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[Larry Pham]

Hello,
I am reconcile the WIP balance and released production orders at the end of the month. The WIP balance is $100K more than the released production orders. Where should I start looking for the difference?

 

Thanks,

Larry

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Larry Pham
Cost Accountant
Clasen Quality Chocolate, Inc.
Madison WI
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[David Wiser]

Have you run the Inventory Valuation – WIP report?  This should give you the detail of the WIP balance.  Also, make sure you have run the Post Inventory cost to G/L if the Expected Cost Posting flag is FALSE in the inventory setup.  Remember to run the adjust cost routine.  Lastly, be sure the Direct Posting flag is FALSE for the WIP account(s) specified in the inventory posting setup.  Check the general ledger entries for the WIP account to make sure that only system-generated entries are going in there.  Nothing manual should post there.  Hope this helps.

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Dave Wiser
Controller
Beckwith & Kuffel
Seattle WA
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[Aaron Brown]

Also, you’ll need to change the status of the production order to finished in order to clear production variances from WIP to the variance accounts.

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Aaron Brown
Director of Finance
Oregon Ice Cream
Camas WA
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[Jason Mizibrocky]

We’re also experiencing a situation where the WIP account does not tie back to the Inventory Valuation – WIP Report. We have approximately 30 orders that have a status of “Finished” which have balances in WIP. Has anyone seen this problem and know of a solution, other than posting a JE?

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Jason Mizibrocky
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[David Wiser]

Have you run adjust costs?  That should clear the WIP and post updated costs and variances.

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Dave Wiser
Controller
Beckwith & Kuffel
Seattle WA
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[Naveen Jain]

Yes with the manual flashing method, you are responsible to post the Output Journal manually. Please you change status to finish, it warns you that not all Out is posted and do you still want to change status, if you still go ahead and change status there will still be expecting to post the output.

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Naveen Jain
Director of IT
Symbex Companies
Santa Fe Springs CA
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[Kaylie Pulver]

This has happened many times where i work and the history has now built up.  Is there a quicker way to finish all of the consumption and finish the production order?

Thanks,
Kaylie

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Kaylie Pulver
Mity Inc.
Orem UT
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[Ron Ketterling]

Look at using the Production Journal where you manage consumption and output at the same time. 

Using the Consumption Journal, consider backflushing for your material, if you don’t have a lot of variance in your usage. You can an extra line for over use.

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Ron Ketterling
President
Business Automation Specialists of MN, Inc.
Minneapolis MN
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[Naveen Jain]

I agree with Dave and Aaron.

Also make sure “Direct Posting” should not be allowed in the WIP account. otherwise you will have to check all the manual entries as well.

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Naveen Jain
Director of IT
Symbex Companies
Santa Fe Springs CA
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