Repairing Your Accounting System

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1 Repairing Your Accounting System Who is this paper for? This paper is for companies that have been using DBA Next-Generation for some time, but have struggled up to now with getting the accounting system up and running properly. This paper applies whether you are using our complete accounting system or the Manufacturing Ledger in conjunction with an outside accounting system. Version 3.1 is easier to set up and maintain Most companies struggling with accounting have been on version 2, which still used Ezijobz era designs for GL posting and inventory and job costing that were difficult to set up and maintain. In version 3.1, Ezijobz transaction mapping has been eliminated and replaced with our Account Assignments screen, in which you simply designate GL accounts against transaction types. Using Account Assignments will straighten out any problems you may have been having getting inventory, WIP-related accounts, payment discounts, taxes, and other accounts posting properly to the general ledger. In version 3.1, there is a new Change Inventory Costs screen that makes it easy to adjust inventory unit costs in a manner that keeps the general ledger updated properly. Also in version 3.1, we ve eliminated the Ezijobz fixed inventory costing and have standardized on the same costing we ve used for years with DBA Classic, where an estimated cost is used as a reference cost when jobs are created, but all actual costing occurs at inventory cost, which is a running average. Manufactured item receipts from make jobs use a calculated unit cost that reflects the total costs that went into the job and brings WIP to zero when the job is closed. The purchase order invoicing process is greatly improved in version 3.1 and will enable you to keep the Received not Invoiced account properly balanced. If you have been using the Manufacturing Ledger with an outside accounting system, version 3.1 offers new AP and GL transfer screens that make it much easier to keep track of the numbers. So if you ve had accounting problems in any of these areas inventory costing, job costing, transaction mapping, or purchase order invoicing upgrading to version 3.1 provides the solution. 1

2 Step 1 Upgrade to Version 3.1 You cannot repair your accounting system if you stay on version 2. The steps outlined in this paper only apply to version 3.1 or later. V2 to V3 Upgrade Guide If you have not yet upgraded to version 3, download the V2 to V3 Upgrade Guide from the Downloads area in the online support center. There are several issues in addition to accounting that must be considered when upgrading to version 3.1, so study the guide carefully. Training Company Option If you wish to try version 3.1 before going live, an optional training company is now available that can be installed side-by-side on the same server with your live company. The training company can be found in the Downloads area of the online support center. Step 2 Establish Repair Date Establish a date when you will apply the repair steps listed in this paper. Make this the start of an accounting period. The goal is to get your major GL accounts straightened out as of the repair day and to print financial statements as of that date that accurately reflect your true financial position. Step 3 Review Inventory Unit Costs (Inventory Change Inventory Costs) In version 3.1, each stock item has a unit Inventory Cost that is multiplied by the stock on hand to determine its total GL inventory value. We recommend that you run the new Change Inventory Costs screen and review your unit inventory costs. If you leave the Item ID field blank and click the Create List button, all your stock items will be listed on the screen. You not only see the current Inv Cost, but also each item s Est Cost and Last Cost. If you lack confidence in the accuracy of your Inv Costs, you might consider a mass replace that would make each item s Inv Cost equal to its Last Cost. For purchased items, the Last Cost is ideal because it is a fairly accurate cost to use as a starting point. To do a mass update, click the Mass Update button and select the Last Cost option. After you click OK, you will see the New Cost column populated with any Last Cost that differs from the Inv Cost. Make any changes you wish to the costs listed, then click the Update button and the cost changes till take place. 2

3 Manufactured Items For your manufactured items, the better alternative to the Last Cost might be the Est Cost, because it is calculated via the Cost Rollup and is a good indicator of what the actual cost might be. Before you actually change any inventory costs, run a batch Cost Rollup so that your Est Costs are fully up to date. Step 4 Run Reconcile Book Value (Inventory Reconcile Book Values) This new screen makes a GL entry that adjusts each item s Book Value (the sum of all past debits and credits) to agree with the item s current Stock Qty multiplied by its unit Inventory Cost. Step 5 Enter Account Assignments (GL General Ledger Setup Account Assignments) or (Ledger Manufacturing Ledger Setup Account Assignments) This screen replaces GL transaction mapping and must be set up before you can perform any batch posting in version 3.1. Make sure that every field in this screen receives an entry, except for those on the Exceptions sub-tab on the Sales screen, which are optional entries. Refer to chapter 6 in the Implementation Guide or to system Help for field explanations. Step 6 Post GL Transactions (GL Batch Posting) or (Ledger Batch Posting) After you have completed your Account Assignments setup, the next step is to post any remaining entries that have not yet been posted to the General Ledger or Manufacturing Ledger. This will catch any transactions made when you changed inventory costs in step 1 and reconciled book values in step 2 and will also post any transactions left over from version 2 that lacked transaction mapping. Step 7 Adjust Balance Sheet Accounts In this step, you will compare various reconciliation reports with key balance sheet account totals and make adjusting journal entries as required. Once this is done, your general ledger will be cleaned up and ready for accurate transactions from this date forward. 3

