activant prophet 21 - epicor · 2009-08-04 · inventory value for “s” disposition items if you...
TRANSCRIPT
Activant Prophet 21
Perfecting Your Month and Year End Closing Routines
This class is designed for…
System AdministratorsOperation ManagersAccounting Managers
Objectives
Suggested month end and year end procedures
This course will NOT cover…
System SettingsTransactions in the system Performing Inventory Counts Creating Financial Reports
Remember!
Prophet 21 is a real time system Approved transactions are posted to the General Ledger as they are saved in the systemNo need to perform “Batch” processes
Approved Transactions
Approvals are a system setting
Approval Settings
Journals
All Transactions are posted to specific journalsGeneral Ledger > Inquire > GL Drill Down
Postings
System posts by period and year indicated, NOT date
Update Forecast Usage
Update Forecast Usage
MUST BE RUN ON LIVE DATABASEAfter close of business on the last dayBefore any transactions on the first day
Update Forecast Usage
Update Forecast Usage
Item History
Calculates the anticipated demand for itemsUsed in UPTO and EOQ
Forecast usage is used in UPTO and EOQ calculations
Accounting Database
Create a backup of your live databaseUse this database to run the reports that do not go back in time Allows more time to balance
Accounting Database
The following programs should be run from the Accounting Database
Inventory Value ReportUnvouchered PO, Landed Cost and Requisition ReportsPayment Summary ReportOpen RMA Report
What to Check - The Big 4
AP Trial Balance to the General LedgerAR Trial Balance to the General LedgerInventory Value Report to the inventory accountsUnvouchered PO, Landed Cost and Requisition PO Reports to the General Ledger
Accounts Payable
Transactions that affect Accounts Payable:Convert PO to VoucherConvert Inventory Return to VoucherVoucher Entry by Amount / Item (Manual Voucher)Reverse VouchersCredit/Debit MemosPrepay VoucherConvert Landed Cost to Voucher
Balance Accounts Payable
Balance AP general ledger account to the AP Aging reportAccounts Payable > Reports > AP Trial Balance
Balance Accounts Payable
Print for period and year being balanced
The AP Aged
Trial Balance
Report can be
printed for past
periods.
Balance Accounts Payable
Troubleshooting DiscrepanciesGo back in periods to determine when you did tie out
If you have never been in balance, including when you went live on the system, there may have been a problem with the beginning balances
When AP Trial Balance Does Not Tie to the GL
An expense account is listed in the AP Account field in Vendor MaintenanceAP account is listed in the Purchase Account in Vendor MaintenanceDebit and credit to AP in the same transactionAP account is selected when entering in a manual voucherJournal entry to AP
Balance Accounts Payable
Verify that the AP account assigned to each vendor is correct
Accounts Payable > Maintenance > Vendor Maintenance > Vendor tabThis can be done through a SQL Statement or Fast Edit
Software Support Solution #3259This solution contains SQL statements that can help in problem-solving any discrepancies
Troubleshooting Techniques (AP)
Run the Distribution Journal in AP (Reports > Journals > Distributions)
Select the AP account, period, and year
This will show all transactions where AP was used as the distribution account
Troubleshooting Techniques (AP)
Look for general journal entries in the AP accountCompare the purchase journal and cash disbursements journal totals in the General Ledger to the journals printed through AP
Post Recurring Vouchers
Did you set up recurring entries? Post recurring entries at the end of the monthAccounts Payable > Transaction > Post Recurring Vouchers
Post Recurring Vouchers
Save window for vouchers to be created
Balance Accounts Receivables
Balance general ledger AR balance to the AR Aging report Accounts Receivable > Reports > Aged Trial Balance
Balance Accounts Receivables
Report can be printed for past periods
Accounts Receivable
Transactions that affect AR: Shipping ConfirmationRMA ReceiptsInvoice by Item / AmountCredit / Debit MemosBad Debt Write-OffsBad Debt RecoveryDirect Ship ConfirmationsCash Receipts
Balance Accounts Receivable
Troubleshooting DiscrepanciesGo back in periods to determine when you did tie out
Out of balance – often due to go-live importCheck the General Ledger Journal
Sales Journal Cash receipts
Balance Accounts Receivable
Verify that the AR account assigned to each customer is correct
Accounts Receivable > Maintenance > Customer Maintenance > AccountsThis can be done through a SQL statement or Fast Edit
Software Support Solution #2293This solution contains SQL statements that can help in problem-solving discrepancies
Troubleshooting Techniques
Print a Distribution Journal in AR using the AR account
This will show invoices where the AR account was selected as the distribution account on an invoice
AR account is used as a revenue accountDebit/Credit memosBad debt write offs
Balance Accounts Receivable
All Cash Drawers should be closed
Payment Summary Report
This report should balance to the Deferred Revenue Account
Payment summary Report
Open RMA Report
Open RMA Report
Finance Charges
Do you generate Finance Charges?
