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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
Accounts Payable & General Ledger 6
At Year/Quarter/Month End
Cost of Goods XXXXX
Inventory XXXXX
Cost of Goods
Gross Profit
Net Income
Accounts Payable & General Ledger 7
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
Accounts Payable & General Ledger 8
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
Accounts Payable & General Ledger 10
Balance Summary and Detail
1. Voucher Widget for $100 / Billed $100
Inventory Accounts Payable
100.00 100.00
Detail
Summary
Accounts Payable & General Ledger 11
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
Accounts Payable & General Ledger 12
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
Accounts Payable & General Ledger 13
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
Accounts Payable & General Ledger 14
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
Accounts Payable & General Ledger 15
Also…things to consider
• Warranty’s impact• Impact of Core Charges• Stock Adjustments• Buyback• Non-Inventory items (Z95 items)• C99
Accounts Payable & General Ledger 16
For Open Batches
Merchandise vs. Expense
&
Balancing vs. Non-BalancingFinalizing
ActivitiesInvoices for Corp Packets
Accounts Payable & General Ledger 17
Inquiries
Newer ItemsDaily/Month End
Functions
Year End Functions
Accounts Payable & General Ledger 18
Obsolete with 13.20
Used to Maintain or Delete Voucher
Run Regularly
Information Reports
Washout?
Recurring Functions
Accounts Payable & General Ledger 19
Aging of Payables
Printing Checks
Bank Reconciliation
Reversing/Voiding
Accounts Payable & General Ledger 20
General Ledger
Accounts Payable & General Ledger 22
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
Accounts Payable & General Ledger 23
Detail & Summary of GLMUST be run before 14.3.8Listing of Month’s Journal EntriesMonth End Functions
Accounting Reports
Accounts Payable & General Ledger 24
Set-up in 12.4Journal Entries & Listing (update)
Reversing Journal Entries & Listing (update)
Recurring Journal Entries – Enter, Maintain, List & Update
Budget Entry & Listing
Questions?