Determining Correct Cost of Sales and Inventory Value GL Accounts

Size: px
Start display at page:

Download "Determining Correct Cost of Sales and Inventory Value GL Accounts"

Transcription

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.

8

Inventory Control System Administration Manual

Inventory Control System Administration Manual Inventory Control System Administration Manual Confidential Information This document contains proprietary and valuable, confidential trade secret information of APPX Software, Inc., Richmond, Virginia

More information

Accounting I & Accounting II

Accounting I & Accounting II Accounting I & Accounting II 2011 User Conference Convergence: Better Together Configuring the Tigerpaw Accounting Interface The Configure Accounting dialog box is one of the main areas setup in Tigerpaw

More information

SAP Business One. General Ledger Transactions Generated from Order to Invoice. ESAP SAP Business One Online University www.esapuniversity.

SAP Business One. General Ledger Transactions Generated from Order to Invoice. ESAP SAP Business One Online University www.esapuniversity. SAP Business One General Ledger Transactions Generated from Order to Invoice ESAP SAP Business One Online University www.esapuniversity.com Table of Contents Introduction... 3 Purpose of this document...

More information

Inventory Standard Costing. Reference Guide Includes New Features in SedonaOffice 5.1

Inventory Standard Costing. Reference Guide Includes New Features in SedonaOffice 5.1 Inventory Standard Costing Includes New Features in SedonaOffice 5.1 Last Revised: June 18, 2008 About this Guide This Guide is for use by SedonaOffice customers only. This guide is not meant to serve

More information

Reference Document Month-End Closing

Reference Document Month-End Closing Overview Each individual company according to their own business practices establishes month end closing procedures. Typically, a company will create a monthly accounting calendar, which sets the dates

More information

Welcome to the course on accounting for the sales and purchasing processes.

Welcome to the course on accounting for the sales and purchasing processes. Welcome to the course on accounting for the sales and purchasing processes. 1-1 In this topic, we will cover some general accounting conventions and give examples of the automatic journal entries that

More information

Version 10 ACCOUNTS RECEIVABLE

Version 10 ACCOUNTS RECEIVABLE Version 10 ACCOUNTS RECEIVABLE Accounts Receivable Manual Version 10 ACCOUNTS PAYABLE ACCOUNTS RECEIVABLE BILLING CONTROL FILES FIXED ASSETS GENERAL LEDGER INVENTORY PAYROLL PERSONNEL ii N/Compass Hotline

More information

Credit Card Accounts

Credit Card Accounts Table Of Contents Credit Card Register Accounts... 3 Creating a Credit Card Account... 3 Making Payments Using Your Credit Card Account... 4 Making Payments to Your Credit Card Account or Another Register

More information

How do I Use the Inventory/Stock Management System?

How do I Use the Inventory/Stock Management System? 1/11 How do I Use the Inventory/Stock Management System? 1. Introduction. 2. Code Management. 3. Setting up the Product Item Catalogue. 4. Managing Prices and Price Lists. 5. Bulk Price Update. 6. Appendix

More information

Dynamics GP Year End Closing Processes

Dynamics GP Year End Closing Processes Dynamics GP Year End Closing Processes FOLLOWING ARE THE COMBINED STEPS FROM THE MICROSOFT DYNAMICS GP YEAR END CLOSING PROCEDURES. WHEN TO CLOSE AND THE ORDER FOR CLOSING MODULES (1) Inventory Fiscal

More information

December 2004 2303 Camino Ramon, Suite 210 San Ramon, CA 94583-1389 Voice: 925.244.5930 Fax: 925.867.1580 Website: www.miscorp.com

December 2004 2303 Camino Ramon, Suite 210 San Ramon, CA 94583-1389 Voice: 925.244.5930 Fax: 925.867.1580 Website: www.miscorp.com December 2004 2303 Camino Ramon, Suite 210 San Ramon, CA 94583-1389 Voice: 925.244.5930 Fax: 925.867.1580 Website: www.miscorp.com Copyright 2004 All rights protected and reserved TABLE OF CONTENTS I.

More information

Chapter 2: Debits and Credits. 2012 Educating Bookkeepers for Business, Inc.

