Determining Correct Cost of Sales and Inventory Value GL Accounts

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1 Vetstar Documentation Title: Cost of Sales General Ledger Posting Description Vetstar supports posting cost of sales to the appropriate general ledger account as part of end of day processing. This document explains the processing and setup issues that affect processing. Setup To implement cost of sales processing you must access the inventory flag screen and set the flag post cost of sales to y. After this is done inventory transactions entered in the system have cost of sales debit and credit GL codes and will be processed during the next end of day. Before setting this flag you should make sure all inventory expense is posted to the GL for the period up to the date you set the flag. Once the flag is set your inventory expense and relief posting to the GL is done automatically on a daily basis. Prior to setting the flag these entries were either posted manually at the end of a period, or inventory was expensed upon receipt with adjustments for inventory on hand made at the end of a period. You should treat the setting of a flag as the end of a period and pass whatever accounting entries are necessary to make your balance sheet and income statement current as of the date the flag is set on. Determining Correct Cost of Sales and Inventory Value GL Accounts Given the fact that there are many different GL accounts that can be used for inventory value (asset account) it is critical that Vetstar has consistent rules for generating the correct debit account for cost of sales, and credit account for inventory value, when the sale transaction is done. There are two primary rules for determining these accounts as follows: 1) does a procedure have specific inventory value and cost of sales accounts to be used, or 2) should the system wide inventory value and cost of sales accounts be used This determination is made based on whether the inventory value and cost of sales accounts are setup in the inventory category file that corresponds to the procedure group.

2 If they are, then Vetstar always uses these accounts plus the selling department. If they are not, then the system wide default accounts are used. There are two exceptions to this. The first concerns warehouse transfers. If a warehouse transfer is done, Vetstar assumes that the inventory value is maintained in the GL account for the receiving warehouse. For example: Gl Account Description Hospital inventory value Surgery inventory value If $200 in inventory is transferred from department 100 to 200 the following is passed at the time of transfer: Debit $200 Credit $200 When the item is sold, both the inventory value and cost of sales entries are made against department 200, because the inventory item is housed in that department s warehouse. The second exception concerns using clinic and procedure group to determine the asset account that gets credited when a sale is made. This is useful for situations where more then one clinic share inventory asset accounts. In this case the expense may be posted to the selling departments income statement, but the inventory depletion is done against centralized asset accounts. This functionality can also be used where multiple asset accounts are maintained depending on the type of inventory item. The G/L account to use for the inventory depletion is a combination of the department code from the clinic being used, plus the non-department G/L from the procedure group file. For example: assume you have two clinics, where clinic A uses department 100 and clinic B uses department 200. Also assume that medications are assigned to the nondepartment G/L account 1000, and flea products to When a department that is assigned to clinic A sells medications the asset account being relieved is (clinic account procedure group non-department account 1000). When department B sell flea products the asset account being relieved is ). The rules for using this method for relieving inventory are: 1) there must be a department in the clinic file (Inventory Asset Department) 2) there must be a non-department value in the procedure group file (Inventory Asset Account)

3 Field Settings System Defaults Inventory Category File Inventory cost of sales account (mandatory) Inventory value account (mandatory) Inventory cost of sales account (optional) Inventory value account (optional) In both of these instances the G/L accounts that are entered as defaults include the department and non-departmental portions of the GL code. Throughout the processing however, the departmental portion of the account may be altered. For example, if the system default inventory expense account is , then 100 is the default department and is the non-departmental portion of the G/L. At the time of sale, department 100 may be replaced with another department if another department is being debited for the cost of sales. Completing the cost of sales field in the inventory category file is optional. If the cost of sales in the inventory category file is completed then the cost of sales is posted to the account indicated in that category file plus the selling department. If the cost of sales in the inventory category file is blank, the cost of sales is posted to the account indicated in the system defaults for inventory, plus the selling department. This provides users with the ability to control what expense account and inventory value accounts are being posted for procedure groups, if certain groups have different accounts from the rest of the hospital. If inventory category value and cost of sales accounts are left blank, then the expense and value accounts at the system level are used, unless the item being sold is maintained in a satellite warehouse as described above. In this case the expense and value accounts are determined by the department of the satellite warehouse. The department portion of the account is determined either from the department in the procedure file, if there is one, or the department in the visit type file. Alternative Credit Account for Sales Transaction For institutions that operate multiple clinics it may not be appropriate to credit either the system wide inventory value account, or category inventory value account when inventory is sold to clients. For this reason there is a field in both the clinic and visit type files called inventory value account, that take precedence when used. If this field is positive for a clinic, then the clinic inventory value account is credited when goods are sold to clients. If the visit type inventory value account is positive, then this value account takes precedence over clinic inventory value account, and is used for the credit.

