Accounts Payable

& General Ledger

Kathleen Graw

Accounts Payable & General Ledger 2

Accounts Payable

Accounts Payable & General Ledger 4

Accounts Payable & General Ledger 5

Detail

Summary

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At Year/Quarter/Month End

Cost of Goods XXXXX

Inventory XXXXX

Cost of Goods

Gross Profit

Net Income

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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

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Inventory & General Ledger

Impact Inventory (Detail)? YES NO

1. Receive in Inventory

2. Voucher/Accounts Payable

3. Month End Journal Entries

X

X

X

ControlAverage

Cost

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Balance Summary and Detail

1. Voucher Widget for $100 / Billed $100

Inventory Accounts Payable

100.00 100.00

Detail

Summary

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Balance Summary and Detail

1. Voucher Widget for $100 / Bill for $125 / No QOH

Inventory Accounts Payable

100.00 125.00Summary

PPV

25.00

Detail

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Balance Summary and Detail

1. Voucher Widget for $100 / Bill for $125 / QOH

Inventory Accounts Payable

125.00 125.00Summary

Average Cost of product is updated

Detail

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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

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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

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Also…things to consider

• Warranty’s impact• Impact of Core Charges• Stock Adjustments• Buyback• Non-Inventory items (Z95 items)• C99

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For Open Batches

Merchandise vs. Expense

&

Balancing vs. Non-BalancingFinalizing

ActivitiesInvoices for Corp Packets

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Inquiries

Newer ItemsDaily/Month End

Functions

Year End Functions

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Obsolete with 13.20

Used to Maintain or Delete Voucher

Run Regularly

Information Reports

Washout?

Recurring Functions

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Aging of Payables

Printing Checks

Bank Reconciliation

Reversing/Voiding

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General Ledger

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Opening Balance + Deposits – Disbursements = Bank Balance

Check GL, AR and AP dates. Also 12.1.27Year End Close; Follow Steps 1-7

Obsolete

Set-up/Edit Financials

Run Financial Statements

(only after 14.2.4)Obsolete

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Detail & Summary of GLMUST be run before 14.3.8Listing of Month’s Journal EntriesMonth End Functions

Accounting Reports

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Set-up in 12.4Journal Entries & Listing (update)

Reversing Journal Entries & Listing (update)

Recurring Journal Entries – Enter, Maintain, List & Update

Budget Entry & Listing

Questions?