Chapter 2: Debits and Credits. 2012 Educating Bookkeepers for Business, Inc. Chapter 2: Debits and Credits Think through and record transactions (write sentences) using T-accounts and journal entries. Debits and Credits Every transaction (sentence in the story of what happened

More information

User Documentation. Accounts Payable. June 2008 www.randrinc.com

User Documentation. Accounts Payable. June 2008 www.randrinc.com User Documentation Accounts Payable June 2008 www.randrinc.com FP_UserManual_AccountsPayable.doc Page 1 Table of Contents: Page: 1. Overview 3 2. Enter Vendor Invoice 4 3. Pay AP, Change, Display 6 4.

More information

Bills of Materials and Production Planning

Bills of Materials and Production Planning Bills of Materials and Production Planning Training Guide 2303 Camino Ramon, Suite 210 San Ramon, CA 94583-1389 Voice: 925.244.5930 Fax: 925.867.1580 Website: www.miscorp.com \\Miscorpdocs\docs\Winery

More information

FINACS INVENTORY Page 1 of 9 INVENTORY TABLE OF CONTENTS. 1. Stock Movement...2 2. Physical Stock Adjustment...7. (Compiled for FINACS v 2.12.

FINACS INVENTORY Page 1 of 9 INVENTORY TABLE OF CONTENTS. 1. Stock Movement...2 2. Physical Stock Adjustment...7. (Compiled for FINACS v 2.12. FINACS INVENTORY Page 1 of 9 INVENTORY TABLE OF CONTENTS 1. Stock Movement...2 2. Physical Stock Adjustment...7 (Compiled for FINACS v 2.12.002) FINACS INVENTORY Page 2 of 9 1. Stock Movement Inventory

More information

Omni Getting Started Manual. switched on accounting

Omni Getting Started Manual. switched on accounting Omni Getting Started Manual switched on accounting Omni Getting Started Table of Contents Install & Register... 3 Install and Register... 3 Omni Programs... 3 Users... 4 Creating Companies... 5 Create

More information

BACK OFFICE DATA ENTRY REVISION 1.2

BACK OFFICE DATA ENTRY REVISION 1.2 BACK OFFICE DATA ENTRY REVISION 1.2 Contents Contents... 1 BEACON BACK OFFICE SYSTEM... 3 DATA ENTRY... 3 Overview... 3 Receipt Entry... 4 Overview... 4 Debtor Receipt Entry Screen... 4 Debtor Receipt

More information

for Sage 100 ERP Job Cost Overview Document

for Sage 100 ERP Job Cost Overview Document for Sage 100 ERP Job Cost Document 2012 Sage Software, Inc. All rights reserved. Sage Software, Sage Software logos, and the Sage Software product and service names mentioned herein are registered trademarks

More information

Release Notes Build 391

Release Notes Build 391 Release Notes Build 391 Contents System Administrator Task List 1 New Features 3 Appendix A Credit Card Processing Implementation 8 System Administrator Task List Pre-Installation Recommendations Support

More information

QuickBooks Interface for Almyta Control System Contents

QuickBooks Interface for Almyta Control System Contents QuickBooks Interface for Almyta Control System Contents QuickBooks Interface for Almyta Control System... 1 Introduction... 2 Configuring the Interface... 4 Account Description... 6 Export Receipts and

More information

Accounts Receivable. Features. Parameterized. Multiple Divisions

Accounts Receivable. Features. Parameterized. Multiple Divisions Accounts Receivable Solution-IV Accounts Receivable is a flexible and complete accounting software package designed to help you manage your customer base and incoming cash flow. Your sales and profit information,

More information

Accounting. Chapter 22

Accounting. Chapter 22 Accounting Chapter 22 Merchandise inventory on hand is typically the largest asset of a merchandising business Cost of Merchandise inventory is reported on both the balance sheet and income statement The

More information

Chapter 5. Accounting for merchandising operations. Appendix 5A: Periodic inventory system

Chapter 5. Accounting for merchandising operations. Appendix 5A: Periodic inventory system 1 Chapter 5 Accounting for merchandising operations Appendix 5A: Periodic inventory system 2 Learning objectives 1. Record purchase and sales transactions under the periodic inventory system 2. Prepare