Customer Statements
Do you generate statements?
Balance Inventory
Balance Inventory general ledger accounts to the Inventory Value Report
Inventory / Reports
Balance Inventory
This report displays current info only – you cannot view information for past periods of time
Balance Inventory
Check the Journals associated with Inventory postings
Inventory AdjustmentsInventory Receipts Inventory ReturnInventory Cost Sales Purchases
Variance in Convert PO to Voucher (System setting)
Balance Inventory
Run the Distribution Journal in APEnter the inventory account, period, and year
This will show any vouchers that were entered with the inventory account as the offsetting account
Inventory Does Not Tie to GL
Inventory account is used as the purchase account on a manual voucherJournal entry to inventoryInventory account is listed in Adjustment Reason MaintenanceEdit inventory cost used the inventory account as the offset account
Inventory Does Not Tie to GL
Check Item DefaultsInventory account should be entered on the Accounts Info tab
Do you track inventory by product group?Check the inventory account is correct.
Was it a go-live issue? Software Support Solution #5206
Inventory Troubleshooting Techniques
Query on Adjustment Reason Maintenance Verify that inventory account is not tied to a reason codeCheck vendor record to verify the inventory account is not listed as a purchase accountVerify that the correct inventory account is listed in the asset field in Item Maintenance
Use fast edit
Inventory Value for “S” Disposition Items
If you are using special costing for “S”disposition items be sure to use a separate account for those itemsThe special cost of the inventory translates into a special cost of goods when the inventory is soldIf the inventory is not sold (customer cancels the order or wants less than ordered), the value of the “S” disposition item updates FIFO or MAC
Regular inventory account is debited and the special inventory account is credited
Inventory in Vessel and Container
ContainerDebit: inventory asset account assigned to the item (inventory in vessel value plus landed cost with an application point of container receipts)Debit: inventory in transitCredit: inventory in vesselCredit: landed cost clearing
Vessel Debit: inventory in vessel account (material value plus landed cost)Credit: inventory in transitCredit: landed cost clearing
Inventory Rebuild
OptionalRecalculate inventory quantitiesPerform when no one is on the system
Inventory Rebuild
Inventory Rebuild
Save will update item quantities (remember, not all items can be updated via save)Some items will have to be manually fixed
Items that track bins, lots or serial numbers
Report will provide details of the item and the differences.
