is moved from Inventory/WIP into expense? It appears
that
there is only one account number to work with on this transaction and
that
is set up in the Company Configuration Control Module under "COS
Accounts",
Material.
I'm interested in your thoughts on this.
Eric S. Fankhauser
Vice President
Toledo Metal Spinning Company
(419) 535-5931
(419) 535-0565 (fax)
www.toledometalspinning.com
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[Non-text portions of this message have been removed]
I believe these are "free" tools or "repaired" tools (i.e. no customer
invoicing will occur). What we do at Metal Spinners is create a "T" or
"RT" job (the "T" or "RT" goes either in front of or behind the next
assigned job number). Then, blocks are purchased directly to the job
via the Part Class (WIP-Material) and labor and overhead are applied as
hours are reported. Then, once the tool/retool job is complete, we
close the job, which causes it, in our set up, to fall out to
Manufacturing Variance when I run the Capture WIP/Post routine. Then, I
print off the Inventory/WIP Account reconcilation report for the
Manufacturing Variance account and total up all the "T" and "RT" jobs
and make a manual accounting entry to move this cost from the Variance
to CIP (we capitalize internal-use/free tooling over a 3 year
straight-line period). By following this process, we capture/capitalize
our non-billed tooling costs.
Let me know if you need additional information!
Thanks!
Rick Ludwig
-----Original Message-----
From: Dan Spoerl [mailto:dans@...]
Sent: Wednesday, February 16, 2005 7:47 AM
To: vantage@yahoogroups.com
Subject: [Vantage] FW: Mat'l costs
Good morning all,
Any help would be greatly appreciated on the request posed below.
Thank you,
Dan Spoerl
In reviewing our mat'l costs for the past year, I noticed that all sheet
mat'l, tool steel & wood blocks were expensed directly into our G/L
account
for material. I don't really have a good measurement as to what our
breakdown of actual sheet stock costs on a monthly basis, what our tool
steel costs are on a monthly basis or our wood blocks - they are all
just
lumped into a general "material" account.
When a PO is created, it appears as though the "part classes" are set up
correctly as far as the G/L accounts (ie. under the part master, if
sheet
stock is purchased then the part class is correctly assigned to sheet
stock,
when tool steel is purchased, the part class is correct, etc.). When
the
product is received through the PO, the product moves into the WIP
Inventory
G/L account - an asset account.
What can we do to get the product moved into the appropriate G/L expense
account once it is moved from Inventory/WIP into expense? It appears
that
there is only one account number to work with on this transaction and
that
is set up in the Company Configuration Control Module under "COS
Accounts",
Material.
I'm interested in your thoughts on this.
Eric S. Fankhauser
Vice President
Toledo Metal Spinning Company
(419) 535-5931
(419) 535-0565 (fax)
www.toledometalspinning.com
The information in this E-mail message is confidential and may be
legally
privileged and is information intended only for the use of the
individual(s)
named above. If you are not the appropriate recipient, you are hereby
notified that you should not further disseminate, distribute, or forward
this E-mail message. If you have received this communication in error,
please delete the original from your system, destroy all paper copies,
and
notify us immediately so we might prevent any recurrence.
We have taken reasonable steps to ensure that this message (and any
attachments or hyperlinks contained within it) are free from computer
viruses and the like. However, in accordance with good computing
practice,
the recipient is responsible for ensuring that it is actually virus free
before opening it. Toledo Metal Spinning is under no duty to cover any
loss
or damage caused by software viruses.
[Non-text portions of this message have been removed]
Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must
have already linked your email address to a yahoo id to enable access. )
(1) To access the Files Section of our Yahoo!Group for Report Builder
and Crystal Reports and other 'goodies', please goto:
http://groups.yahoo.com/group/vantage/files/.
(2) To search through old msg's goto:
http://groups.yahoo.com/group/vantage/messages
(3) To view links to Vendors that provide Vantage services goto:
http://groups.yahoo.com/group/vantage/links
Yahoo! Groups Sponsor
ADVERTISEMENT
<http://us.ard.yahoo.com/SIG=1298n6vee/M=298184.6018725.7038619.3001176/
D=groups/S=1705007183:HM/EXP=1108644370/A=2532114/R=2/SIG=12kvh2eim/*htt
p://clk.atdmt.com/NFX/go/yhxxxnfx0020000014nfx/direct/01/&time=110855797
0701384>
<http://us.adserver.yahoo.com/l?M=298184.6018725.7038619.3001176/D=group
s/S=:HM/A=2532114/rand=432343942>
_____
Yahoo! Groups Links
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* Your use of Yahoo! Groups is subject to the Yahoo! Terms of
Service <http://docs.yahoo.com/info/terms/> .
[Non-text portions of this message have been removed]