Inventory to GL Reconciliation – Chapter 6 – Abnormal Date
First thought, is ‘how can a date be abnormal?’ A date is a date, right? Well, the point is that it’s abnormal to have an invoice date on a purchase order before the receipt date of the product. Okay, I realize that for many of us this is not true, we are required to pay […]
Make Month End Easier – Use Deferrals – Transactions Explained
(Note: Release 2022 Wave 1 will have some date improvements in both Setup and in Transactional processing) Be sure you’ve read the Deferrals Setup and have worked through the steps. As transactions are to be processed. The examples in this blog use purchase transactions but the same functions and features apply to sales transactions as […]
Inventory to GL Reconciliation – Chapter 8 – Purchase Orders
First, I tell you that you might have abnormal dates and now I’m saying that your purchase orders can cause an out of balance issue. You’re probably thinking what? How? Let’s think through this flow: PO has quantity and unit cost on each line Purchase Order Receipt – creates an item ledger entry, value ledger […]
Inventory to GL Reconciliation – Chapter 7 – Adjust Cost
The most common reaction I see, when telling someone that your out of balance issue is related to Adjust Cost is, “but I have Automatic Cost Posting turned. and with Automatic Cost Posting, I thought it took care of Adjust Cost and you didn’t have to run manually.” What does Adjust Cost Really Do? It […]
Inventory to GL Reconciliation – Chapter 5 – The Report
When someone inquires as to how to reconcile their inventory to the general ledger or someone complains ‘my inventory does not tie to my general ledger’, my first response is a question……What report are you using to do your reconciliation? The majority of the time, the answer is ‘Inventory Valuation.’ And my second response is […]
Inventory to GL Reconciliation – Chapter 4 – Posting Groups
Inventory posting groups control the balance sheet portion on entries relating to inventory. When inventory posting groups do not ‘line up’ to the desired group of items, it typically points to a change on the item card without an associated change in the general ledger. In more drastic out of balance conditions, it could be […]
Inventory to GL Reconciliation – Chapter 3 – Posting Setups
We always talk about the importance of posting setups; no where is it as important as when it comes to subledger reconciliations. There are two posting setups that are important related to inventory subledger reconciliation – inventory posting setup and general posting setup. Inventory posting groups combine with location code values to direct general ledger […]
Inventory to GL Reconciliation – Chapter 2 – Direct Posting
What is direct posting? It’s a toggle/flag/checkbox on a general ledger account card. What does it do, you ask? It controls whether you can use the specific general ledger account in postings. And by that, I mean that you cannot manually enter the account in journals or on documents. Why is that important? By not […]
Inventory to GL Reconciliation Chapter 1- Concepts
There are a handful of concepts intricately connected and are an absolute must for understanding how inventory transaction flows throughout the system, what is affected and how the subledger is connected to the general ledger. Posting an inventory transaction has three important pieces. 1) To track quantity, records are posted to the item ledger entry […]
Get Excited!! BC version 20 Has Excel Layouts
WOW, I’m so Excited for the Excel Layouts in BC version 20 (Wave 1 2022)! I didn’t know how this would really work and I was worried that it would be hard to learn. I couldn’t wait to try it and see what could be done. I started out without any knowledge or instruction and […]