Will not provide transaction numbers
Balance Unvouchered POs
Material Receipts that have not been converted to a PayableBalance the Unvouchered PO Report to the Inventory Receipts Clearing accountBalance the Unvouchered Requisition PO Report to the Requisition Clearing AccountBalance the Unvouchered Landed Cost Report to the Landed Cost Clearing Account
Clearing accounts are setup in System Setup > System > Company Maintenance > Inventory tab
Inventory Receipts Clearing
The following transactions affect the Inventory Receipts Clearing account:
PO ReceiptsConvert PO to VoucherInventory Return ShippingConvert Inventory Return to VoucherReverse VouchersDirect Shipments
Balance Unvouchered POs
General Ledger PostingsMaterial Receipt
Account ImpactInventory Debit
Inventory Receipts Clearing Account
Credit
Balance Unvouchered POs
General Ledger PostingsConvert PO to Voucher
Account ImpactAccounts Payable Credit
Inventory Receipts Clearing Account
Debit
Balance Unvouchered POs
Include Unvouchered Inventory Returns
Balance Unvouchered POs
Accounts Payable > Reports > Unvouchered PO ReportCANNOT go back in time with this report
Balance Unvouchered POs
General Ledger PostingsCreate Inventory Return
Account Impact
Inventory CreditInventory Receipts Clearing Account
Debit
Balance Unvouchered POs
General Ledger PostingsConvert Inventory Return to Voucher
Account Impact
Accounts Payable DebitInventory Receipts Clearing Account
Credit
Unvouchered PO Report Compared to GL
# 1 Reason why the Unvouchered PO Report does not tie to GL is reversed vouchers that are reenteredThe inventory receipts clearing account is never cleaned up when reversing a voucherReport needs to be run at month end on the accounting database (backup of live)
Removing Unvouchered POs
Vouch at 0 quantityAmount will post to the quantity variance accountYou may need to journal the quantity variance to another accountSoftware Support Solution #13775
Landed Cost
Account Impact
Inventory Asset DebitLanded Cost Clearing Account
Credit
When PO is received with Landed Cost
Unvouchered Landed Cost
Reconcile Bank Statement
Bank Reconciliation Worksheet
Reconcile Bank Statement
Bank Reconciliation Worksheet
Reconcile Bank Statement
Reconcile Bank Statement
Reconcile Bank statement
Reconcile Cash
Reconcile Cash Detail
Reconcile Disbursements
Reconcile checks from bank statement
Reconcile Disbursements
Reconcile Disbursements
Accounts Payable > Reports > Outstanding Disbursements
Reconcile Deposits
Print all deposit slips for the monthAccounts Receivable/Reports/Deposit Slips
Reconcile Cash
Default = Year/Month/day – Bank Number – Lockbox #
Reconcile Cash
Was it a go-live issue? Software Support Solution #5206
Check your Sales
Check your Sales Taxes
Accounts Receivable > Reports > Sales Tax
Sales Tax
Sales Tax
Totals do NOT represent total sales for the month
Helpful Reports
Unconfirmed Pick Ticket ReportThese possibly could be invoiced
Order Line Item DetailCheck orders past their required date
Open OrdersCheck any orders on hold
Open RMA ReportExpired RMA’s could be canceled
Helpful Reports
Open PO ReportExpedite or cancel
Inactive Item ReportDo we have stock in those items?
Ship-to Fast EditFind customers without tax groups
General Ledger Postings
Payroll, Insurance….
Post Repetitive Journal Entries
Review entry, make necessary changes, then save to post
Trial Balance Out of Balance
Make sure no prior years are openReopen to the open year and close againRun the Trial Balance, if still out of balance you may need to rebuild GL balances
GL Postings – Accounts Receivable
Bad Debt Write Off: Dr: revenue (account is pulled from Customer Maintenance)Cr: AR
Bad Debt Recovery (also works the same as a Debit Memo in AR):
Dr: ARCr: revenue
Run Financials
Setup involved We have canned Chart of Accounts and Financial Statements
Closing a Month
It is not mandatory to close the month until the year close
Closing a Month
Always keep Period 13 closed
Closing a Month
Can NOT post to closed periodsPeriods can be reopened and closed
At any timeAs many times as needed
Closing a Year
All periods must be closed
A year can be closed at any time.
Closing a Year
System automatically calculates retained earnings
Posted to period 13
Retained earnings posted each time a year is closed
Create New Fiscal Year
Create New Demand Year
Create new Demand Year? May be on calendar when you are on fiscal
Create New Demand Year
Summary
Balancing AP and ARBalancing InventoryMonth End ReportsClosing a Month and YearCreating a new Fiscal and Demand Year
For More Information…
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