Accounts Payable

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Accounts Payable General Ledger
Kathleen Graw
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Accounts Payable
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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
X

1. Receive in Inventory
2. Voucher/Accounts Payable
3. Month End Journal Entries

X
X
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Inventory General Ledger
Impact Inventory (Detail)?
YES NO
X

1. Receive in Inventory
2. Voucher/Accounts Payable
3. Month End Journal Entries

X
X
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Control Average Cost
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Balance Summary and Detail
1. Voucher Widget for 100 / Billed 100
Inventory
Accounts Payable
Summary
100.00
100.00
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Balance Summary and Detail
1. Voucher Widget for 100 / Bill for 125 / No
QOH
Inventory
Accounts Payable
Summary
100.00
125.00
PPV
25.00
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Balance Summary and Detail
1. Voucher Widget for 100 / Bill for 125 / QOH
Inventory
Accounts Payable
Summary
125.00
125.00
Average Cost of product is updated
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Benefitsto 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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Howclear your receivers

• Use Menu 13.20.1 and 13.20.2
• Dont 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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Alsothings to consider

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

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General Ledger
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Questions?