More information

Dynamics GP 50 Tips in 50 Minutes

Dynamics GP 50 Tips in 50 Minutes Tip #1 Speed Up GL Distribution Entry Account Alias Financials Assign an Alias to Accounts. In any GL Distribution Entry window, click the arrow next to the Account Lookup button or type Ctrl+Q. 1 Enter

More information

CENTURY 21 ACCOUNTING, 8e General Journal Chapter Objectives

CENTURY 21 ACCOUNTING, 8e General Journal Chapter Objectives CENTURY 21 ACCOUNTING, 8e General Journal Chapter Objectives Chapter 1 Starting A Proprietorship: Changes that Affect the Accounting Equation After studying Chapter 1, you will be able to: 1. Define accounting

More information

Accounts Receivable System Administration Manual

Accounts Receivable System Administration Manual Accounts Receivable System Administration Manual Confidential Information This document contains proprietary and valuable, confidential trade secret information of APPX Software, Inc., Richmond, Virginia

More information

Inventory Management Overview Document. for Sage 100 ERP

Inventory Management Overview Document. for Sage 100 ERP Document for Sage 100 ERP 2012 Sage Software, Inc. All rights reserved. Sage Software, Sage Software logos, and the Sage Software product and service names mentioned herein are registered trademarks or

More information

Solar Eclipse Accounts Payable. Release 8.7.2

Solar Eclipse Accounts Payable. Release 8.7.2 Solar Eclipse Accounts Payable Release 8.7.2 Legal Notices 2011 Epicor Software Corporation. All rights reserved. Unauthorized reproduction is a violation of applicable laws. Epicor and the Epicor logo

More information

Epicor ERP Epicor ERP Accounts Receivable Transaction Hierarchy

Epicor ERP Epicor ERP Accounts Receivable Transaction Hierarchy Epicor ERP Epicor ERP Accounts Receivable Transaction Hierarchy 10 Disclaimer This document is for informational purposes only and is subject to change without notice. This document and its contents, including

More information

for Sage 100 ERP Purchase Order Overview Document

for Sage 100 ERP Purchase Order Overview Document for Sage 100 ERP Purchase Order Document 2012 Sage Software, Inc. All rights reserved. Sage Software, Sage Software logos, and the Sage Software product and service names mentioned herein are registered

More information

Microsoft Dynamics GP. Project Accounting Accounting Control Guide

Microsoft Dynamics GP. Project Accounting Accounting Control Guide Microsoft Dynamics GP Project Accounting Accounting Control Guide Copyright Copyright 2007 Microsoft Corporation. All rights reserved. Complying with all applicable copyright laws is the responsibility

More information

Overview of Procure to Pay

Overview of Procure to Pay This segment from our 427+ page JD Edwards Accounts Payable manual is being made available as a sample of our training manuals. Please contact Sandy.Acker@ERPtips.com if you have any JDE training needs,

More information

STUDIO DESIGNER. Accounting 4 Participant

STUDIO DESIGNER. Accounting 4 Participant Accounting 4 Participant Thank you for enrolling in Accounting 4 for Studio Designer and Studio Showroom. Please feel free to ask questions as they arise. If we start running short on time, we may hold

More information

Accounts Receivable User Manual

Accounts Receivable User Manual Accounts Receivable User Manual Confidential Information This document contains proprietary and valuable, confidential trade secret information of APPX Software, Inc., Richmond, Virginia Notice of Authorship

More information

Accounts Payable System Administration Manual

Accounts Payable System Administration Manual Accounts Payable System Administration Manual Confidential Information This document contains proprietary and valuable, confidential trade secret information of APPX Software, Inc., Richmond, Virginia

More information

Accounts Payable and Inventory Management

Accounts Payable and Inventory Management Accounts Payable and Inventory Management 2013 SedonaOffice Users Conference Presented by: Lisa Gambatese & Laurie Goodrich Table of Contents Accounts Payable G/L Account Defaults (AP) 4 A/P Setup Processing

More information

TrustOnline. ... powerful Trust accounting software that s so easy to use. User Guide. Simple. Versatile. Powerful. Email: support@trustonline.com.

