Database Support Team Advanced Accounting 2005 Database Support

Database Support Team Advanced Accounting 2005

Database Support Team 2 Favorite Menu Paths: 4. 1. 9 19. 7 b

Database Support Team ft Create a folder on C drive” pick Enter “ft” at any printer select prompt Will be called “ft. txt” in C: \pick Text file or convert to Excel format

Database Support Team Accuterm settings If users available – multiple ports Turn on Scroll Bar

Database Support Team Menu 13. 20 New Accounts Payable – Vouchering (handouts)

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Database Support Team Reoccurring Vouchers Enter 13. 20. 8 Listing 13. 20. 9 Update 13. 20. 10

Database Support Team EFTs Journal Entries EFT function Checks

Database Support Team Inventory Reconciliation (handouts)

Database Support Team Detail Summary

Database Support Team Impact General Ledger (Summary)? Receive in Inventory Voucher/Accounts Payable Month End Journal Entries Summary YES X X NO X

Database Support Team Impact General Ledger (Detail)? Receive in Inventory Voucher/Accounts Payable Month End Journal Entries Detail YES X NO X X

Database Support Team Average Cost QOH x Average Cost PLUS Difference on Invoice vs. PO _________________ QOH

Database Support Team QOH = 10 Average Cost = $14. 00 ea PO = 10 @ $14. 00 ea Vendor Invoice = 10 @ $12 ea

Database Support Team Average Cost QOH x Average Cost (10 * $14) PLUS Difference on Invoice vs. PO (10*$12) – (10*14) _________________ QOH (10)

Database Support Team Average Cost 140 PLUS -20 _________________ 10

Database Support Team Average Cost 120/10 = New Average Cost $12 each

Database Support Team Voucher Widget for $100 / Billed $100 Inventory 100. 00 D il a t e Su ry a mm Accounts Payable 100. 00

Database Support Team Voucher Widget for $100 / Bill for $125 / No QOH Inventory 100. 00 ry a mm Accounts Payable 125. 00 Su PPV 25. 00 D il a t e

Database Support Team Voucher Widget for $100 / Bill for $125 / QOH Inventory 125. 00 ry a mm Accounts Payable Su Average Cost of product is updated D il a t e 125. 00

Database Support Team Benefits 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

Database Support Team Clear Receivers Use Menu 13. 20. 2 and 13. 20. 3 Run Menu 13. 20. 7 at month end and use for reversing Journal Entry Inventory XXXXX Inv. Accr XXXXX

Database Support Team 13. 20. 2 versus 13. 20. 3 • Inventory Evaluation • CORP Discrepancies • Only works on DC invoices

Database Support Team

Database Support Team PO – ordered/received 4 @$23. 81 Invoice 4 @ $29. 071 QOH = 5 Curr Avg Cost = $23. 81 Calculation (4*$29. 071) -(4* $23. 81) = $21. 044 + (5* $23. 81) = $119. 05/5 = $28. 018

Database Support Team Other Things to Consider…. Re-opening POs Warranty’s Impact Dropships Store Returns Stock Adjustments Buyback Non-Inventory Items (Z 95 items)

Database Support Team Reopening Receivers STOP! If you do it – have to reopen the first & only receiver on the PO OR It throws out your AP/GL Reconciliation

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Database Support Team Costing

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Database Support Team SRO/RGA

Database Support Team Open Discussion – Discrepancies Corp – Pricing Non. Corp – Pricing Corp Shipping Non. Corp Shipping

Database Support Team Menu 15 Warranty (handouts)

Database Support Team Widget Avg. cost = $10 Sale Price = $12 Credit from Vendor = $25

Database Support Team EOM Balancing • Unclaimed Warranties • Claimed Warranties – AR • Inventory?

Database Support Team Menu 8. 4 Stock Adjustments

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Database Support Team Buyback / Returns (handout)

Database Support Team DST Documentation

Database Support Team Open Discussion – Discrepancies Corp – Pricing Non. Corp – Pricing Corp Shipping Non. Corp Shipping

Database Support Team Dropships

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Database Support Team Z 95 ITEMS

Database Support Team Open Discussion – Discrepancies Receiving? $0 Cost Co-Op Fund Invoice/Stock Adjusment

Database Support Team Physical Inventory

Database Support Team Be sure to make note of the final variance amount that you update since you will need to make the journal entry on the books to balance the detail to the summary. You hit inventory and an income statement account with this variance amount.

Database Support Team Menu 11 Sales Analysis

Database Support Team Reporting Variances Different Sales files capture different things *Customer detail file Variances *Freight *Misc Charges *Branch Sales *Returns

Database Support Team LIVE EXAMPLE 12. 2

Database Support Team Menu 2 Accounting Reports

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Database Support Team Menu 13. 3 Accounting Reports

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Database Support Team Bank Reconciliation

Database Support Team Bank Reconciliation 8. Activity Report – Summary of Deposits, Disbursements, Adjustments and Journal Entries 9. Reconciliation Entry – Input of Checks cleared on last bank statement. Enter as a range or individually. 10. Reconciliation Listing – Itemization of checks entered in 13. 20. 9 as well as outstanding checks and outstanding checks greater than 90 days. Bank Rec Documentation

Database Support Team Menu 14 General Ledger

Database Support Team Set-up a GL account 12. 4. 3 14. 1. 1 Add to financial statements LIVE EXAMPLE

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Database Support Team Creating a Journal Entry 1. Enter JE 14. 1. 3 or 14. 1. 4 2. Print & Review JE 14. 1. 13 & 14. 1. 14 3. Update Trial Balance 14. 2. 4

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Database Support Team EOY Close (handout)

Database Support Team 1. AR Month-end close rolls into Year End *Confirm with DST 2. Close 12 th month AP 3. Close year AP *MUST happen before entries for new year 4. Close 12 th month GL *Manually Rollover NI 5. Close year GL *NO 13 th month