Jim -
The reason I used the A/R clearing is because I wanted to match my
Sales $'s each month with my cost. If I didn't use the A/R clearing
I could have a month just like you where we were creating packing
slips and the total order was not being released until the following
month. I ran a report (not standard in Vantage)I called it "Shipping
Journal-Not Invoiced" at the end of the month I ran this report I get
all the packing slips with $'s that were not going to be invoiced
that month. Once all the invoicing was done (because the invoice
clearing out this account) what was left should match my report. We
had a procedure between shipping and A/R that worked very well.
Worked for me.
Let me know
The reason I used the A/R clearing is because I wanted to match my
Sales $'s each month with my cost. If I didn't use the A/R clearing
I could have a month just like you where we were creating packing
slips and the total order was not being released until the following
month. I ran a report (not standard in Vantage)I called it "Shipping
Journal-Not Invoiced" at the end of the month I ran this report I get
all the packing slips with $'s that were not going to be invoiced
that month. Once all the invoicing was done (because the invoice
clearing out this account) what was left should match my report. We
had a procedure between shipping and A/R that worked very well.
Worked for me.
Let me know
--- In vantage@y..., "jrmckechnie" <jrmckechnie@h...> wrote:
> Hi Nancy,
>
> Yes, we have pretty much figured what WIP A/R Clearing is doing,
> unfortunately, we have a significant balance in it each month
because
> of the delay from our packing slips to the final invoicing. The
> ultimate problem is that if we generate a packing slip today, and
> then invoice it late in January of next year, we will have that
entry
> (or entries) sitting in WIP A/R Clearing when we close our books
this
> month -- and how do we reconcile 22 pages of entries for this
account
> without encountering a labor intensive line-by-line accounting? I
> guess my next question is why do we need the WIP A/R Clearing
account
> at all? It sounds like others in this user group don't use it. Is
> it something we can just turn off?
>
> The process flow of Vantage appears to me to be designed
specifically
> for companies that complete a product, ship it, and invoice in a
> short window of time. We followed the parameters to the letter and
> now find that with our process, we need to wait until we are
through
> the installation to generate a packing slip (seems a little non-
value
> added at this point, but that's how the system works!!).
>
> Sorry for getting off on a rant. Thank you for the feedback.
>
> Jim
>
> Jim McKechnie
> General Manager
> Signtech Electrical Advertising, Inc.
> Phone: (619) 527-6100
> jim@s...
>
>
> --- In vantage@y..., "nancyann15301" <nriffle@a...> wrote:
> > Jim -
> > Oops I sent my response before I was done -> sorry.
> >
> > IF you do not have an A/R Clearing identified the cost ($'s) move
> > directly to your COS account.
> >
> > --- In vantage@y..., "jrmckechnie" <jrmckechnie@h...> wrote:
> > > Hi Nancy,
> > >
> > > You know,it's interesting to read the responses I received to
> this
> > > thread. Our accounting staff has not made much mention about
the
> > WIP
> > > A/P Clearing, only the WIP A/R Clearing account. When you
> > suggested
> > > we run the "Received not Invoiced" report, I take it that this
is
> a
> > > standard report that I should be able to find within Vantage?
> Or,
> > is
> > > it another of those reports that I need to create? All I found
> was
> > > an "Open Purchase Orders" report.
> > >
> > > Our situation is probably different from many of the users in
> this
> > > group. We manufacture signs and we have been creating the
> packing
> > > slip after we complete the manufacturing of the sign. We then
> ship
> > > our signs all over the country for installation and the final
> > signage
> > > may not be installed for another 2 to 6 weeks. This then means
> > that
> > > we will have notified the system that we have "completed" our
> > > product, only to have sent a fake punt. We are about to change
> our
> > > process by not creating the packing slip until the signs have
> been
> > > installed, thereby reducing the days until we invoice. What is
> > your
> > > thought?
> > >
> > > Jim
> > > Jim McKechnie
> > > General Manager
> > > Signtech Electrical Advertising, Inc.
> > > Phone: (619) 527-6100
> > > jim@s...
> > >
> > >
> > > --- In vantage@y..., "nancyann15301" <nriffle@a...> wrote:
> > > > There are 2 clearing accounts.
> > > > 1) A/P Clearing - this one is very important to keep your
> > receiving
> > > > procedures tight and run the Received Not Invoiced report.
> > > > 2) A/R Clearing - first question would be how did you setup
your
> > > > A/R Configuration ..."Use the shipment Date for the Invoice
> Date"
> > > > this will determine when cost from WIP move to your COS
> accounts.
> > > > If unchecked it will use your Invoice date...which could be in
> > > > a different period.
> > > >
> > > > Need more information let me know.
> > > >
> > > > --- In vantage@y..., "Wilmoth, Deb" <Deb@r...> wrote:
> > > > > Amen. Responses are slow to come on this subject because
it
> is
> > a
> > > > nightmare
> > > > > to reconcile for a variety of reasons. I believe some
folks
> > > don't
> > > > even
> > > > > bother. Some people don't interface inventory to the
G/L.
> > > Also,
> > > > you said
> > > > > WIP A/R. I hope you meant A/P when referring to WIP or I'm
> not
> > > > quite sure
> > > > > what you are asking to reconcile.
> > > > >
> > > > > Do you interface inventory to the general ledger?
> > > > >
> > > > > If your controller would like to e-mail or call me
directly,
> > that
> > > > might be
> > > > > more helpful.
> > > > >
> > > > > Deb Wilmoth
> > > > > Controller
> > > > > Reeder & Kline Machine Company, Inc.
> > > > > Vantage 5.0
> > > > >
> > > > >
> > > > > -----Original Message-----
> > > > > From: accelgrp [mailto:RobM@A...]
> > > > > Sent: Thursday, December 20, 2001 8:40 AM
> > > > > To: vantage@y...
> > > > > Subject: [Vantage] Re: WIP A/R Clearing
> > > > >
> > > > >
> > > > >
> > > > > I don't know of any BEST way. Just a lot of grunt work.
> > > > > Personally, I pull the INV/WIP Reconciliation report for
the
> > > > clearing
> > > > > account into Excel. Sort/Group by reference and have at it.
> > > > >
> > > > > Rob McFarlin, Controller
> > > > > Accel Group, Inc.
> > > > > RobM@A...
> > > > >
> > > > > --- In vantage@y..., "jrmckechnie" <jrmckechnie@h...> wrote:
> > > > > > Can any of you advise me and our new Controller on your
> > > > procedures
> > > > > > for reconciling the WIP A/R Clearing account each month?
> We
> > > have
> > > > > 22
> > > > > > pages of activity for one month and we are not sure what
is
> > the
> > > > > best
> > > > > > method to reconcile all this information.
> > > > > >
> > > > > > Thank you in advance,
> > > > > >
> > > > > > Jim
> > > > > >
> > > > > > Jim McKechnie
> > > > > > General Manager
> > > > > > Signtech Electrical Advertising, Inc.
> > > > > > jim@s...
> > > > > > (619) 527-6100
> > > > >
> > > > >
> > > > >
> > > > > 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
> > > > >
> > > > > Your use of Yahoo! Groups is subject to
> > > > http://docs.yahoo.com/info/terms/
> > > > >
> > > > >
> > > > >
> > > > > [Non-text portions of this message have been removed]