TrustOnline. ... powerful Trust accounting software that s so easy to use. User Guide. Simple. Versatile. Powerful. Email: support@trustonline.com. TrustOnline... powerful Trust accounting software that s so easy to use User Guide Simple. Versatile. Powerful. Email: support@trustonline.com.au TABLE OF CONTENTS INTRODUCTION 4 GETTING STARTED INITIAL

More information

AccuPOS to MAS90/200 Integration Guide

AccuPOS to MAS90/200 Integration Guide AccuPOS to MAS90/200 Integration Guide Part I - MAS90 Company Setup In order to use AccuPOS Point of Sale and have it integrate with MAS90/200 for inventory and accounting purposes, we ask that you setup

More information

Accounts Payable User Manual

Accounts Payable User Manual Accounts Payable User Manual Confidential Information This document contains proprietary and valuable, confidential trade secret information of APPX Software, Inc., Richmond, Virginia Notice of Authorship

More information

Inventory Costing in Microsoft

Inventory Costing in Microsoft Inventory Costing in Microsoft Dynamics NAV 2013 Technical White Paper Inventory Costing... 1 Costing Methods... 2 Example... 4 Item Application... 7 Inventory Increase... 8 Inventory Decrease... 8 Fixed

More information

Sage Accpac ERP Order Entry 5.3A Service Pack 5 (070309)

Sage Accpac ERP Order Entry 5.3A Service Pack 5 (070309) Sage Accpac ERP Order Entry 5.3A Service Pack 5 (070309) This Service Pack, contains a modified version of one or more Order Entry program modules. The modification is not a full upgrade or a product replacement;

More information

Self-test Comprehensive Problems II 综 合 自 测 题 II

Self-test Comprehensive Problems II 综 合 自 测 题 II Self-test Comprehensive Problems II 综 合 自 测 题 II Part One (30%) 1. Give the Chinese/English of the following terms: (5%) subsidiary ledger 统 制 账 户 purchase requisition 现 金 溢 缺 petty cash fund 永 续 盘 存 制

More information

The End of Month Closing process cuts off all sub-journal postings for the month and should be performed at the conclusion of each month.

The End of Month Closing process cuts off all sub-journal postings for the month and should be performed at the conclusion of each month. End of Month Closing The End of Month Closing process cuts off all sub-journal postings for the month and should be performed at the conclusion of each month. Closing the month involves up to five steps:

More information

Changing from Cash to Accrual Accounting

Changing from Cash to Accrual Accounting Changing from Cash to Accrual Accounting Contents About Changing the Accounting Method Creating a Client Disb Recov (1210) Account Contacting LexisNexis PCLaw Technical Support Adjusting Disbursements

More information

Epicor ERP Epicor ERP Accounts Payable Transaction Hierarchy

Epicor ERP Epicor ERP Accounts Payable Transaction Hierarchy Epicor ERP Epicor ERP Accounts Payable Transaction Hierarchy 10 Disclaimer This document is for informational purposes only and is subject to change without notice. This document and its contents, including

More information

Repairing Your Accounting System

Repairing Your Accounting System 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

More information

MODULE 4: PURCHASE ORDER MANAGEMENT

MODULE 4: PURCHASE ORDER MANAGEMENT MODULE 4: PURCHASE ORDER MANAGEMENT Module Overview Timely purchases that are made at the best price improve a company s inventory management, reduce costs, and have a direct effect on the company s ability

More information

Receivables & Payables

Receivables & Payables Receivables & Payables Microsoft Dynamics NAV RECEIVABLES AND PAYABLES MANAGEMENT Microsoft DynamicsTM NAV gives you an efficient vendor and customer management system that helps you strengthen business

More information

MYOB EXO BUSINESS WHITE PAPER

MYOB EXO BUSINESS WHITE PAPER MYOB EXO BUSINESS WHITE PAPER Stock Integration EXO BUSINESS MYOB ENTERPRISE SOLUTIONS Contents Overview... 3 Perpetual Inventory... 3 Overview... 3 Setup... 4 Operation... 5 Periodic Inventory... 6 Overview...

