Standard Cost WIP not "Actual"ly Standard Cost

Joy
Standard Cost is the methods that pulls costs from the job into
inventory. When you ship from the job the method is Average but there
are no other part to average against. The system calculates these
costs from the accumulated costs in the job and the pieces completed
at each operation.

We have Standard costs setup for Mfg Parts and Average for Purchased
Mtl. The Inventory / GL switch is off. We don't trust our methods and
Vantage to give us the right results.
As far as WIP goes...
Labor, Burden, Mtl and Subcontract contribute to WIP. Taking parts
out of a job relieves WIP. If you put parts in inventory from the job
the costs come out at Standard Cost. After all the parts are out of
the job, the job is closed and Capture COS is run the difference
between Actual and Standard is posted as a variance to COS.

HTH
Russ Dover

To: vantage@yahoogroups.com
From: "jfekkes" <jfekkes@...>
Subject: [Vantage] Standard Cost WIP not "Actual"ly Standard Cost

> We are interested in hearing about how other companies use Standard
> Cost (Make Items) in Vantage. I would like to tell you what we use
> currently:
> On 5.1 (soon to upgrade 6.0)
> Make Items at Standard Cost
> Buy Items at Average Cost
> Make parts to inventory and ship from job
> GL interface is turned on
> We would like the WIP to show Standard cost for remaining open job
> costs, and continue to post these costs through GL accounts.
>
> If your company uses Standard Cost (make or make and buy items)
> regardless of whether you interface to GL or not, could you contact
> us either directly or through the group...not sure if there are many
> other companies with this concern. We would be interested in the
> comparison as to why some do interface and some do not.
>
> Thank you,
> Joy Fekkes
> Jaco, Inc
> jfekkes@...
>
>
>
>
>
> 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. )
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> and Crystal Reports and other 'goodies', please goto:
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> (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 Links
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>
We are interested in hearing about how other companies use Standard
Cost (Make Items) in Vantage. I would like to tell you what we use
currently:
On 5.1 (soon to upgrade 6.0)
Make Items at Standard Cost
Buy Items at Average Cost
Make parts to inventory and ship from job
GL interface is turned on
We would like the WIP to show Standard cost for remaining open job
costs, and continue to post these costs through GL accounts.

If your company uses Standard Cost (make or make and buy items)
regardless of whether you interface to GL or not, could you contact
us either directly or through the group...not sure if there are many
other companies with this concern. We would be interested in the
comparison as to why some do interface and some do not.

Thank you,
Joy Fekkes
Jaco, Inc
jfekkes@...
We have used standard costing since turning on the GL-Inventory interface back in, I think April of 1999. It has worked well for us.

Feel free to contact me off list...

Mike Lowe
Connor Manufacturing Services


-----Original Message-----
From: jfekkes [mailto:jfekkes@...]
Sent: Thursday, March 25, 2004 9:18 AM
To: vantage@yahoogroups.com
Subject: [Vantage] Standard Cost WIP not "Actual"ly Standard Cost


We are interested in hearing about how other companies use Standard
Cost (Make Items) in Vantage. I would like to tell you what we use
currently:
On 5.1 (soon to upgrade 6.0)
Make Items at Standard Cost
Buy Items at Average Cost
Make parts to inventory and ship from job
GL interface is turned on
We would like the WIP to show Standard cost for remaining open job
costs, and continue to post these costs through GL accounts.

If your company uses Standard Cost (make or make and buy items)
regardless of whether you interface to GL or not, could you contact
us either directly or through the group...not sure if there are many
other companies with this concern. We would be interested in the
comparison as to why some do interface and some do not.

Thank you,
Joy Fekkes
Jaco, Inc
jfekkes@...





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



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