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Evo-ERP and DBA Classic >> Sales >> Recognize Sale in Previous Month
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Message started by kerric on 04/30/03 at 09:15:22

Title: Recognize Sale in Previous Month
Post by kerric on 04/30/03 at 09:15:22

We will be doing a Physical Inventory on the 1st of the month. There is one item that will noth ship until the 2nd or 3rd, but we want to recognize in April.

What is the process to recognize the sale (including WO-I and release sales orders) in the previous month after the physical is all done? And how do we account for it from an inventory standpoint?

Title: Re: Recognize Sale in Previous Month
Post by aricon on 04/30/03 at 09:28:32

Do finish production as of 04/30. Release the SO. mark the ship date as 04/30. Print the invoice. Make the invoice date as of 04/30. Post the invoice. Post as of 04/30.

COGS and revenue will be recognized in April.

Title: Re: Recognize Sale in Previous Month
Post by kerric on 04/30/03 at 09:40:56

Since the physical inventory will have been completed when I do this, what do I do to recognize those items?

Title: Re: Recognize Sale in Previous Month
Post by Lynn_Pantic on 04/30/03 at 09:41:21

In addition to what Lorne says, when you do the physical, do not count it because for book purposes on 5/1 it is already gone.

Title: Re: Recognize Sale in Previous Month
Post by aricon on 04/30/03 at 09:43:00

Sorry, I thought that would be self-evident. Should have stated that.

Title: Re: Recognize Sale in Previous Month
Post by kerric on 04/30/03 at 09:54:17

Well thank you both for your help. I know that once I learn the ins and outs of inventory it will probably be self-evident.

Not quite there yet though 8)