More information

INTUIT PROFESSIONAL EDUCATION. QuickBooks Files: Sharing, Managing, and Maintaining Data Integrity

INTUIT PROFESSIONAL EDUCATION. QuickBooks Files: Sharing, Managing, and Maintaining Data Integrity INTUIT PROFESSIONAL EDUCATION QuickBooks Files: Sharing, Managing, and Maintaining Data Integrity Copyright Copyright 2008 Intuit Inc. All rights reserved. Intuit Inc. 5601 Headquarters Drive Plano, TX

More information

Go to Tools General Ledger Setup Ledger Codes and Tab 5: Ledger Codes

Go to Tools General Ledger Setup Ledger Codes and Tab 5: Ledger Codes Debit Card Functionality in FMS6 The SIMS Spring 2015 release introduced functionality to assist schools to record the use of debit cards to pay for goods and services. Prior to this release, payments

More information

Business Plus Accounting Restaurant Professional Inventory Management

Business Plus Accounting Restaurant Professional Inventory Management Contents Inventory Setup Define Vendors... 4 Ensuring All Products Have The Correct Cost, Price, and Vendor Information... 5 Adding Products to Inventory... 6 Ensuring Menu Items Have Proper Food Recipes

More information

Microsoft Dynamics GP. Inventory Control

Microsoft Dynamics GP. Inventory Control Microsoft Dynamics GP Inventory Control Copyright Copyright 2010 Microsoft. All rights reserved. Limitation of liability This document is provided as-is. Information and views expressed in this document,

More information

Inventory Control User Manual

Inventory Control User Manual Inventory Control User Manual Confidential Information This document contains proprietary and valuable, confidential trade secret information of APPX Software, Inc., Richmond, Virginia Notice of Authorship

More information

Year End Closing 2013 Procedures for Sage 100 ERP. Martin & Associates

Year End Closing 2013 Procedures for Sage 100 ERP. Martin & Associates Year End Closing 2013 Procedures for Sage 100 ERP Martin & Associates MENU MAS 90 MAS 200 Order of Closing Order Own Closed Module 1 System Wide Backup 2 B/M Bill of materials 3 W/o Work order processing

More information

Welcome to the topic on valuation methods.

Welcome to the topic on valuation methods. Welcome to the topic on valuation methods. In this topic, we will look at the three valuation methods used in perpetual inventory in SAP Business One We describe how each valuation method works. Additionally,

More information

for Sage 100 ERP Accounts Receivable Overview Document

for Sage 100 ERP Accounts Receivable Overview Document for Sage 100 ERP Accounts Receivable Document 2012 Sage Software, Inc. All rights reserved. Sage Software, Sage Software logos, and the Sage Software product and service names mentioned herein are registered

More information

M O N T H E N D / Q U A R T E R L Y / Y E A R E N D C H E C K L I S T S & P R O C E D U R E S ACCOUNTS RECEIVABLE ACCOUNTS PAYABLE

M O N T H E N D / Q U A R T E R L Y / Y E A R E N D C H E C K L I S T S & P R O C E D U R E S ACCOUNTS RECEIVABLE ACCOUNTS PAYABLE M O N T H E N D / Q U A R T E R L Y / Y E A R E N D C H E C K L I S T S & P R O C E D U R E S ACCOUNTS RECEIVABLE ACCOUNTS PAYABLE PAYROLL GENERAL LEDGER PROCOM SOLUTIONS, INC. OAKLAND CENTER 8980-A ROUTE

More information

2. A service company earns net income by buying and selling merchandise. Ans: False

2. A service company earns net income by buying and selling merchandise. Ans: False Chapter 6: Accounting For Merchandising Activities True/False 1. Merchandise consists of products that a company acquires for the purpose of reselling them to customers. 2. A service company earns net

More information

for Sage 100 ERP Bill of Materials Overview Document

for Sage 100 ERP Bill of Materials Overview Document for Sage 100 ERP Bill of Materials Document 2012 Sage Software, Inc. All rights reserved. Sage Software, Sage Software logos, and the Sage Software product and service names mentioned herein are registered

More information

Year End Closing Procedures for Sage 100 ERP. Martin & Associates

Year End Closing Procedures for Sage 100 ERP. Martin & Associates Year End Closing Procedures for Sage 100 ERP 2014 Martin & Associates Period End/Year End FAQs Page 1 of 2 Period End/Year End FAQs Home FAQs & Troubleshooting Show/Hide All Click a question below to

