Click the Go button to proceed. The system will display the GL Transaction Id generated as a result of this post.Important Warning: This function would be used ONLY when Unvouchered Payables is not being implemented in your Accounting Periods!
This function analyzes inventory history to identify items received but not yet vouchered. When that is the case, it is sometimes desirable to account for items "received", that the client has NOT received a vendor’s invoice for. This would be an end-of-month entry to DR Expenses and CR an Unvouchered Payables Liability Account. This function is required if your company is using Purchase Orders and will be performing the Start Job EOM function.
JCH Cost analysis is only 'necessary' for lines where PO Qty Ordered <> PO Job Quantity Ordered. As of Version 9.0, this function has been enhanced to not care about JCH except when necessary. This should eliminate the PO-GEN line issue caused by editing WO-Other Descriptions because a PO-GEN line's quantity is either all or nothing to a job.
Purchase Credit-type entries (Credit PO's) are also evaluated by this function, and will generate a negative debit to the Inventory Asset account regardless of whether or not they are received. Applicable Inventory and General lines on Credit PO’s will be processed. GEN lines from Credit POs are completely ignored unless the line's Receipted-to-JCH flag is true.
When this function is run, the user provides a posting period and a reversing period. The last day of the "posting" period is used to create a DR to appropriate Inventory and/or Expense accounts & CR to UVP. The first day of the "reversing" period is used to make the net-opposite transaction, so that the Expense and Liability are only recognized on the "last" day {month end} financials. At all other points in time it would be expected that the UVP liability has NO balance.
The last day of the posting Period you select defines the cutoff date (in Inventory History) for items that have been received but not vouchered. The system looks at Inventory History to determine the unvouchered (QtyReceived - QtyVouchered) status for each PO line as of the cutoff date. When the unvouchered quantity is greater than zero, an accrual entry is made. Note that the Accounting Period in the PO is not part of the decision-making process.
To create these entries, this function uses the P.O. costing to determine the expense that is expected when the invoices are ultimately received for the items as follows:
Inventory items purchased to Jobs:
Debit the GL Expense Account from the Job Cost Category
Credit the GL Unvouchered AP Account in the Inventory Item Group
General items purchased to Jobs:
Debit the GL Expense Account from the Job Cost Category
Credit the GL Unvouchered AP Account in the Inventory Group with the Id misc
Inventory Items not purchased to Jobs:
Debit the GL Asset Account from the Inventory Group Record
Credit the GL Unvouchered AP Account in the Inventory Group Record
General Items not purchased to Jobs:
Debit the GL Asset Account specified in the Purchase Order
Credit the GL Unvouchered AP Account in the Inventory Group with the Id misc
Use Tax Entries: If your firm is assessed with Use Tax (typically for materials), this function will also generate Use Tax entries the applicable Use Tax entries and reversals.
Debit the same GL Account as the unvouchered Inventory or General item (see above)
Credit will be made to the GL Account in the applicable Sales Tax Authority record
Note that UVP accounts must be specified in all applicable Inventory Item Groups and and Expense Accounts in all applicable Job Cost Category records.
When this function is run, the system will now will attach the sidebar View Summary and Detail text files to the GL Journal transaction as document attachments.
By default, credits are summarized and will not be posting using entities. You may control level of detail being posted as well as the handling of entities via Registry Entry EOM Unvouchered AP GL Entries.
WARNING: Running Unvouchered Payables Function Multiple Times Per Accounting Period
This function was designed to be run once per accounting period. If your firm wishes to run it more frequently to obtain ‘real-time’ financial data, you must delete any previous UVP transactions already posted in the same period. Specifically, you must delete any previous UVP transactions (In G/L Journal Entry Viewer) already posted in the same period and delete any previous UVP transactions in the reversing period as well.
Registry Entry EOM Unvouchered AP GL Entries: This registry allows you to control the amount of posting detail, skip the report attachment, and include drop ship PO's in the calculation, and other options.
Enabling this registry to Prevent User from Editing WO Other Tab Lines Imported from a PO will prevent PO Gen lines from be missed from inclusion in the post to GL.
Post Unvouchered AP:
The last day of the posting Period you select defines the cutoff date (in Inventory History) for items that have been received but not vouchered. The system looks at Inventory History to determine the unvouchered (QtyReceived - QtyVouchered) status for each PO line as of the cutoff date. When the unvouchered quantity is greater than zero, an accrual entry is made. Note that the Accounting Period in the PO is not part of the decision-making process.
Period Id:
Enter the accounting period that you want to post to. The last day of the "posting" period is used to create a DR to appropriate Inventory and/or Expense accounts & CR to UVP. If you enter an inactive accounting period, the system will warn you that it is inactive, but not prevent you from posting to it. This eliminates the need to temporarily re-activate a period. It also eliminates the possibility of a data entry person posting to the period while it is temporarily active.
Note that you will be warned if a UVP entry has already been made to this period.
Period Start: Period End: Period Active
These informational fields will be displayed when the Period Id is selected.
Reverse Unvouchered AP:
Period Id:
Enter the accounting period that you want to post the reversals to. The first day of the "reversing" period is used to make the net-opposite transaction, so that the Expense and Liability are only recognized on the "last" day {month end} financials. At all other points in time, it would be expected that the UVP liability has NO balance.
Period Start: Period End: Period Active
These informational fields will be displayed when the Period Id is selected.
Closed
By default, this field is set to 1900-01-01 so that only those POs with a blank Date Closed field will be included. This field should be cleared if all unvouchered POs should be included, regardless of whether or not the Date Closed has been set.
To include only those unvouchered PO’s whose Date Closed is blank, or falls on or before a date, enter a range in this field.
Example
To include unvouchered PO’s whose Date Closed is blank (1900-01-01) or falls on or before August 30, 2008 you would complete this range as follows:
1900-01-01_2008-08-30
GL Account Validation: the system will check that UVP GL Accounts are provided in the Inventory Groups / Job Cost Category for posting. If not, the system will warn you that “One or more Inventory Groups are Missing GL Accounts. Posting will not be allowed”. When you confirm the message, a workspace viewer report box will appear, allowing you to print the results. Close the report, and the EOM Checklist, and then carefully update your Inventory Group records. When you run the EOM function again, posting should proceed correctly.
Note that this screen enables you to confirm the post as well as view and adjust the detail on each job.
Do:
This field enables you to select which unvouchered payables will be posted. By default, all are selected.
PO Id: Inventory Item Id: Net Amount: GL Account (debit): Account Name:
Description: Job Id: GL Account (credit – UVP): Account Name:
These display-only fields identify the UVP’s to be posted.
Click the Go button to proceed. The system will display the GL Transaction Id generated as a result of this post.