4 Example Assumptions System default cash System default accounts receivable System default inventory value System default inventory receipts System default accounts payable System default inventory cost of sales Non-departmental revenue G/L Pharmacy revenue Departments Hospital 100 Surgery 200 Example 1: Inventory Transfers are not Used (all inventory is maintained in central warehouse) Inventory Purchase 1000 amoxicillan = $200 Debit Inventory value $200 Credit Inventory receipts $200 Accounts Payable Invoice Entry Debit Inventory receipts $200 Credit Accounts Payable $200 Accounts Payable Invoice Payment Debit Accounts Payable $200 Credit Cash $200 Sale of 100 tablets by Surgery $.40 per tablet Revenue Debit Hospital Accounts Receivable $40 Credit Surgery Pharmacy Revenue $40 COGS Debit Surgery Inventory expense $20 Credit Inventory value $20 Note: The credit inventory value account may be different depending on fields set in the clinic and visit type file as discussed above.

5 Example 2: Inventory Transfers are Used (Surgery maintains a warehouse of items) Inventory Purchase 1000 amoxicillan = $200 Debit Inventory value $200 Credit Inventory receipts $200 Accounts Payable Invoice Entry Debit Inventory receipts $200 Credit Accounts Payable $200 Accounts Payable Invoice Payment Debit Accounts Payable $200 Credit Cash $200 Transfer of 200 tablets to Surgery Department Debit Surgery Inventory Value $40 Credit Inventory Value $40 Sale of 100 tablets by Surgery $.40 per tablet Example 3: Consumables Revenue Debit Hospital Accounts Receivable $40 Credit Surgery Pharmacy Revenue $40 COGS Debit Surgery Inventory expense $20 Credit Surgery Inventory value $20 Sale of 4 boxes of cotton swabs to Surgery department Surgery department is a client in Vetstar with a 100% discount. When the sale is made the Surgery visit type is used. Assume cost of cotton swabs is $12 per box. Revenue Debit Hospital Accounts Receivable $0 Credit Surgery Revenue $0

6 COGS Debit Surgery Inventory expense $12 Credit Hospital Inventory value $12 Note: it is assumed that all consumables are only maintained in the central warehouse, consequently when sales are made to internal departments Hospital Inventory value is credited. Credit Adjustment Processing Cost of sales credits relating to credit adjustments are also posted to the GL during end of day. When the credit adjustment is entered, whatever Gl accounts were used for the original charge for inventory value and cost of sales, are passed as reversals to the GL. Note: Credit adjustments where medical history is adjusted remove the history record from the patient s medical record. If the user then reverses the credit adjustment, the record in the patient medical history is restored to the patient s medical record. Reporting The G/L Allocation from Vetstar Transaction reports lists all inventory GL entries when the I option is used on the starter screen. This report reconciles to the G/L postings made by Vetstar for cost of goods sold. The G/L Transactions Activity by Date Report can be run at any time to list G/L detail entries for the entered period. This report is followed by a G/L Summary report by G/L code. There is a new report on the Inventory Cost / Selling Price Analysis Menu called Cost of Sales G/L Posting by Procedure. This report can be run for any date range on a given procedure and lists all the G/L postings relating to that procedure. Inquiry The detail posted to all cost of sales G/L accounts can also be viewed on the G/L Inquiry / Itemization Screen (GL.INQ). To view the detail, move the cursor to the Description column and press the window key. Vetstar passes one daily inventory cost of sales entry to each G/L account. This window displays the detail comprising that entry. The procedure history inquiry also displays the cost of goods sold debit and credit accounts, as well as the inventory cost. To view this information put the screen in expand mode. This is a good screen to use for testing this processing, and to see how the G/L accounts change based on clinic, visit type, etc.

7 Automatic Error Messages Vetstar can be configured to automatically post certain error messages to the Vetstar mailbox for select operators. The two conditions that apply are as follows: 1) inventory item was charged to client but no cost was associated with the procedure (Example, a new inventory procedure was added to the database but no inventory was received. Until inventory is received there is no cost for the cost of sales GL entry). 2) the system detected an invalid G/L code where the errors and omissions G/L code was substituted. To implement this processing, access the miscellaneous flag screen (FL_MISC) and enter the correct operator code next to the following prompts: Inventory messages GL messages Cost Considerations Costing Methods Vetstar cost of sales processing is supported for either FIFO or LIFO costing methods. Sale of Product Without Inventory Cost In the event an inventory item is added to the system but receipt of inventory is not done, an inventory cost of $0 is posted to the transaction. If the user warning flags described earlier in this document are set, the staff member responsible for inventory will receive a Vetstar message that the procedure posted with no inventory cost. A journal entry can then be passed to correct this. Sale of Product After Inventory is Depleted In the event an inventory item is sold after all available inventory has been depleted on the system the last paid cost is posted to the inventory transaction record and ultimately the GL. If the user warning flags described earlier in this document are set, the staff member responsible for inventory will receive a Vetstar message that there was insufficient quantity for the sale. Whether a journal entry is needed to correct this is dependent on how close the last paid price is to current cost.

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