More information

Microsoft Dynamics GP. Historical Inventory Trial Balance Report

Microsoft Dynamics GP. Historical Inventory Trial Balance Report Microsoft Dynamics GP Historical Inventory Trial Balance Report Copyright Copyright 2013 Microsoft. All rights reserved. Limitation of liability This document is provided as-is. Information and views expressed

More information

Perpetual vs. Periodic Inventory Accounting

Perpetual vs. Periodic Inventory Accounting Chapter 6 INVENTORY In the balance sheet of merchandising and manufacturing companies, inventory is frequently the most significant current asset. In the income statement, inventory is vital in determining

More information

County Accounting Manual. Accounts Receivables and Sales Receipts - Deposits

County Accounting Manual. Accounts Receivables and Sales Receipts - Deposits County Accounting Manual Accounts Receivables and Sales Receipts - Deposits Contents: Preferences Create Item Create Invoice Customize Invoice Template Customer Payments Apply Customer Discount Add Payment

More information

Bank Reconciliation. MaddenCo Inc. Revised October, 2015. Copyright 2015 by MaddenCo, Inc All rights reserved.

Bank Reconciliation. MaddenCo Inc. Revised October, 2015. Copyright 2015 by MaddenCo, Inc All rights reserved. Bank Reconciliation MaddenCo Inc. Revised October, 2015 Copyright 2015 by MaddenCo, Inc All rights reserved. 1 Please understand that MaddenCo has expended substantial sums in developing and maintaining

More information

INVENTORY VALUATION THE SIGNIFICANCE OF INVENTORY

INVENTORY VALUATION THE SIGNIFICANCE OF INVENTORY THE SIGNIFICANCE OF INVENTORY INVENTORY VALUATION In the balance sheet inventory is frequently the most significant current asset. In the income statement, inventory is vital in determining the results

More information

MODULE 1: SALES ORDER MANAGEMENT. Module Overview

MODULE 1: SALES ORDER MANAGEMENT. Module Overview MODULE 1: SALES ORDER MANAGEMENT Module Overview For companies to survive, they must keep customers satisfied. Therefore, a quick and accurate response to inquiries, such as the price of a product or the

More information

Comparison of Alteris BMS and SBE

Comparison of Alteris BMS and SBE General Multi User Capable 1 or 3 No Limit Additional Licenses Required Barcode Scanners Select Models Cash Drawers Select Models Customer Pole Displays Select Models 40 Column Receipt Printers Select

More information

Chapter 6. Inventories

Chapter 6. Inventories 1 Chapter 6 Inventories 2 Learning objectives 1. Define and identify the items included in inventory at the reporting date 2. Determine the s to be included in the value of inventory 3. Describe the four

More information

Merchandise Accounts. Chapter 7 - Unit 14

Merchandise Accounts. Chapter 7 - Unit 14 Merchandise Accounts Chapter 7 - Unit 14 Merchandising... Merchandising... There are many types of companies out there Merchandising... There are many types of companies out there Service company - sells

More information

Financial Management

Financial Management Financial Management Invoice & Credit Entry Quick March 2005 2303 Camino Ramon, Suite 210 San Ramon, CA 94583-1389 Voice: 925.244.5930 Fax: 925.867.1580 Website: www.miscorp.com Table of Contents Invoice

More information

The POS system can track sales by various payment methods like cash, checks, credit cards, coupons, and gift certificates.

The POS system can track sales by various payment methods like cash, checks, credit cards, coupons, and gift certificates. Point-Of-Sale Overview You can use the Point-of-Sale module (POS) to create Cash Receipts, Invoices, and receive A/R Payments. In addition, you can create returns for Receipts and Invoices. The POS system

More information

Unlock the Knowledge Tips and Tricks

Unlock the Knowledge Tips and Tricks Unlock the Knowledge Tips and Tricks Brought to you by: Solution Resources, Inc. Presented by: Stacy Y. Patrick, CPA Advanced Certified QuickBooks ProAdvisor Managing Partner Sandy Robertson Advanced Certified

More information

Interfacing to Accounts Payable

Interfacing to Accounts Payable 1 Interface: Using CounterPoint Interfacing to Accounts Payable Overview The interface to Accounts Payable consists of four menu selections: / Accounts Payable / Voucher receivings / Accounts Payable /

More information

Using Microsoft Dynamics AX 2012

Using Microsoft Dynamics AX 2012 Exercise Guide Andreas Luszczak Using Microsoft Dynamics AX 2012 Springer Vieweg, 2nd Edition 2012 ISBN 978-3-8348-1742-6 September 2012 VI Exercise Guide Registered and/or industrial names, trade names,

More information

Manufacturing Inventory Management with Manufacturing Processing, Job Shop Integration, Bar Coding and Sales Analysis Part #105.

