Prophet 21 Faspac - Epicor · 2005-10-04 · • Receipt cost differs from the cost on the purchase...
Transcript of Prophet 21 Faspac - Epicor · 2005-10-04 · • Receipt cost differs from the cost on the purchase...
![Page 1: Prophet 21 Faspac - Epicor · 2005-10-04 · • Receipt cost differs from the cost on the purchase order The cost on the PO receipt must match the AP Invoice. If it doesn’t, correct](https://reader033.fdocuments.in/reader033/viewer/2022050515/5f9fba5187f3451e394102cb/html5/thumbnails/1.jpg)
Prophet 21 FaspacTips, Tricks and Closing Procedures of Stock Integration
Balancing Inventory with GL with Stock Integration Suite:course 2 of 2
![Page 2: Prophet 21 Faspac - Epicor · 2005-10-04 · • Receipt cost differs from the cost on the purchase order The cost on the PO receipt must match the AP Invoice. If it doesn’t, correct](https://reader033.fdocuments.in/reader033/viewer/2022050515/5f9fba5187f3451e394102cb/html5/thumbnails/2.jpg)
This class is designed for…
Accounts Payable personnelAccounting Managers
![Page 3: Prophet 21 Faspac - Epicor · 2005-10-04 · • Receipt cost differs from the cost on the purchase order The cost on the PO receipt must match the AP Invoice. If it doesn’t, correct](https://reader033.fdocuments.in/reader033/viewer/2022050515/5f9fba5187f3451e394102cb/html5/thumbnails/3.jpg)
Overview
Matching Accounts Payable Invoices to the inventory receiptReconciling the inventory valuation to the General LedgerReconciling the Accounts Payable accrual account
![Page 4: Prophet 21 Faspac - Epicor · 2005-10-04 · • Receipt cost differs from the cost on the purchase order The cost on the PO receipt must match the AP Invoice. If it doesn’t, correct](https://reader033.fdocuments.in/reader033/viewer/2022050515/5f9fba5187f3451e394102cb/html5/thumbnails/4.jpg)
Objectives
Match AP invoices to receiptsMake adjustments for differences while matching
Reconcile the inventory to the general ledgerReconcile the accrued payables account
![Page 5: Prophet 21 Faspac - Epicor · 2005-10-04 · • Receipt cost differs from the cost on the purchase order The cost on the PO receipt must match the AP Invoice. If it doesn’t, correct](https://reader033.fdocuments.in/reader033/viewer/2022050515/5f9fba5187f3451e394102cb/html5/thumbnails/5.jpg)
This course will NOT cover…
Basic accounting principlesGeneral Ledger trainingSetup of Stock Integration
![Page 6: Prophet 21 Faspac - Epicor · 2005-10-04 · • Receipt cost differs from the cost on the purchase order The cost on the PO receipt must match the AP Invoice. If it doesn’t, correct](https://reader033.fdocuments.in/reader033/viewer/2022050515/5f9fba5187f3451e394102cb/html5/thumbnails/6.jpg)
Matching in Accounts Payable
Accounts Payable MatchingMatch using Goods Received Number (GRN)Match using Purchase Order (PO) numberMatch with an adjustmentMatch and clear the balance
![Page 7: Prophet 21 Faspac - Epicor · 2005-10-04 · • Receipt cost differs from the cost on the purchase order The cost on the PO receipt must match the AP Invoice. If it doesn’t, correct](https://reader033.fdocuments.in/reader033/viewer/2022050515/5f9fba5187f3451e394102cb/html5/thumbnails/7.jpg)
Matching in Accounts Payable
Print and update the Goods Received Not Invoiced Register (GRNR)
![Page 8: Prophet 21 Faspac - Epicor · 2005-10-04 · • Receipt cost differs from the cost on the purchase order The cost on the PO receipt must match the AP Invoice. If it doesn’t, correct](https://reader033.fdocuments.in/reader033/viewer/2022050515/5f9fba5187f3451e394102cb/html5/thumbnails/8.jpg)
