Re: Inventory History

Once upon a time we used to leave the last month General Ledger Fiscal Period 
open for a short time to allow for final accounting adjustments, but what 
would happen is you have people working on Saturday & the labor tickets & 
other transactions get keyed in on Monday & the person doing the keying 
thinks "Oh this work was done on Saturday, so it needs to be dated Saturday" 
with that person not realizing that this crosses an accounting fiscal period 
& so not asking if we have an exception to that rule.

So BPCS accepts the data keyed in using date in previous fiscal period.
And BPCS thinks we know what we are doing.
And it applies the transactions as if they were in fact keyed in before the 
end of the fiscal period processing, second guessing what totals to update 
... YTD but not MTD, altering the Opening Balance to put that stuff in last 
month's totals.
& is this software perfectly getting all the files "right?"

We found out about this because we run some reports showing cost of inventory 
based on opening balance times standard cost & we had assumed opening balance 
got set at beginning of month & stayed that way, while it was only cost that 
changed.

Our rule is now
ALWAYS key transactions using DATE that you entered the data
EXCEPT if you are working the weekend of end-month, end-year, or physical 
inventory, in which case these transactions are to be dated the beginning of 
the next fiscal period, and in some cases we have special transition 
transaction codes.

MacWheel99@aol.com (Alister Wm Macintyre) (Al Mac)


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