Inventory/WIP Not Yet Posted

Yahoo Archive
1
Stuart,

Butt in anytime... The list automatically comes up during the Inventory
/ WIP Capture. Please note, that we have configured the system to
automatically post to the General Ledger; perhaps that makes a
difference. Are you set up that way as well?

Brian



[Non-text portions of this message have been removed]
2
All-

I've got a new assistant trying to figure out the Vantage system and how
to correct mis-dated entries appearing on the Inventory/WIP Account
Reconcilation report (see below). In the past, I have always used the
trusty manual G/L entry to adjust. Three questions:

1. Is there a "better" way to handle mis-dated entries on the
Inventory/WIP Account Reconcilation report?

2. How do you handle cutoff? I use the AM of the first work day of the
new month as the "wrap up prior month transactions" time. Then, once
everyone has given me the all clear, I run/post the WIP Capture/Post
routine and "kindly" remind everyone that the prior month is closed and
if they come across a missed entry that belongs in a "closed" month,
they are to date it as if it occurred in the current month so as to be
picked up in the next WIP Capture/Post routine.

3. I can't re-run the WIP Capture/Post routine for any month that is
closed in order to capture these old transactions as it would post to
the "closed" month and screw up the financials issued for that month -
correct?

Thanks in Advance!

Rick Ludwig
V.P. of Finance & Administration
Metal Spinners, Inc.



________________________________

From: Bradtmiller, Kay
Sent: Tuesday, November 07, 2006 9:39 AM
To: Ludwig, Rick
Cc: Lavorata, Lou
Subject: Texas Division - Inventory/WIP Not Yet Posted
Importance: High


Attached is a list of all items NOT yet posted that have a transaction
date BEFORE 10/31/06.

Given the number of entries, is it possible to go into the individual
transaction & change the transaction date to reflect an October
transaction date? It looks like assets increase $4,081.39, liabilities
increase $4,583.08 and expenses increase 501.69.

I know that several of these items are my out of balance situation


FYI - I don't know how the 2000, 2003, 2005 dates came about unless we
don't have the periods closed.

How do you typically handle these transactions? In previous systems, I
had two choices - change the transaction date to an October transaction
date & then post or re-open the prior periods, post the transactions,
then make a reversing transaction in the general ledger, posting the
activity in the current month via the general ledger.

I have always been able to choose option #1 (change the transaction date
so that I can post to the current month).

Please let me know.

Thanks


Kay Bradtmiller
Corporate Controller
Metal Spinners, Inc.
Voice (260) 665-2158 Ext. 24
Fax (260) 665-2540
e-mail: kayb@...



[Non-text portions of this message have been removed]
3
Anyone have any ideas/suggestions? I know there's some fellow
accountants out there. To the best of my knowledge, there is nothing
that can prevent having employees backdate transactions into closed
month, or is there?

Thanks in advance!

Rick Ludwig


________________________________

From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf
Of Ludwig, Rick
Sent: Tuesday, November 07, 2006 10:14 AM
To: vantage@yahoogroups.com
Subject: [Vantage] Inventory/WIP Not Yet Posted
Importance: High



All-

I've got a new assistant trying to figure out the Vantage system and how
to correct mis-dated entries appearing on the Inventory/WIP Account
Reconcilation report (see below). In the past, I have always used the
trusty manual G/L entry to adjust. Three questions:

1. Is there a "better" way to handle mis-dated entries on the
Inventory/WIP Account Reconcilation report?

2. How do you handle cutoff? I use the AM of the first work day of the
new month as the "wrap up prior month transactions" time. Then, once
everyone has given me the all clear, I run/post the WIP Capture/Post
routine and "kindly" remind everyone that the prior month is closed and
if they come across a missed entry that belongs in a "closed" month,
they are to date it as if it occurred in the current month so as to be
picked up in the next WIP Capture/Post routine.

3. I can't re-run the WIP Capture/Post routine for any month that is
closed in order to capture these old transactions as it would post to
the "closed" month and screw up the financials issued for that month -
correct?

Thanks in Advance!

Rick Ludwig
V.P. of Finance & Administration
Metal Spinners, Inc.



________________________________

From: Bradtmiller, Kay
Sent: Tuesday, November 07, 2006 9:39 AM
To: Ludwig, Rick
Cc: Lavorata, Lou
Subject: Texas Division - Inventory/WIP Not Yet Posted
Importance: High

Attached is a list of all items NOT yet posted that have a transaction
date BEFORE 10/31/06.

Given the number of entries, is it possible to go into the individual
transaction & change the transaction date to reflect an October
transaction date? It looks like assets increase $4,081.39, liabilities
increase $4,583.08 and expenses increase 501.69.

I know that several of these items are my out of balance situation


FYI - I don't know how the 2000, 2003, 2005 dates came about unless we
don't have the periods closed.

How do you typically handle these transactions? In previous systems, I
had two choices - change the transaction date to an October transaction
date & then post or re-open the prior periods, post the transactions,
then make a reversing transaction in the general ledger, posting the
activity in the current month via the general ledger.

I have always been able to choose option #1 (change the transaction date
so that I can post to the current month).

Please let me know.