Match Goods Received Number (GRN)
• Match to a specific GRN• Match the invoice to lines on the GRN• Partial match and adjust off the remainder• Match and clear the remainder
![Page 9: Prophet 21 Faspac - Epicor · 2005-10-04 · • Receipt cost differs from the cost on the purchase order The cost on the PO receipt must match the AP Invoice. If it doesn’t, correct](https://reader033.fdocuments.in/reader033/viewer/2022050515/5f9fba5187f3451e394102cb/html5/thumbnails/9.jpg)
Match to a specific GRN
Enter or lookup the GRN recordSelect the recordMatch the entire GRN or partialEnter the amount to be matchedDecide what to do with any remaining balance
![Page 10: Prophet 21 Faspac - Epicor · 2005-10-04 · • Receipt cost differs from the cost on the purchase order The cost on the PO receipt must match the AP Invoice. If it doesn’t, correct](https://reader033.fdocuments.in/reader033/viewer/2022050515/5f9fba5187f3451e394102cb/html5/thumbnails/10.jpg)
Match to a specific GRNEnter a warehouse number
![Page 11: Prophet 21 Faspac - Epicor · 2005-10-04 · • Receipt cost differs from the cost on the purchase order The cost on the PO receipt must match the AP Invoice. If it doesn’t, correct](https://reader033.fdocuments.in/reader033/viewer/2022050515/5f9fba5187f3451e394102cb/html5/thumbnails/11.jpg)
Match to a specific GRNPress F7 to go to the matching screen
![Page 12: Prophet 21 Faspac - Epicor · 2005-10-04 · • Receipt cost differs from the cost on the purchase order The cost on the PO receipt must match the AP Invoice. If it doesn’t, correct](https://reader033.fdocuments.in/reader033/viewer/2022050515/5f9fba5187f3451e394102cb/html5/thumbnails/12.jpg)
Match to a specific GRNEnter the GRN number to use
or
Press CMD L to look up
![Page 13: Prophet 21 Faspac - Epicor · 2005-10-04 · • Receipt cost differs from the cost on the purchase order The cost on the PO receipt must match the AP Invoice. If it doesn’t, correct](https://reader033.fdocuments.in/reader033/viewer/2022050515/5f9fba5187f3451e394102cb/html5/thumbnails/13.jpg)
Match to a specific GRNSelect the GRN
![Page 14: Prophet 21 Faspac - Epicor · 2005-10-04 · • Receipt cost differs from the cost on the purchase order The cost on the PO receipt must match the AP Invoice. If it doesn’t, correct](https://reader033.fdocuments.in/reader033/viewer/2022050515/5f9fba5187f3451e394102cb/html5/thumbnails/14.jpg)
Match to a specific GRNIf you are unsure of the GRN, use F9 to view
![Page 15: Prophet 21 Faspac - Epicor · 2005-10-04 · • Receipt cost differs from the cost on the purchase order The cost on the PO receipt must match the AP Invoice. If it doesn’t, correct](https://reader033.fdocuments.in/reader033/viewer/2022050515/5f9fba5187f3451e394102cb/html5/thumbnails/15.jpg)
Match to a specific GRNAutomatic Match: Yes or No?
![Page 16: Prophet 21 Faspac - Epicor · 2005-10-04 · • Receipt cost differs from the cost on the purchase order The cost on the PO receipt must match the AP Invoice. If it doesn’t, correct](https://reader033.fdocuments.in/reader033/viewer/2022050515/5f9fba5187f3451e394102cb/html5/thumbnails/16.jpg)
Match to a specific GRNSelect the recordEnter the amount to be matched
![Page 17: Prophet 21 Faspac - Epicor · 2005-10-04 · • Receipt cost differs from the cost on the purchase order The cost on the PO receipt must match the AP Invoice. If it doesn’t, correct](https://reader033.fdocuments.in/reader033/viewer/2022050515/5f9fba5187f3451e394102cb/html5/thumbnails/17.jpg)
Match to a specific GRNWhen you back up to the invoice entry screen
the system makes the entries for you.
