Effects of Not Using Enter/Match Invoices

I have a client that says their inventory amount is off by millions on the 
financial statements.  We basically narrowed it down to them not doing the 
enter/match invoice process.  So we think that inventory is being debited 
twice; once when they enter a receipt and another when they enter the AP 
invoice.  Is there any way that she can get an accurate inventory amount if 
they are doing this process separately?  
0
Jocelyn (213)
12/26/2007 7:29:00 PM
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If you don't use the Enter/Match process, do the following:

When you process a receipt, debit inventory & credit Vouchers Payable (or 
Accrued Purchases); then, when you enter the A/P invoice, you debit Vouchers 
Payable (or Accrued Purchases) and credit Accounts Payable. When it's all 
said and done, you're left with a debit in Inventory and a credit in Accounts 
Payable.


-- 
Bud Cool, Accounting System Manager
HDA, Inc.  Hazelwood, MO
GP 9.0, SP2


"Jocelyn" wrote:

> I have a client that says their inventory amount is off by millions on the 
> financial statements.  We basically narrowed it down to them not doing the 
> enter/match invoice process.  So we think that inventory is being debited 
> twice; once when they enter a receipt and another when they enter the AP 
> invoice.  Is there any way that she can get an accurate inventory amount if 
> they are doing this process separately?  
0
Bud (544)
12/26/2007 7:41:02 PM
Thanks, I'll let the client know that.

How can we fix the mess that's already there?

"Bud" wrote:

> If you don't use the Enter/Match process, do the following:
> 
> When you process a receipt, debit inventory & credit Vouchers Payable (or 
> Accrued Purchases); then, when you enter the A/P invoice, you debit Vouchers 
> Payable (or Accrued Purchases) and credit Accounts Payable. When it's all 
> said and done, you're left with a debit in Inventory and a credit in Accounts 
> Payable.
> 
> 
> -- 
> Bud Cool, Accounting System Manager
> HDA, Inc.  Hazelwood, MO
> GP 9.0, SP2
> 
> 
> "Jocelyn" wrote:
> 
> > I have a client that says their inventory amount is off by millions on the 
> > financial statements.  We basically narrowed it down to them not doing the 
> > enter/match invoice process.  So we think that inventory is being debited 
> > twice; once when they enter a receipt and another when they enter the AP 
> > invoice.  Is there any way that she can get an accurate inventory amount if 
> > they are doing this process separately?  
0
Jocelyn (213)
12/26/2007 7:43:02 PM
I would think a manual journal entry would be the only way to fix the G/L at 
this point - crediting Inventory and debiting whatever account was credited 
when the receipts were posted.

-- 
Bud Cool, Accounting System Manager
HDA, Inc.  Hazelwood, MO
GP 9.0, SP2


"Jocelyn" wrote:

> Thanks, I'll let the client know that.
> 
> How can we fix the mess that's already there?
> 
> "Bud" wrote:
> 
> > If you don't use the Enter/Match process, do the following:
> > 
> > When you process a receipt, debit inventory & credit Vouchers Payable (or 
> > Accrued Purchases); then, when you enter the A/P invoice, you debit Vouchers 
> > Payable (or Accrued Purchases) and credit Accounts Payable. When it's all 
> > said and done, you're left with a debit in Inventory and a credit in Accounts 
> > Payable.
> > 
> > 
> > -- 
> > Bud Cool, Accounting System Manager
> > HDA, Inc.  Hazelwood, MO
> > GP 9.0, SP2
> > 
> > 
> > "Jocelyn" wrote:
> > 
> > > I have a client that says their inventory amount is off by millions on the 
> > > financial statements.  We basically narrowed it down to them not doing the 
> > > enter/match invoice process.  So we think that inventory is being debited 
> > > twice; once when they enter a receipt and another when they enter the AP 
> > > invoice.  Is there any way that she can get an accurate inventory amount if 
> > > they are doing this process separately?  
0
Bud (544)
12/26/2007 7:50:01 PM
Bud's got you on the right track...pardon a few details.....

If you customer does NOT do the enter/match process, they must manually 
match the PO listed amount that credited Accrued Purchases and then manually 
calculate any difference between this amount and the AP credit to generate a 
PPV entry.  The two transactions (receiving and invoicing) must hit Accrued 
Purchases for the same amount exactly or this account will be off at the end 
of the year.  If they think this is too much work, they are correct and this 
is why the enter/match process is used (among others).  It will convince them 
to do this job properly.

Yes a journal entry is the only remedy now.  Run a stock valuation report 
from inventory by GL Inventory Asset Account and journal those accounts to 
match the report.  The offset is possibly the Accrued Purchases or perhaps 
the AP account.  Find out where they have been posting the receipt and 
invoice offsets and adjust those.  Any balance can go to PPV or COGS.

And don't forget to sign up for Convergence in Orlando and visit our booth 
there.  We have books that help keep these processes on the right track.  The 
Purchasing manual should be finished before then as well as a couple of other 
new ones.

-- 
Richard L. Whaley
Author / Consultant / MVP
Documentation for Software Users

Get our Free Tips and Tricks Newsletter and check out our books at 
http://www.AccoladePublications.com



"Bud" wrote:

> I would think a manual journal entry would be the only way to fix the G/L at 
> this point - crediting Inventory and debiting whatever account was credited 
> when the receipts were posted.
> 
> -- 
> Bud Cool, Accounting System Manager
> HDA, Inc.  Hazelwood, MO
> GP 9.0, SP2
> 
> 
> "Jocelyn" wrote:
> 
> > Thanks, I'll let the client know that.
> > 
> > How can we fix the mess that's already there?
> > 
> > "Bud" wrote:
> > 
> > > If you don't use the Enter/Match process, do the following:
> > > 
> > > When you process a receipt, debit inventory & credit Vouchers Payable (or 
> > > Accrued Purchases); then, when you enter the A/P invoice, you debit Vouchers 
> > > Payable (or Accrued Purchases) and credit Accounts Payable. When it's all 
> > > said and done, you're left with a debit in Inventory and a credit in Accounts 
> > > Payable.
> > > 
> > > 
> > > -- 
> > > Bud Cool, Accounting System Manager
> > > HDA, Inc.  Hazelwood, MO
> > > GP 9.0, SP2
> > > 
> > > 
> > > "Jocelyn" wrote:
> > > 
> > > > I have a client that says their inventory amount is off by millions on the 
> > > > financial statements.  We basically narrowed it down to them not doing the 
> > > > enter/match invoice process.  So we think that inventory is being debited 
> > > > twice; once when they enter a receipt and another when they enter the AP 
> > > > invoice.  Is there any way that she can get an accurate inventory amount if 
> > > > they are doing this process separately?  
0
info4071 (3005)
12/27/2007 2:41:00 AM
Reply:

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