See below to expand on Marty's comments...
Thanks!
Rick Ludwig
-----Original Message-----
From: Marty Kuphall [mailto:marty.kuphall@...]
Sent: Thursday, November 18, 2004 5:23 PM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] Why my A/P aging never matches my BS
Most common causes:
1. Your A/P Invoice Group is posted to a different calendar period than
the invoice date. For example - Invoices with November dates are posted
to October via the A/P group. If you run the aging report by invoices
dated
October, the November invoices won't show up but they will be on the BS
because they were posted to October. Try running the report by Fiscal
Period rather than invoice date. Does that get you closer?
Our operating procedure here is that the invoice date and the GL period
must match. Just makes life easier when trying to balance. Also, you
can go into your A/P Account via Account Tracker. Pick a G/L period,
go to the detail and look for invoices that are dates outside (before or
after) the G/L period you're looking at. May lead you to the problem.
WHAT I HAVE MY ASSISTANTS DO IS TO CONTINUE TO ENTER AN "MISCELLANOUS"
PRIOR PERIOD INVOICES INTO PRIOR PERIOD BATCHES FOR THE FIRST COUPLE OF
DAYS OF THE NEW MONTH (REMINDER: YOU MUST ENSURE YOUR PERIOD IS CORRECT
WHEN SETTING UP THE BATCH) AND PLACE ANY NEW MONTH INVOICES - INCLUDING
ANY THAT ARE RELATED TO ANY GOODS PURCHASED VIA THE SYSTEM IN THE PRIOR
MONTH (ALREADY ACCRUED FOR VIA THE RECEIPT OF THE GOODS - WE ARE
INVENTORY INTERFACED) ASIDE. THEN, WHEN I AM SATISFIED THAT WE HAVE
ACCOUNTED FOR "MOST" OF THE "MISCELLANOUS" INVOICES, I CUT OFF INVOICE
ENTRY AND TIE OUT THE ACCOUNT, ACCRUING FOR ANY REMAINING "MISCELLANOUS"
INVOICES IN AN "UNVOUCHERED A/P ACCOUNT".
2. General Journal entries hitting your A/P account. They hit the BS but
don't' show up on the aging report. My people know that NOTHING is
allowed
to hit the A/P account unless it goes through A/P. By the way- same
thing
for A/R: Nothing hits that account either unless it goes through A/R.
THIS CAN HAPPEN IF AND WHEN INVOICE DATES GET MIS-KEYED (AND THIS
HAPPENS QUITE OFTEN!!) MY OPINION IS THAT IF AN INVOICE DATE IS ENTERED
WITH A "FUTURE" DATE, A WARNING SHOULD APPEAR -- I FIND INVOICES WITH
DATES WAY OUT IN THE FUTURE. THEY WILL SHOW UP IN YOUR A/P G/L BECAUSE
THEY WERE ENTERED IN THE CORRECT MONTH's BATCH; HOWEVER, IF YOU RUN YOUR
A/P AGING AS OF THE LAST DAY OF THE MONTH, THEY WON'T APPEAR. HINT:
PRINT YOUR A/P G/L DETAIL AND LOOK AT THE DATES OF THE LAST FEW INVOICES
ENTERED TO VERIFY IF THIS IS HAPPENING. IF SO, HAVE THESE INVOICES
ADJUSTED OFF AND RE-ENTERED WITH THE CORRECT DATE (ENSURING THE BATCH
HAS THE CORRECT PERIOD!), POST, AND RE-RUN YOUR AGING.
HOPE MY COMMENTS HELP AS WELL. LET ME KNOW IF YOU HAVE ANY FURTHER
QUESTIONS AS I FEEL I HAVE PRETTY MUCH MASTERED THE A/P ACCOUNT, WHEREAS
THE UNVOUCHERED A/P ACCOUNT IS ANOTHER STORY... THIS USUALLY WILL HAVE
DIFFERENCES!
Hope this helps.
Marty Kuphall
Chief Financial Officer
Ultra Tool & Manufacturing, Inc.
W169 N5954 Ridgewood Drive
Menomonee Falls, WI 53051
Phone: 262-703-0455
Fax: 262-703-0468
Toll Free: 800-779-3566
marty.kuphall@...
www.ultratoolmfg.com
The information contained in this electronic message (email) and any
attachment(s) to it is/are intended for the exclusive use of the
intended
addressee(s) and may contain information that is confidential and/or
privileged
and exempt from disclosure under applicable law. If you are not the
intended
recipient(s) and have received this communication in error, please do
not
distribute it. Instead, please notify Ultra Tool & Manufacturing, Inc.
at
1-800-779-3566 or by email at general@... and destroy all
copies of
this message and any attachments. Thank you.
-----Original Message-----
From: vem544 [mailto:gtucker@...]
Sent: Thursday, November 18, 2004 4:00 PM
To: vantage@yahoogroups.com
Subject: [Vantage] Why my A/P aging never matches my BS
The values sometimes are close and sometimes way off. I try to
close the periods within a few days but not always possible. Is it
just a timing issue and everything just washes out later? Can anyone
explain this phenomena to me?
Thanks in advance for the assitance.
Version: Vantage 4.0
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 Links
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
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D=groups/S=1705007183:HM/EXP=1100902986/A=2434970/R=0/SIG=11edksnhv/*htt
p://www.netflix.com/Default?mqso=60185402> click here
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[Non-text portions of this message have been removed]
Thanks!
Rick Ludwig
-----Original Message-----
From: Marty Kuphall [mailto:marty.kuphall@...]