![Page 18: Prophet 21 Faspac - Epicor · 2005-10-04 · • Receipt cost differs from the cost on the purchase order The cost on the PO receipt must match the AP Invoice. If it doesn’t, correct](https://reader033.fdocuments.in/reader033/viewer/2022050515/5f9fba5187f3451e394102cb/html5/thumbnails/18.jpg)
Match to a specific GRN• Match with an adjustment
![Page 19: Prophet 21 Faspac - Epicor · 2005-10-04 · • Receipt cost differs from the cost on the purchase order The cost on the PO receipt must match the AP Invoice. If it doesn’t, correct](https://reader033.fdocuments.in/reader033/viewer/2022050515/5f9fba5187f3451e394102cb/html5/thumbnails/19.jpg)
Match to a specific GRN• Match with an adjustment
![Page 20: Prophet 21 Faspac - Epicor · 2005-10-04 · • Receipt cost differs from the cost on the purchase order The cost on the PO receipt must match the AP Invoice. If it doesn’t, correct](https://reader033.fdocuments.in/reader033/viewer/2022050515/5f9fba5187f3451e394102cb/html5/thumbnails/20.jpg)
Match to a specific GRN• Match with an adjustment
![Page 21: Prophet 21 Faspac - Epicor · 2005-10-04 · • Receipt cost differs from the cost on the purchase order The cost on the PO receipt must match the AP Invoice. If it doesn’t, correct](https://reader033.fdocuments.in/reader033/viewer/2022050515/5f9fba5187f3451e394102cb/html5/thumbnails/21.jpg)
Match to a specific GRN
Match and clear the balance
![Page 22: Prophet 21 Faspac - Epicor · 2005-10-04 · • Receipt cost differs from the cost on the purchase order The cost on the PO receipt must match the AP Invoice. If it doesn’t, correct](https://reader033.fdocuments.in/reader033/viewer/2022050515/5f9fba5187f3451e394102cb/html5/thumbnails/22.jpg)
AppShareMatch to a specific GRN
• Match to a specific GRN• Match the invoice to lines on the GRN• Partial match and adjust off the remaining balance
• Match and clear the balance
![Page 23: Prophet 21 Faspac - Epicor · 2005-10-04 · • Receipt cost differs from the cost on the purchase order The cost on the PO receipt must match the AP Invoice. If it doesn’t, correct](https://reader033.fdocuments.in/reader033/viewer/2022050515/5f9fba5187f3451e394102cb/html5/thumbnails/23.jpg)
Matching in Accounts Payable
Match to a Purchase Order• Press F5 to select by PO• Press F7 to select the PO• Enter the amount to be matched• Decide what to do with any balance
remaining
![Page 24: Prophet 21 Faspac - Epicor · 2005-10-04 · • Receipt cost differs from the cost on the purchase order The cost on the PO receipt must match the AP Invoice. If it doesn’t, correct](https://reader033.fdocuments.in/reader033/viewer/2022050515/5f9fba5187f3451e394102cb/html5/thumbnails/24.jpg)
Matching to a Purchase OrderAt the GRN, press F5 to match by PO number.
![Page 25: Prophet 21 Faspac - Epicor · 2005-10-04 · • Receipt cost differs from the cost on the purchase order The cost on the PO receipt must match the AP Invoice. If it doesn’t, correct](https://reader033.fdocuments.in/reader033/viewer/2022050515/5f9fba5187f3451e394102cb/html5/thumbnails/25.jpg)
Matching to a Purchase OrderA list of Purchase orders for this vendor will display.
![Page 26: Prophet 21 Faspac - Epicor · 2005-10-04 · • Receipt cost differs from the cost on the purchase order The cost on the PO receipt must match the AP Invoice. If it doesn’t, correct](https://reader033.fdocuments.in/reader033/viewer/2022050515/5f9fba5187f3451e394102cb/html5/thumbnails/26.jpg)
Matching to a Purchase OrderHighlight the PO to be selected.