Thanks


Kay Bradtmiller
Corporate Controller
Metal Spinners, Inc.
Voice (260) 665-2158 Ext. 24
Fax (260) 665-2540
e-mail: kayb@... <mailto:kayb%40metalspinners.com>


[Non-text portions of this message have been removed]






[Non-text portions of this message have been removed]
4
Rick,

I don't believe there is a way of preventing backdating, however, when
you do the Inventory / WIP Capture for the month, you get a list of
transactions that are trying to backdate. Here you can adjust the date
and best of all, see who created the transaction.

Brian W. Larcom, CFO

Metallized Carbon Corporation



[Non-text portions of this message have been removed]
5
When you do the Capture/Post process, it will flag you for
transactions with dates in a closed period. It will ask if you
would like to correct the dates. You can then change the posting
date to the current period.



--- In vantage@yahoogroups.com, "Ludwig, Rick" <RickL@...> wrote:
>
> Anyone have any ideas/suggestions? I know there's some fellow
> accountants out there. To the best of my knowledge, there is
nothing
> that can prevent having employees backdate transactions into closed
> month, or is there?
>
> Thanks in advance!
>
> Rick Ludwig
>
>
> ________________________________
>
> From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On
Behalf
> Of Ludwig, Rick
> Sent: Tuesday, November 07, 2006 10:14 AM
> To: vantage@yahoogroups.com
> Subject: [Vantage] Inventory/WIP Not Yet Posted
> Importance: High
>
>
>
> All-
>
> I've got a new assistant trying to figure out the Vantage system
and how
> to correct mis-dated entries appearing on the Inventory/WIP Account
> Reconcilation report (see below). In the past, I have always used
the
> trusty manual G/L entry to adjust. Three questions:
>
> 1. Is there a "better" way to handle mis-dated entries on the
> Inventory/WIP Account Reconcilation report?
>
> 2. How do you handle cutoff? I use the AM of the first work day of
the
> new month as the "wrap up prior month transactions" time. Then,
once
> everyone has given me the all clear, I run/post the WIP
Capture/Post
> routine and "kindly" remind everyone that the prior month is
closed and
> if they come across a missed entry that belongs in a "closed"
month,
> they are to date it as if it occurred in the current month so as
to be
> picked up in the next WIP Capture/Post routine.
>
> 3. I can't re-run the WIP Capture/Post routine for any month that
is
> closed in order to capture these old transactions as it would post
to
> the "closed" month and screw up the financials issued for that
month -
> correct?
>
> Thanks in Advance!
>
> Rick Ludwig
> V.P. of Finance & Administration
> Metal Spinners, Inc.
>
>
>
> ________________________________
>
> From: Bradtmiller, Kay
> Sent: Tuesday, November 07, 2006 9:39 AM
> To: Ludwig, Rick
> Cc: Lavorata, Lou
> Subject: Texas Division - Inventory/WIP Not Yet Posted
> Importance: High
>
> Attached is a list of all items NOT yet posted that have a
transaction
> date BEFORE 10/31/06.
>
> Given the number of entries, is it possible to go into the
individual
> transaction & change the transaction date to reflect an October
> transaction date? It looks like assets increase $4,081.39,
liabilities
> increase $4,583.08 and expenses increase 501.69.
>
> I know that several of these items are my out of balance situation
>
>
> FYI - I don't know how the 2000, 2003, 2005 dates came about
unless we
> don't have the periods closed.
>
> How do you typically handle these transactions? In previous
systems, I
> had two choices - change the transaction date to an October
transaction
> date & then post or re-open the prior periods, post the
transactions,
> then make a reversing transaction in the general ledger, posting
the
> activity in the current month via the general ledger.
>
> I have always been able to choose option #1 (change the
transaction date
> so that I can post to the current month).
>
> Please let me know.
>
> Thanks
>
>
> Kay Bradtmiller
> Corporate Controller
> Metal Spinners, Inc.
> Voice (260) 665-2158 Ext. 24
> Fax (260) 665-2540
> e-mail: kayb@... <mailto:kayb%40metalspinners.com>
>
>
> [Non-text portions of this message have been removed]
>
>
>
>
>
>
> [Non-text portions of this message have been removed]
>
6
Brian, sorry to butt in, but I am very interested in your statement, can
you provide a little more detail on where we might find this list of
transactions which will backdate? Is it seen during the capture COS/WIP
transaction, or do we need to look somewhere else.

We were unaware such a list existed, and the ability to spot them and
change them to current dates would solve a lot of the problems we have
with accounts not balancing.

Thanks

Stuart



Stuart Noble
Thompson Meat Machinery
stuart@...
Ph: 61 7 3803 6643

-----Original Message-----
From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf
Of Brian
Sent: Thursday, 9 November 2006 8:39 AM
To: vantage@yahoogroups.com
Subject: [Vantage] Re: Inventory/WIP Not Yet Posted



Rick,

I don't believe there is a way of preventing backdating, however, when
you do the Inventory / WIP Capture for the month, you get a list of
transactions that are trying to backdate. Here you can adjust the date
and best of all, see who created the transaction.

Brian W. Larcom, CFO

Metallized Carbon Corporation

[Non-text portions of this message have been removed]





[Non-text portions of this message have been removed]