Sent: Thursday, November 18, 2004 5:23 PM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] Why my A/P aging never matches my BS
Most common causes:
1. Your A/P Invoice Group is posted to a different calendar period than
the invoice date. For example - Invoices with November dates are posted
to October via the A/P group. If you run the aging report by invoices
dated
October, the November invoices won't show up but they will be on the BS
because they were posted to October. Try running the report by Fiscal
Period rather than invoice date. Does that get you closer?
Our operating procedure here is that the invoice date and the GL period
must match. Just makes life easier when trying to balance. Also, you
can go into your A/P Account via Account Tracker. Pick a G/L period,
go to the detail and look for invoices that are dates outside (before or
after) the G/L period you're looking at. May lead you to the problem.
WHAT I HAVE MY ASSISTANTS DO IS TO CONTINUE TO ENTER AN "MISCELLANOUS"
PRIOR PERIOD INVOICES INTO PRIOR PERIOD BATCHES FOR THE FIRST COUPLE OF
DAYS OF THE NEW MONTH (REMINDER: YOU MUST ENSURE YOUR PERIOD IS CORRECT
WHEN SETTING UP THE BATCH) AND PLACE ANY NEW MONTH INVOICES - INCLUDING
ANY THAT ARE RELATED TO ANY GOODS PURCHASED VIA THE SYSTEM IN THE PRIOR
MONTH (ALREADY ACCRUED FOR VIA THE RECEIPT OF THE GOODS - WE ARE
INVENTORY INTERFACED) ASIDE. THEN, WHEN I AM SATISFIED THAT WE HAVE
ACCOUNTED FOR "MOST" OF THE "MISCELLANOUS" INVOICES, I CUT OFF INVOICE
ENTRY AND TIE OUT THE ACCOUNT, ACCRUING FOR ANY REMAINING "MISCELLANOUS"
INVOICES IN AN "UNVOUCHERED A/P ACCOUNT".
2. General Journal entries hitting your A/P account. They hit the BS but
don't' show up on the aging report. My people know that NOTHING is
allowed
to hit the A/P account unless it goes through A/P. By the way- same
thing
for A/R: Nothing hits that account either unless it goes through A/R.
THIS CAN HAPPEN IF AND WHEN INVOICE DATES GET MIS-KEYED (AND THIS
HAPPENS QUITE OFTEN!!) MY OPINION IS THAT IF AN INVOICE DATE IS ENTERED
WITH A "FUTURE" DATE, A WARNING SHOULD APPEAR -- I FIND INVOICES WITH
DATES WAY OUT IN THE FUTURE. THEY WILL SHOW UP IN YOUR A/P G/L BECAUSE
THEY WERE ENTERED IN THE CORRECT MONTH's BATCH; HOWEVER, IF YOU RUN YOUR
A/P AGING AS OF THE LAST DAY OF THE MONTH, THEY WON'T APPEAR. HINT:
PRINT YOUR A/P G/L DETAIL AND LOOK AT THE DATES OF THE LAST FEW INVOICES
ENTERED TO VERIFY IF THIS IS HAPPENING. IF SO, HAVE THESE INVOICES
ADJUSTED OFF AND RE-ENTERED WITH THE CORRECT DATE (ENSURING THE BATCH
HAS THE CORRECT PERIOD!), POST, AND RE-RUN YOUR AGING.
HOPE MY COMMENTS HELP AS WELL. LET ME KNOW IF YOU HAVE ANY FURTHER
QUESTIONS AS I FEEL I HAVE PRETTY MUCH MASTERED THE A/P ACCOUNT, WHEREAS
THE UNVOUCHERED A/P ACCOUNT IS ANOTHER STORY... THIS USUALLY WILL HAVE
DIFFERENCES!
Hope this helps.
Marty Kuphall
Chief Financial Officer
Ultra Tool & Manufacturing, Inc.
W169 N5954 Ridgewood Drive
Menomonee Falls, WI 53051
Phone: 262-703-0455
Fax: 262-703-0468
Toll Free: 800-779-3566
marty.kuphall@...
www.ultratoolmfg.com
The information contained in this electronic message (email) and any
attachment(s) to it is/are intended for the exclusive use of the
intended
addressee(s) and may contain information that is confidential and/or
privileged
and exempt from disclosure under applicable law. If you are not the
intended
recipient(s) and have received this communication in error, please do
not
distribute it. Instead, please notify Ultra Tool & Manufacturing, Inc.
at
1-800-779-3566 or by email at general@... and destroy all
copies of
this message and any attachments. Thank you.
-----Original Message-----
From: vem544 [mailto:gtucker@...]
Sent: Thursday, November 18, 2004 4:00 PM
To: vantage@yahoogroups.com
Subject: [Vantage] Why my A/P aging never matches my BS
The values sometimes are close and sometimes way off. I try to
close the periods within a few days but not always possible. Is it
just a timing issue and everything just washes out later? Can anyone
explain this phenomena to me?
Thanks in advance for the assitance.
Version: Vantage 4.0
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 Links
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=129edrtqu/M=298184.5584357.6650215.3001176/
D=groups/S=1705007183:HM/EXP=1100902986/A=2434970/R=0/SIG=11edksnhv/*htt
p://www.netflix.com/Default?mqso=60185402> click here
<http://us.adserver.yahoo.com/l?M=298184.5584357.6650215.3001176/D=group
s/S=:HM/A=2434970/rand=324716123>
_____
Yahoo! Groups Links
* To visit your group on the web, go to:
http://groups.yahoo.com/group/vantage/
* To unsubscribe from this group, send an email to:
vantage-unsubscribe@yahoogroups.com
<mailto:vantage-unsubscribe@yahoogroups.com?subject=Unsubscribe>
* 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]