Accounts Payable & General Ledger Kathleen Graw

Accounts Payable & General Ledger2

Accounts Payable

Accounts Payable & General Ledger4

5 Detail Summary

Accounts Payable & General Ledger6 At Year/Quarter/Month End Cost of GoodsXXXXX InventoryXXXXX Cost of Goods Gross Profit Net Income

Accounts Payable & General Ledger7 Inventory & General Ledger Impact General Ledger (Summary)? YES NO 1.Receive in Inventory 2.Voucher/Accounts Payable 3.Month End Journal Entries X X X

Accounts Payable & General Ledger8 Inventory & General Ledger Impact Inventory (Detail)? YES NO 1.Receive in Inventory 2.Voucher/Accounts Payable 3.Month End Journal Entries X X X

Control Average Cost

Accounts Payable & General Ledger10 Balance Summary and Detail 1. Voucher Widget for $100 / Billed $100 InventoryAccounts Payable Detail Summary

Accounts Payable & General Ledger11 Balance Summary and Detail 1. Voucher Widget for $100 / Bill for $125 / No QOH InventoryAccounts Payable Summary PPV Detail

Accounts Payable & General Ledger12 Balance Summary and Detail 1. Voucher Widget for $100 / Bill for $125 / QOH InventoryAccounts Payable Summary Average Cost of product is updated Detail

Accounts Payable & General Ledger13 Benefits…to begin with Accurate reflection of Gross Profit by month Accurate reflection of Gross Profit by part Accurate reflection of Net Income No large inventory adjustments at year end Better handle on inventory value and turns Average Cost reflects true cost

Accounts Payable & General Ledger14 How…clear your receivers Use Menu and Don’t use Menu Run Menu at month end and use for reversing Journal Entry Inventory XXXXX Inv. AccrXXXXX

Accounts Payable & General Ledger15 Also…things to consider Warranty’s impact Impact of Core Charges Stock Adjustments Buyback Non-Inventory items (Z95 items) C99

Accounts Payable & General Ledger16 For Open Batches Merchandise vs. Expense & Balancing vs. Non-Balancing Finalizing Activities Invoices for Corp Packets

Accounts Payable & General Ledger17 Inquiries Newer Items Daily/Month End Functions Year End Functions

Accounts Payable & General Ledger18 Obsolete with 13.20Used to Maintain or Delete Voucher Run RegularlyInformation ReportsWashout?Recurring Functions

Accounts Payable & General Ledger19 Aging of Payables Printing Checks Bank Reconciliation Reversing/Voiding

Accounts Payable & General Ledger20

General Ledger

Accounts Payable & General Ledger22 Opening Balance + Deposits – Disbursements = Bank Balance Check GL, AR and AP dates. Also Year End Close; Follow Steps 1-7 ObsoleteSet-up/Edit Financials Run Financial Statements (only after ) Obsolete

Accounts Payable & General Ledger23 Detail & Summary of GL MUST be run before Listing of Month’s Journal Entries Month End Functions Accounting Reports

Accounts Payable & General Ledger24 Set-up in 12.4 Journal Entries & Listing (update) Reversing Journal Entries & Listing (update) Recurring Journal Entries – Enter, Maintain, List & Update Budget Entry & Listing

Questions?