![Page 27: Prophet 21 Faspac - Epicor · 2005-10-04 · • Receipt cost differs from the cost on the purchase order The cost on the PO receipt must match the AP Invoice. If it doesn’t, correct](https://reader033.fdocuments.in/reader033/viewer/2022050515/5f9fba5187f3451e394102cb/html5/thumbnails/27.jpg)
AppShareMatching to a PO
• Match to a specific PO• Match the invoice to lines on the PO• Partial match and adjust off theremaining balance
• Match and clear the balance
![Page 28: Prophet 21 Faspac - Epicor · 2005-10-04 · • Receipt cost differs from the cost on the purchase order The cost on the PO receipt must match the AP Invoice. If it doesn’t, correct](https://reader033.fdocuments.in/reader033/viewer/2022050515/5f9fba5187f3451e394102cb/html5/thumbnails/28.jpg)
Reconciling at Month End
Reconcile the Inventory Valuation to the General LedgerReconcile the Accrued Payables account to the AP/GRN/GRPS
![Page 29: Prophet 21 Faspac - Epicor · 2005-10-04 · • Receipt cost differs from the cost on the purchase order The cost on the PO receipt must match the AP Invoice. If it doesn’t, correct](https://reader033.fdocuments.in/reader033/viewer/2022050515/5f9fba5187f3451e394102cb/html5/thumbnails/29.jpg)
Reconcile the Inventory Valuation to the General LedgerPrior Month ending inventory value
+Plus receipts to inventory (GRNR & RR)-Less cost of goods sold (AR/MR)+/-Plus or minus inventory adjustments
(IM/ADJ/PTA)+/-Receipt Discrepancies (RDCP)=Current Month end inventory value
![Page 30: Prophet 21 Faspac - Epicor · 2005-10-04 · • Receipt cost differs from the cost on the purchase order The cost on the PO receipt must match the AP Invoice. If it doesn’t, correct](https://reader033.fdocuments.in/reader033/viewer/2022050515/5f9fba5187f3451e394102cb/html5/thumbnails/30.jpg)
Prior Month end inventory valuation report+Plus receipts to inventory-Less cost of goods sold+/-Plus or minus inventory adjustments+/-Plus or minus receipt corrections (RDCP)=Current Month end inventory valuation
report
Reconcile the Inventory Valuation to the General Ledger
![Page 31: Prophet 21 Faspac - Epicor · 2005-10-04 · • Receipt cost differs from the cost on the purchase order The cost on the PO receipt must match the AP Invoice. If it doesn’t, correct](https://reader033.fdocuments.in/reader033/viewer/2022050515/5f9fba5187f3451e394102cb/html5/thumbnails/31.jpg)
What causes the differences?• Improper month end cut offs• Improper cost and quantity corrections on
inventory• Receipt cost differs from the cost on the
purchase order• Incorrect cost of non-inventory item sales
Reconcile the Inventory Valuation to the General Ledger
![Page 32: Prophet 21 Faspac - Epicor · 2005-10-04 · • Receipt cost differs from the cost on the purchase order The cost on the PO receipt must match the AP Invoice. If it doesn’t, correct](https://reader033.fdocuments.in/reader033/viewer/2022050515/5f9fba5187f3451e394102cb/html5/thumbnails/32.jpg)
Improper month end cut offs
Make sure that no one is making any changes to inventory until all reports are complete
and the month is closed.
Reconcile the Inventory Valuation to the General Ledger
![Page 33: Prophet 21 Faspac - Epicor · 2005-10-04 · • Receipt cost differs from the cost on the purchase order The cost on the PO receipt must match the AP Invoice. If it doesn’t, correct](https://reader033.fdocuments.in/reader033/viewer/2022050515/5f9fba5187f3451e394102cb/html5/thumbnails/33.jpg)
Improper cost and quantity corrections on inventory
Changes to the on-hand quantity must be made through inventory adjustments (IM/ADJ/PTA) or through receipts discrepancy correction (REC/RDC).
Reconcile the Inventory Valuation to the General Ledger
![Page 34: Prophet 21 Faspac - Epicor · 2005-10-04 · • Receipt cost differs from the cost on the purchase order The cost on the PO receipt must match the AP Invoice. If it doesn’t, correct](https://reader033.fdocuments.in/reader033/viewer/2022050515/5f9fba5187f3451e394102cb/html5/thumbnails/34.jpg)
• Receipt cost differs from the cost on the purchase orderThe cost on the PO receipt must match the
AP Invoice.
If it doesn’t, correct the cost using Receipts Discrepancy Correction (REC/RDC) or make an
adjustment when matching.
Reconcile the Inventory Valuation to the General Ledger
![Page 35: Prophet 21 Faspac - Epicor · 2005-10-04 · • Receipt cost differs from the cost on the purchase order The cost on the PO receipt must match the AP Invoice. If it doesn’t, correct](https://reader033.fdocuments.in/reader033/viewer/2022050515/5f9fba5187f3451e394102cb/html5/thumbnails/35.jpg)
• Incorrect cost for non-inventory sales
The cost from the purchase order must be entered as the cost of the non-inventory item on the order or the system calculates a cost.
