Prophet 21 Faspac - Epicor · 2005-10-04 · • Receipt cost differs from the cost on the purchase...

Prophet 21 FaspacTips, Tricks and Closing Procedures of Stock Integration

Balancing Inventory with GL with Stock Integration Suite:course 2 of 2

This class is designed for…

Accounts Payable personnelAccounting Managers

Overview

Matching Accounts Payable Invoices to the inventory receiptReconciling the inventory valuation to the General LedgerReconciling the Accounts Payable accrual account

Objectives

Match AP invoices to receiptsMake adjustments for differences while matching

Reconcile the inventory to the general ledgerReconcile the accrued payables account

This course will NOT cover…

Basic accounting principlesGeneral Ledger trainingSetup of Stock Integration

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

Matching in Accounts Payable

Print and update the Goods Received Not Invoiced Register (GRNR)

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

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

Match to a specific GRNEnter a warehouse number

Match to a specific GRNPress F7 to go to the matching screen

Match to a specific GRNEnter the GRN number to use

or

Press CMD L to look up

Match to a specific GRNSelect the GRN

Match to a specific GRNIf you are unsure of the GRN, use F9 to view

Match to a specific GRNAutomatic Match: Yes or No?

Match to a specific GRNSelect the recordEnter the amount to be matched

Match to a specific GRNWhen you back up to the invoice entry screen

the system makes the entries for you.

Match to a specific GRN• Match with an adjustment

Match to a specific GRN• Match with an adjustment

Match to a specific GRN• Match with an adjustment

Match to a specific GRN

Match and clear the balance

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

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

Matching to a Purchase OrderAt the GRN, press F5 to match by PO number.

Matching to a Purchase OrderA list of Purchase orders for this vendor will display.

Matching to a Purchase OrderHighlight the PO to be selected.

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

Reconciling at Month End

Reconcile the Inventory Valuation to the General LedgerReconcile the Accrued Payables account to the AP/GRN/GRPS

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

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

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

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

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

• 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

• 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

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)

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

• 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

• 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

• 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

Summary

Matching Accounts Payable Invoices to the inventory receiptReconciling the inventory valuation to the General LedgerReconciling the Accounts Payable accrual account

• 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

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