Manufacturing Inventory Management with Manufacturing Processing, Job Shop Integration, Bar Coding and Sales Analysis Part #105. Manufacturing Inventory Management with Manufacturing Processing, Job Shop Integration, Bar Coding and Sales Analysis Part #105 User Manual Version 7.3 Information in this document is subject to change

More information

Business Intelligence Inquiry Dashboard Job Aid

Business Intelligence Inquiry Dashboard Job Aid Business Intelligence Inquiry Dashboard Job Aid DASHBOARD AND DASHBOARD PAGES: DASHBOARD: Inquiry DATA: The data in the Inquiry dashboard is from the Cardinal Financial System General Ledger, Accounts

More information

Welcome to the topic on purchasing items.

Welcome to the topic on purchasing items. Welcome to the topic on purchasing items. In this topic, we will perform the basic steps for purchasing items. As we go through the process, we will explain the consequences of each process step on inventory

More information

Inventories: Measurement

Inventories: Measurement RECORDING AND MEASURING INVENTORY TYPES OF INVENTORY There are two types of inventories depending on the kind of business operation. Merchandise Inventory A merchandising concern buys and resells inventory

More information

ACCT 652 Accounting. Review of last week. Review of last time (2) 1/25/16. Week 3 Merchandisers and special journals

ACCT 652 Accounting. Review of last week. Review of last time (2) 1/25/16. Week 3 Merchandisers and special journals ACCT 652 Accounting Week 3 Merchandisers and special journals Some slides Times Mirror Higher Education Division, Inc. Used by permission Michael D. Kinsman, Ph.D. Review of last week Some highlights of

More information

Basic Concepts of Accounting Subsidiary Subsidiary Special Special Inform Infor a m tion Ledgers Ledger Journals Jour Systems

Basic Concepts of Accounting Subsidiary Subsidiary Special Special Inform Infor a m tion Ledgers Ledger Journals Jour Systems COMPUTERIZED ACCOUNTING SYSTEMS Basic Concepts of Accounting Information Systems Subsidiary Ledgers Special Journals Computerized accounting systems Manual accounting systems Example Advantages Sales journal

More information

Integrated Accounting System for Mac OS X and Windows

Integrated Accounting System for Mac OS X and Windows Integrated Accounting System for Mac OS X and Windows Program version: 6.2 110111 2011 HansaWorld Ireland Limited, Dublin, Ireland Preface Books by HansaWorld is a powerful accounting system for the Mac

More information

Inventory - A current asset whose ending balance should report the cost of a merchandiser's products waiting to be sold.

Inventory - A current asset whose ending balance should report the cost of a merchandiser's products waiting to be sold. Accounting Fundamentals Lesson 6 6.0 Inventory & Cost of Sales Inventory - A current asset whose ending balance should report the cost of a merchandiser's products waiting to be sold. The inventory of

More information

Accounts Receivable. Chapter

Accounts Receivable. Chapter Chapter 7 Accounts Receivable The Accounts Receivable module displays information about individual outstanding income sources. Use this screen to verify that invoice receipts, cash receipts, and other

More information

Chapter 28. Poi nt of Sale But. FrontDesk v4.1.25. Point of Sale Menus. Voiding Invoices. Redeeming Gift Certificates. Revised on: 06/10/2009

Chapter 28. Poi nt of Sale But. FrontDesk v4.1.25. Point of Sale Menus. Voiding Invoices. Redeeming Gift Certificates. Revised on: 06/10/2009 Chapter 28 Point of Sale FrontDesk v4.1.25 Point of Sale Poi nt of Sale But tons Point of Sale Menus Opening and Closing Register Drawers Making a Sale Voiding Invoices Reprinting Receipts Selling Gift