Reconcile the Inventory Valuation to the General Ledger
![Page 36: Prophet 21 Faspac - Epicor · 2005-10-04 · • Receipt cost differs from the cost on the purchase order The cost on the PO receipt must match the AP Invoice. If it doesn’t, correct](https://reader033.fdocuments.in/reader033/viewer/2022050515/5f9fba5187f3451e394102cb/html5/thumbnails/36.jpg)
Reconcile the Accrued Payables account to the AP/GRN/GRPS
The Goods Received & Unmatched Summary Report AP/GRN/GRPS = the GL Accrued Payables account value(GRN)
![Page 37: Prophet 21 Faspac - Epicor · 2005-10-04 · • Receipt cost differs from the cost on the purchase order The cost on the PO receipt must match the AP Invoice. If it doesn’t, correct](https://reader033.fdocuments.in/reader033/viewer/2022050515/5f9fba5187f3451e394102cb/html5/thumbnails/37.jpg)
What causes the differences?• Invoices not matched to GRN records• Balances left open on GRN records• Receipt corrections done without using the
GRN number
Reconcile the Accrued Payables account to the AP/GRN/GRPS
![Page 38: Prophet 21 Faspac - Epicor · 2005-10-04 · • Receipt cost differs from the cost on the purchase order The cost on the PO receipt must match the AP Invoice. If it doesn’t, correct](https://reader033.fdocuments.in/reader033/viewer/2022050515/5f9fba5187f3451e394102cb/html5/thumbnails/38.jpg)
• Invoices not matched to GRN recordsIf you receive the invoice from a vendor other
than the one on the purchase order, you will not be able to match to the GRN.
Delete the GRN and post the invoice manually to the GRN account.
Reconcile the Accrued Payables account to the AP/GRN/GRPS
![Page 39: Prophet 21 Faspac - Epicor · 2005-10-04 · • Receipt cost differs from the cost on the purchase order The cost on the PO receipt must match the AP Invoice. If it doesn’t, correct](https://reader033.fdocuments.in/reader033/viewer/2022050515/5f9fba5187f3451e394102cb/html5/thumbnails/39.jpg)
• Balances left open on GRN records
Any remaining balances should be adjusted or cleared on the GRN when matched, unless
additional invoices are expected for this receipt.
Reconcile the Accrued Payables account to the AP/GRN/GRPS
![Page 40: Prophet 21 Faspac - Epicor · 2005-10-04 · • Receipt cost differs from the cost on the purchase order The cost on the PO receipt must match the AP Invoice. If it doesn’t, correct](https://reader033.fdocuments.in/reader033/viewer/2022050515/5f9fba5187f3451e394102cb/html5/thumbnails/40.jpg)
• Receipt corrections done without using the GRN number
When corrections are made to a receipt for cost or quantity the GRN number
should be used so the GRN is also corrected.
Reconcile the Accrued Payables account to the AP/GRN/GRPS
![Page 41: Prophet 21 Faspac - Epicor · 2005-10-04 · • Receipt cost differs from the cost on the purchase order The cost on the PO receipt must match the AP Invoice. If it doesn’t, correct](https://reader033.fdocuments.in/reader033/viewer/2022050515/5f9fba5187f3451e394102cb/html5/thumbnails/41.jpg)
Summary
Matching Accounts Payable Invoices to the inventory receiptReconciling the inventory valuation to the General LedgerReconciling the Accounts Payable accrual account
![Page 42: Prophet 21 Faspac - Epicor · 2005-10-04 · • Receipt cost differs from the cost on the purchase order The cost on the PO receipt must match the AP Invoice. If it doesn’t, correct](https://reader033.fdocuments.in/reader033/viewer/2022050515/5f9fba5187f3451e394102cb/html5/thumbnails/42.jpg)
• Faspac Help Files
• Visit Prophet 21 on the web: www.p21.com
•Submit a web case
•Browse Faspac Documentation
•Volume 1 Goods Received - Stock Integration
•Search the Solutions database
•View P21 University course offerings
• Email Consulting Services: [email protected]
• Email Professional Services Sales: [email protected]
For More Information…