Here's how we did it:
1. We printed a group of tags (not from Vantage-on NCR 2-part paper
white/yellow) and at the close of business on our fiscal year-end, had each
operator, inspector, etc who had WIP in their area fill out these tags. The
info included the job, assembly and operation and quantity completed, plus
that person's name. We collected the whites, left the yellows with the job
travelers (prominently-so that auditors could see them). Then we audited
the whites ourselves against the WIP report. This was the nightmare on Elm
St., but it was the first year that we had Vantage and the audit was a tough
one. During the following year, we made some changes in the way things were
done, including a monthly WIP audit of our own, and now the auditors and
management have a higher level of confidence in the numbers on our WIP
report-not to mention realizing that if they want to spot audit, we pull the
production detail report and pull the numbers based on the dates. It was a
way of creating a comfort level with our CPA firm.
2. You wouldn't enter those tags in Vantage-they are already there in the
accumulated cost on the jobs (WIP).
3. See above. Or contact me off-list. We did inventory every 2-4 months
for a while after I first came here.
Lydia
-----Original Message-----
From: Joe Konecny [mailto:jkonecn@...]
Sent: Monday, October 23, 2000 1:01 PM
To: Vantage List
Subject: [Vantage] year end inventory
I'm no bean counter so please bear with me. How does everyone handle their
wip for year end inventory?
1. Do your auditors require inv tags on all your wip?
2. If so do you enter the tags into vantage?
3. How do you reconcile wip showing in vantage to what you
actually have on the floor?
1. We printed a group of tags (not from Vantage-on NCR 2-part paper
white/yellow) and at the close of business on our fiscal year-end, had each
operator, inspector, etc who had WIP in their area fill out these tags. The
info included the job, assembly and operation and quantity completed, plus
that person's name. We collected the whites, left the yellows with the job
travelers (prominently-so that auditors could see them). Then we audited
the whites ourselves against the WIP report. This was the nightmare on Elm
St., but it was the first year that we had Vantage and the audit was a tough
one. During the following year, we made some changes in the way things were
done, including a monthly WIP audit of our own, and now the auditors and
management have a higher level of confidence in the numbers on our WIP
report-not to mention realizing that if they want to spot audit, we pull the
production detail report and pull the numbers based on the dates. It was a
way of creating a comfort level with our CPA firm.
2. You wouldn't enter those tags in Vantage-they are already there in the
accumulated cost on the jobs (WIP).
3. See above. Or contact me off-list. We did inventory every 2-4 months
for a while after I first came here.
Lydia
-----Original Message-----
From: Joe Konecny [mailto:jkonecn@...]
Sent: Monday, October 23, 2000 1:01 PM
To: Vantage List
Subject: [Vantage] year end inventory
I'm no bean counter so please bear with me. How does everyone handle their
wip for year end inventory?
1. Do your auditors require inv tags on all your wip?
2. If so do you enter the tags into vantage?
3. How do you reconcile wip showing in vantage to what you
actually have on the floor?