Managerial Accounting Idea Exchange - FBS Systems
Transcript of Managerial Accounting Idea Exchange - FBS Systems
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Managerial Accounting Idea ExchangeIdea Exchange
FBS e.CLIPSE Users
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Levels of Use
• Accuracy
• Consistency
• Communications
• Action/improvements• Action/improvements
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Opening Balances
Quickbooks Center
(Cash)
FBS Opening Entry
(Accrual)
E.CLIPSE
(Accrual)
Debit Credit Debit Credit Debit Credit
Inventory Cost of Goods
Purchase Expense
QBInventory
Specific Inventory
WIPInventory Adjustment
•Don’t activate overhead allocations are “locked in”
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Month-End Closing Process
• Closing Entries
– Breeding Stock Depreciation Journal Entry
– Quarterly Building/Equipment Journal Entry
• Accounting Balances
– Check Reconciliation– Check Reconciliation
– Trial Balance by Division (must net to $0)• Cash/Tax, Entries in Period (unadjusted cash)
• Cash/Tax, Date Cash Exchanged (adjusted cash)
• Animal Inventories
– Detail Inventory Report (no negatives or "orphans")
– If desired, balance with physical count
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Month-End Closing Process
• Feed Inventories– Ingredient Summary
– Balance with physical inventories
• Corn Inventories– Corn Ingredient Summary for month to – Corn Ingredient Summary for month to
determine quantity used
– Record Accounts Payable for Corn Ingredient Purchase
– Record Accounts Receivable for Corn Sales
• Drug Inventories– Drug Inventory Report
– Balance with physical inventories
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Month-End Closing Process
• Inventory Valuation– Update SFSxxx17.CSV spreadsheet
– Calculate Current Month
– View History to verify breed herd equivalent units
– View Detail to find and correct variance/period errors
– Standard Cost/Vendor Monitor Report to verify consistent posting and functioning cost drivers
– WIP Inventory Change Report
– Trial Balance, Entries in Period (Financial/Accrual)
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Managerial Accounting Update
• e.CLIPSE first released 9 years ago
• NPPC / Farm Financial Standards Council have done a solid job documenting processprocess
• Has Enterprise Analysis Outlived Its Usefulness? (Alan Miller, et al)
• Howard’s pointed question:
“Who is actually using their so-called ‘managerial accounting’ reports to make retain/replace decisions?”
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Notes
• Cover SCVM / flow chart
• Don’t have allocation table turned on for opening balance
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Total Accrued Costs
Support Operations Cost Centers
Allocations
Indirect Costs
System Entries
Accrued Costs
Month 1 Month 2 Month 3
Total Accrued Costs
Transfer Cost of Animals
Feed
Direct CostsManual Entries
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SCVM
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Landlord Crop Inventory Setup
• Define split table
• Assign split table to project
• If landlord share delivered directly to elevator do nothing more
• If tenant inventories landlord’s crop
– Check “Track Landlord Inventory”
– Assign Landlord Division
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Off-Farm Landlord Crop Storage
Event Harvest Sale
Manual Entry
Crop Audit Harvest Cash or A/R Linked Crop Sale Account
Production Project
Unlinked Inventory Adjustment Expense Account
WIP Asset Account
Project Account
Linked Internal Crop Sale Account
Marketing Project
Linked Internal Crop Purchase Account
UnlinkedInventory Adjustment Expense Account
Inventory Asset AccountInventory Asset
AccountUnlinkedInventory Adjustment Expense Account
Reads split table and
posts “0-value” sale for
landlord’s share
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On-Farm Landlord Crop Storage
Event Harvest Sale
Manual Entry
Crop Audit Harvest Cash or A/R Linked Crop Sale Account
Production Project
Unlinked Inventory Adjustment Expense Account
WIP Asset Account
Project Account
Linked Internal Crop Sale Account
Marketing Project
Linked Internal Crop Purchase Account
UnlinkedInventory Adjustment Expense Account
Inventory Asset Account
Inventory Asset Account
Unlinked Inventory Adjustment Expense Account
Reads split table and
posts sale/purchase split
with landlord’s division
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Support Operations Cost Centers
Allocations
Indirect Costs
Accrued Costs
Quarter 1 Quarter 2 Quarter 3 Harvest
Direct Costs
Fertilizer Chemicals
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Preweaned Pig WIP Worksheet
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Preweaned Pig WIP Detail
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Preweaned Pig WIP History
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Preweaned Pig WIP Entries
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Notes
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Cost of Production Closeout
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WIP Inventory Change Report
Livestock
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WIP Inventory Change Report
Raw Material (Feed & Drugs)
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Lower of Cost/Market
• Account setup
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Lower of Cost/Market
• Enter market price
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Lower of Cost/Market
• Market value
• Lower of Cost/Market adjustments
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Lower of Cost/Market
• Balance Sheet
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Notes