More information

Epicor 9 Accounts Receivable Course 9.05.600

Epicor 9 Accounts Receivable Course 9.05.600 Epicor 9 Accounts Receivable Course 9.05.600 Disclaimer Copyright 2010 by Epicor Software Corporation. All rights reserved. Printed in the United States of America. No part of this publication may be reproduced

More information

INVENTORY SET UP LESSON 6. Lesson 6: Inventory Set up LEARNING OUTCOME LEARNING OBJECTIVES

INVENTORY SET UP LESSON 6. Lesson 6: Inventory Set up LEARNING OUTCOME LEARNING OBJECTIVES INVENTORY SET UP LESSON 6 LEARNING OUTCOME The purpose of this lesson is to successfully set up the Inventory Module s defaults and master files. Lesson 6: Inventory Set up LEARNING OBJECTIVES On completion

More information

CHAPTER 4: SET UP POSTING GROUPS

CHAPTER 4: SET UP POSTING GROUPS Chapter 4: Set Up Posting Groups CHAPTER 4: SET UP POSTING GROUPS Objectives Introduction The objectives are: Explain and set up specific posting groups Explain and set up general posting groups Create

More information

All Data Entry Forms may be downloaded from the State Aid Finance Website:

All Data Entry Forms may be downloaded from the State Aid Finance Website: DATA ENTRY FORMS All Data Entry Forms may be downloaded from the State Aid Finance Website: http://www.dot.state.mn.us/safinance They are in Excel format, you must have Excel 97 or newer to use these forms.

More information

In the event of a tie, the score on the last ten questions will be used as a tie-breaker.

In the event of a tie, the score on the last ten questions will be used as a tie-breaker. NEW YORK STATE ASSOCIATION FUTURE BUSINESS LEADERS OF AMERICA SPRING DISTRICT MEETING ACCOUNTING II 2010 TEST DIRECTIONS 1. Complete the information requested on the answer sheet. PRINT your name on the

More information

AR Part 1: An Introduction to Accounts Receivable

AR Part 1: An Introduction to Accounts Receivable AR Part 1: An Introduction to Accounts Receivable Table of Contents 1. Overview... 3 2. Searching for a Customer... 4 3. Transactions... 6 4. Raising a sales invoice... 7 5. Completing a Transaction...

More information

Auto Generate Purchase Orders from S/O Entry SO-1489

Auto Generate Purchase Orders from S/O Entry SO-1489 Auto Generate Purchase Orders from S/O Entry SO-1489 Overview This Extended Solution to the Sales Order module adds a 'Create PO' Button to Sales Order entry Totals tab which allows you to create Purchase

More information

Investments Advance to subsidiary company 81,000

Investments Advance to subsidiary company 81,000 EXERCISE 7-3 (10 15 minutes) Current assets Accounts receivable Customers Accounts (of which accounts in the amount of $40,000 have been pledged as security for a bank loan) $79,000 Installment accounts

More information

Point of Sale Setting up Point of Sale User Guide (POS)

Point of Sale Setting up Point of Sale User Guide (POS) Point of Sale Setting up Point of Sale User Guide (POS) Page 1 of 11 Table of Contents Setting up Point of Sale for the first time... 4 Point of Sale Activation... 4 Point of Sale Security Settings...

More information

A Closer Look at Manual Invoicing and Manual Cash Receipts

A Closer Look at Manual Invoicing and Manual Cash Receipts This segment from our 900+ page JD Edwards Accounts Receivable manual is being made available as a sample of our training manuals. Please contact Sandy.Acker@ERPtips.com if you have any JDE training needs,

More information

Accounting II Second Semester Final

Accounting II Second Semester Final Name: Class: Date: Accounting II Second Semester Final Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. 1. Profit is the difference between:

More information

QuickBooks Overview for Small Business

QuickBooks Overview for Small Business QuickBooks Overview for Small Business ENTREPRENURIAL SUMMIT March 3, 2011 Executive Director TFCE Presentation Objectives To discuss decisions that must be made before using QuickBooks To create a new

More information

Changing from Accrual to Cash Accounting

Changing from Accrual to Cash Accounting Changing from Accrual to Cash Accounting Contents About Changing from Accrual to Cash Accounting Description of Accounting Methods Creating a Client Disb Expense (5010) Account Adjusting GST/Vat and Sales

More information