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Prophet 21 FaspacTips, Tricks and Closing Procedures of Stock Integration
Balancing Inventory with GL with Stock Integration Suite:course 2 of 2
This class is designed for…
Accounts Payable personnelAccounting Managers
Overview
Matching Accounts Payable Invoices to the inventory receiptReconciling the inventory valuation to the General LedgerReconciling the Accounts Payable accrual account
Objectives
Match AP invoices to receiptsMake adjustments for differences while matching
Reconcile the inventory to the general ledgerReconcile the accrued payables account
This course will NOT cover…
Basic accounting principlesGeneral Ledger trainingSetup of Stock Integration
Matching in Accounts Payable
Accounts Payable MatchingMatch using Goods Received Number (GRN)Match using Purchase Order (PO) numberMatch with an adjustmentMatch and clear the balance
Matching in Accounts Payable
Print and update the Goods Received Not Invoiced Register (GRNR)
Match Goods Received Number (GRN)
• Match to a specific GRN• Match the invoice to lines on the GRN• Partial match and adjust off the remainder• Match and clear the remainder
Match to a specific GRN
Enter or lookup the GRN recordSelect the recordMatch the entire GRN or partialEnter the amount to be matchedDecide what to do with any remaining balance
Match to a specific GRNEnter a warehouse number
Match to a specific GRNPress F7 to go to the matching screen
Match to a specific GRNEnter the GRN number to use
or
Press CMD L to look up
Match to a specific GRNSelect the GRN
Match to a specific GRNIf you are unsure of the GRN, use F9 to view
Match to a specific GRNAutomatic Match: Yes or No?
Match to a specific GRNSelect the recordEnter the amount to be matched
Match to a specific GRNWhen you back up to the invoice entry screen
the system makes the entries for you.
Match to a specific GRN• Match with an adjustment
Match to a specific GRN• Match with an adjustment
Match to a specific GRN• Match with an adjustment
Match to a specific GRN
Match and clear the balance
AppShareMatch to a specific GRN
• Match to a specific GRN• Match the invoice to lines on the GRN• Partial match and adjust off the remaining balance
• Match and clear the balance
Matching in Accounts Payable
Match to a Purchase Order• Press F5 to select by PO• Press F7 to select the PO• Enter the amount to be matched• Decide what to do with any balance
remaining
Matching to a Purchase OrderAt the GRN, press F5 to match by PO number.
Matching to a Purchase OrderA list of Purchase orders for this vendor will display.
Matching to a Purchase OrderHighlight the PO to be selected.
AppShareMatching to a PO
• Match to a specific PO• Match the invoice to lines on the PO• Partial match and adjust off theremaining balance
• Match and clear the balance
Reconciling at Month End
Reconcile the Inventory Valuation to the General LedgerReconcile the Accrued Payables account to the AP/GRN/GRPS
Reconcile the Inventory Valuation to the General LedgerPrior Month ending inventory value
+Plus receipts to inventory (GRNR & RR)-Less cost of goods sold (AR/MR)+/-Plus or minus inventory adjustments
(IM/ADJ/PTA)+/-Receipt Discrepancies (RDCP)=Current Month end inventory value
Prior Month end inventory valuation report+Plus receipts to inventory-Less cost of goods sold+/-Plus or minus inventory adjustments+/-Plus or minus receipt corrections (RDCP)=Current Month end inventory valuation
report
Reconcile the Inventory Valuation to the General Ledger
What causes the differences?• Improper month end cut offs• Improper cost and quantity corrections on
inventory• Receipt cost differs from the cost on the
purchase order• Incorrect cost of non-inventory item sales
Reconcile the Inventory Valuation to the General Ledger
Improper month end cut offs
Make sure that no one is making any changes to inventory until all reports are complete
and the month is closed.
Reconcile the Inventory Valuation to the General Ledger
Improper cost and quantity corrections on inventory
Changes to the on-hand quantity must be made through inventory adjustments (IM/ADJ/PTA) or through receipts discrepancy correction (REC/RDC).
Reconcile the Inventory Valuation to the General Ledger
• Receipt cost differs from the cost on the purchase orderThe cost on the PO receipt must match the
AP Invoice.
If it doesn’t, correct the cost using Receipts Discrepancy Correction (REC/RDC) or make an
adjustment when matching.
Reconcile the Inventory Valuation to the General Ledger
• Incorrect cost for non-inventory sales
The cost from the purchase order must be entered as the cost of the non-inventory item on the order or the system calculates a cost.
Reconcile the Inventory Valuation to the General Ledger
Reconcile the Accrued Payables account to the AP/GRN/GRPS
The Goods Received & Unmatched Summary Report AP/GRN/GRPS = the GL Accrued Payables account value(GRN)
What causes the differences?• Invoices not matched to GRN records• Balances left open on GRN records• Receipt corrections done without using the
GRN number
Reconcile the Accrued Payables account to the AP/GRN/GRPS
• Invoices not matched to GRN recordsIf you receive the invoice from a vendor other
than the one on the purchase order, you will not be able to match to the GRN.
Delete the GRN and post the invoice manually to the GRN account.
Reconcile the Accrued Payables account to the AP/GRN/GRPS
• Balances left open on GRN records
Any remaining balances should be adjusted or cleared on the GRN when matched, unless
additional invoices are expected for this receipt.
Reconcile the Accrued Payables account to the AP/GRN/GRPS
• Receipt corrections done without using the GRN number
When corrections are made to a receipt for cost or quantity the GRN number
should be used so the GRN is also corrected.
Reconcile the Accrued Payables account to the AP/GRN/GRPS
Summary
Matching Accounts Payable Invoices to the inventory receiptReconciling the inventory valuation to the General LedgerReconciling the Accounts Payable accrual account
• Faspac Help Files
• Visit Prophet 21 on the web: www.p21.com
•Submit a web case
•Browse Faspac Documentation
•Volume 1 Goods Received - Stock Integration
•Search the Solutions database
•View P21 University course offerings
• Email Consulting Services: consult-sales@p21.com
• Email Professional Services Sales: pss@p21.com
For More Information…
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