Accounts Payable General Ledger Kathleen Graw Accounts Payable

Accounts Payable & General Ledger Kathleen Graw Accounts Payable & General Ledger

Accounts Payable & General Ledger 2

Accounts Payable & General Ledger

Accounts Payable & General Ledger 4

Detail Summary Accounts Payable & General Ledger 5

At Year/Quarter/Month End Cost of Goods XXXXX Inventory XXXXX Cost of Goods Gross Profit Net Income Accounts Payable & General Ledger 6

Inventory & General Ledger Impact General Ledger (Summary)? YES X 1. Receive in Inventory 2. Voucher/Accounts Payable X 3. Month End Journal Entries X Accounts Payable & General Ledger NO 7

Inventory & General Ledger Impact Inventory (Detail)? 1. Receive in Inventory YES NO X 2. Voucher/Accounts Payable X 3. Month End Journal Entries X Accounts Payable & General Ledger 8

Control Average Cost Accounts Payable & General Ledger

Balance Summary and Detail 1. Voucher Widget for $100 / Billed $100 Inventory 100. 00 ry a mm il a t Accounts Payable De Su Accounts Payable & General Ledger 100. 00 10

Balance Summary and Detail 1. Voucher Widget for $100 / Bill for $125 / No QOH Inventory 100. 00 ry a mm il a Accounts Payable t De Su 125. 00 PPV 25. 00 Accounts Payable & General Ledger 11

Balance Summary and Detail 1. Voucher Widget for $100 / Bill for $125 / QOH Inventory 125. 00 ry a mm Su l Accounts e. Payable tai D 125. 00 Average Cost of product is updated Accounts Payable & General Ledger 12

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 Ledger 13

How…clear your receivers • Use Menu 13. 20. 1 and 13. 20. 2 • Don’t use Menu 13. 20. 3 • Run Menu 13. 20. 7 at month end and use for reversing Journal Entry Inventory XXXXX Inv. Accr XXXXX Accounts Payable & General Ledger 14

Also…things to consider • • • Warranty’s impact Impact of Core Charges Stock Adjustments Buyback Non-Inventory items (Z 95 items) C 99 Accounts Payable & General Ledger 15

Merchandise vs. Expense For Open &Batches Balancing vs. Non-Balancing Finalizing Invoices for Activities Corp Packets Accounts Payable & General Ledger 16

Newer Items Daily/Month End Functions Inquiries Year End Functions Accounts Payable & General Ledger 17

Obsolete with 13. 20 Recurring Functions Used to Maintain or Delete Voucher Washout? Run Regularly Information Reports Accounts Payable & General Ledger 18

Aging of Payables Reversing/Voiding Printing Checks Bank Reconciliation Accounts Payable & General Ledger 19

Accounts Payable & General Ledger 20

General Ledger Accounts Payable & General Ledger

Set-up/Edit Financials Obsolete = Opening Balance + Deposits – Disbursements Bank Balance Year End Close; Follow Steps 1 -7 Run 12. 1. 27 Financial Check GL, AR and AP dates. Also Statements Obsolete (only after 14. 2. 4) Accounts Payable & General Ledger 22

Accounting Reports Listing of Month’s Journal MUST be run before 14. 3. 8 Detail & Summary of GL Month End Functions Entries Accounts Payable & General Ledger 23

Recurring Journal Entries – Enter, Set-up in & 12. 4 Reversing Journal Budget Entry Listing Journal Entries &Entries Listing& Listing Maintain, (update) List & Update (update) Accounts Payable & General Ledger 24

Questions? Accounts Payable & General Ledger