4 Inventory Value (Inventory Reports Inventory Value) Run the Inventory Value report and compare your Inventory GL account balance with the grand total at the end of the Inventory Value column. If required, make a journal entry to establish an accurate beginning balance for future inventory transactions. If the inventory value on the report is greater than your Inventory GL account, Inventory Inventory Adjustments If the inventory value on the report is less than your Inventory GL account, make this journal entry for the difference: WIP Value Inventory Adjustments Inventory (Make Jobs Reports WIP Value) Run the WIP Value report and compare your Work in Process GL account balance with the grand total at the end of the Net WIP column. If required, make a journal entry to establish an accurate beginning balance for future make job transactions. If the WIP value on the report is greater than your Work in Process GL account, Work in Process Job WIP Reconciliation If the WIP value on the report is less than your Work in Process GL account, Job WIP Reconciliation Work in Process Received not Invoiced Value (Purchasing Reports PO RNI Reconciliation) Run the PO RNI Reconciliation report and compare your Received not Invoiced GL account balance with the grand total at the end of the RNI Total column. If required, make a journal entry to establish an accurate beginning balance for future purchase order receipt and invoice transactions. If the RNI value on the report is greater than your Received not Invoiced GL account, 4

5 PO RNI Reconciliation Received not Invoiced If the RNI value on the report is less than your Received not Invoiced GL account, Received not Invoiced PO RNI Reconciliation Accounts Receivable Value (AR Reports Customer Detail Aging) Run the Customer Detail Aging report and compare your Accounts Receivable GL account balance with the grand total at the end of the Total column. If required, make a journal entry to establish an accurate beginning balance for future invoice and payment transactions. If the total on the aging report is greater than your Accounts Payable GL account, Accounts Receivable Cost of Goods Sold If the total on the aging report is less than your Accounts Receivable GL account, Cost of Goods Sold Accounts Payable Value Accounts Receivable (AP Reports Supplier Detail Aging) If you are using the Manufacturing Ledger, you can skip this section because Accounts Payable is not activated. Run the Supplier Detail Aging report and compare your Accounts Payable GL account balance with the grand total at the end of the Total column. If required, make a journal entry to establish an accurate beginning balance for future supplier invoice and payment transactions. If the total on the aging report is greater than your Accounts Payable GL account, Misc Purchases Accounts Payable If the total on your aging report is less than your Accounts Payable GL account, Accounts Payable 5

6 Misc Purchases Bank Clearing Value (Banking Bank Balances Inquiry) If you are using the Manufacturing Ledger, you can skip this section because the Banking module is not activated. All bank account related transactions first post to the Bank Clearing account and don t get posted to the bank GL account until transactions are matched in the Bank Reconciliation screen. This is an Ezijobz design that will soon be changed in favor of direct posting to bank GL accounts, but for the time being, this is how the system works. The Bank Balances Inquiry can be used to reconcile your Bank Clearing account. Compare the grand total at the bottom of the Un-Matched column with your Bank Clearing GL account balance. If the Un-Matched grand total on the inquiry screen is greater than your Bank Clearing GL account, Bank Clearing Cost of Goods Sold (or any Cost of Sales or Expense acct) If the Un-Matched grand total on the inquiry screen is less than your Bank Clearing GL account, Cost of Goods Sold (or any Cost of Sales or Expense acct) Bank Clearing Step 7 Print Financial Statements The final step is to print a balance sheet and income statement so that you can see the effect of the adjustments that were made to your balance sheet accounts and the effect of the offsetting entries made to your income statement accounts. From this point forward, the accounting enhancements in version 3.1 account assignments, inventory and job costing standardization, and PO invoicing changes will give you accurate accounting numbers in the three major accounts that need to be monitored the most -- Inventory, Work in Process, and Received not Invoiced. 6

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