Hello,
I am new in Epicor and also new in costing, and I have a broad question.
What are the main things I have to look for when checking the Inventory WIP Reconciliation report?
Hi Anny,
Inventory/WIP is a pretty decent report. I think, depending on your role, you’ll find different value in it. Personally, I use it prior to various closings so I can see transactions that ended up in any kind of variance.
We have some part classes pointed to dedicated GL Accounts… so we can make sure the correct parts are hitting the right GL’s by reviewing the report prior to posting.
But for the most part, like I said, mainly I’ll use it to look for COS Errors that need corrected and also various transactions that hit our “Suspense” account. We’ll try to investigate those to see WHY they hit suspense.
Others use it to review Direct Labor vs Indirect entries… basically looking for any huge dollar values, or chronic offenders (always see the same employee on indirect, etc.).
I’m not in our accounting group… so I don’t have a better answer than that. I’m usually the one that has to do the research after-the-fact to find out why things are showing up in the wrong place, haha.
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Thank you!