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Dear all,
I am always facing the following scenario; I receive a report that shows the total sales of the certain month, later I check the sales in the GP and find sales are more than the report, the same goes for expenses, they are more than the report too.
The reason of that is because accountants are posting transactions to previous periods, and this is a real headache to me, I am planning to get over this problem, by closing all periods except for one, and force using a batch to post, and change the setting to use the batch date when posting to the GL. So a sales invoice dated March and posted in April, then it will hit the GL in April, and the same goes for purchases, as for the financials, accountants will post the same day they receive the document regardless of the transaction date.
I believe by doing that, I will have a better control over the accounts, knowing the postings in April will affect only the month of April. But in the same time, I do not want to use the GP in the wrong way ….. Does anyone know a company is doing what I am planning to do? Are they happy about it?
Best Regards,
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Dear All,
What I am looking for is the reports to match the GP at all times, i do not mind the posting date to be the same in the GL, I want the sales and expenses of January to be always the same in GP as I reported and never change. So i can put end of month procedures to close the accounts of each month (period).
If there is a transaction dated March, i will record it in April because i failed to get that document in March, and try for next months to improve the flow of documents to get the documents in the proper time.
The only concern that I have is when posting sales invoices or purchases invoices dated the period before, sometimes sometimes we have late delivery to the products after issuing invoices, do you think it will cause any problem?, for example, sales invoice dated 31 March and delivered in 04 April, If we close the period at 03 April, then I will have to post 31 March invoice in 04 April (which is the actual delivery date), what are the draw backs of doing this?
Most companies I work with want to control what periods are open for posting and use the fiscal period setup in GP for this. I don't necessarily believe that forcing the posting date to be taken from the batch is always the answer, but that's neither right, nor wrong, more what works for your company. Many companies I work with actually have this differ based on the type of transaction, the typical transaction flow, and the people entering the transactions.
I would also recommend installing and/or activating Doc Date Verify - it is a free tool and is part of the PSTL in GP 2010 (if you're on an older version of GP, you need to contact GP Support or your GP Partner for this).
Without Doc Date verify GP does not always abide by what periods are 'closed' and sometimes lets posting happen to closed periods.
What about the matching principle? If revenue or expense happened in March, it should be posted with a March date not April.
What you've outlined is a good plan Waleed. That's the way I would control posting into the correct periods. You could also activate Batch Approvals in the Posting Settings window to add another layer of control.
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