I have a question more to be from the finance point of view rather than GP.
I learned today that the stock count adjustment entry is not date sensitive, and that we should not post in the new year until we finish from the stock adjustments. If I got this information the right way, then I will ask the following question:
5 days is the time we need in our company to count the stock at the end of the year3-4 more days we need investigating and looking for the reason of the discrepancies.1 day to get the stock adjustment done.Total days is around 10 days for the process of physical inventory count and entering the adjustments in the system. Never to mention the other duties related to salaries and other things.
If I can not post until this process finished, how can I keep my accounts real time if using GP? because this will mean not to enter anything for 10 days (never to mention weekends and new year day off) so we are talking about 13 of January to start posting in best case.
There is no reason not to post into the new year before closing the previous year in GP. Balances will not be brought forward to the new year until you close the previous year but posting in the new year can be done with no issue. Companies using GP do it all the time.
Frank E. Hamelly, MCP, MCITP, MCT, MVP
Well Frank, maybe it is true with regards to some transactions that do not affect the stock, but what about sales invoices and the purchases.
The following link blog.summitgroupsoftware.com/.../7 says the following:
"Run the year end close process for inventory (fiscal, calendar or both if you are a 12/31 year end) before posting inventory transactions in the new year (this includes purchase orders, sales orders and inventory adjustments). Future transactions can be entered and saved in a batch. Do not post these batches until the year end close is complete".
So this web is saying that we should not post sales invoices until we finish the 10 days process which I mentioned before. At least this is what I understood from what is mentioned in the website.
Thank you for your help
What version of GP do you use? Are you using the HITB (Historical Inventory Trial Balance)? Do you use the Stock Count feature in GP?
Dan Liebl, CMA CPIM | Senior Consultant | OTT,Inc | DLiebl@OTT-inc.com
The inventory subledger is NOT date senstive for report purposes which has always been a problem for us. I do not remember if GP 2013 is fixing this or not.
We also do not allow sales or receipts to be entered until we balance the subledger to the g/l. If we allow any current month postings before closing inventory for prior month, then the subledger reports will reflect those transactions on the report. There are historical reports, but the values on those are not correct (I cannot remember what Microsoft told me about why, but it doesn't work). When we upgraded from GP 9 to GP 2010, we asked if the inventory subledger was date senstive for reports and we were told that we still had to leave all activities closed.
We have always used the inventory report under Activity>Stock Status. This is a "live" report and there is no ability to have a cut off date. We have tried to use the Historical Stock Status report, but as I stated before, the values reflected on this report do not tie to the live report, so we cannot use it. We use FIFO Perpetual (I can't remember if this is the cause of the inventory reporting issue, but I believe it is the reason). As an example, I just ran the historical report for Apr 30 and the historical value is lower than our g/l by $6,391.69 even though we balanced when we closed.
We are fortunate that we only have to leave our system down for 5 business days vs 10 at year end and usually 2-3 days in monthly closes, but 5 days causes a lot of frustration and back log of transactions. Extremely frustrating, but we keep hoping Microsoft is going to fix some day.
Well, you said it all, it is really nice to expose to other companies problems, it may ease our pain.
A question that comes to my mind, do you start posting in the new year after closing the inventory module only? or is it after you close all modules?
We leave sales and inventory closed until inventory is reconciled to the g/l. We allow payables for the current month to be open since inventory is closed for current month (so, if we are closing April, we allow payables to be open for May while inventory for May is closed). We have not had any issues with this setup/process.
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