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Evo-ERP and DBA Classic >> Accounting >> 2006 Cost Of Goods Sold needs to be adjusted
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Message started by fast on 05/08/07 at 11:00:45

Title: 2006 Cost Of Goods Sold needs to be adjusted
Post by fast on 05/08/07 at 11:00:45

Hello,

I need to make an adjustment to our code 50000 Cost Of Goods Sold. Can anyone assist me with this?

Title: Re: 2006 Cost Of Goods Sold needs to be adjusted
Post by cathyh on 05/08/07 at 11:15:23

Use a Journal entry GL-B to make an adjustment between two or more GL accounts. Of Course total debits need to equal total credits.

Title: Re: 2006 Cost Of Goods Sold needs to be adjusted
Post by fast on 05/08/07 at 12:59:27

MD
GLTRAN.B
Edit date and code in question; Do not use Type YE
Can also run EDITGL (same as MD function)
Run Trial Balance
:)

Make sure to run UT-K-D on bkglcoa.b to show changes on Financial Reports (Balance/Income Sheet)

Title: Re: 2006 Cost Of Goods Sold needs to be adjusted
Post by JNAPIER on 05/08/07 at 14:56:48

fast wrote:

MDB can always make things balance or out of balance, but I would never advise someone to do this. It leaves no audit trail of what was done and if not careful, you can do more harm than good.

John

Title: Re: 2006 Cost Of Goods Sold needs to be adjusted
Post by cathyh on 05/08/07 at 16:06:18

I agree, I would always use a journal entry-- using MBD defeats the purpose of a double entry bookkeeping system! I would use this only if the original entry itself is somehow out of balance.

Title: Re: 2006 Cost Of Goods Sold needs to be adjusted
Post by lmk223a on 05/09/07 at 05:53:05

fast wrote:

Can also run EDITGL (same as MD function)
Run Trial Balance
:)

yes, one can either use GL-B and create a journal entry, but a quicker way for an experienced accountant is to use GL-P (which is the same as EDITGL). It creates the entry into whatever journal you select and DOES leave an audit trail. ::)

Title: Re: 2006 Cost Of Goods Sold needs to be adjusted
Post by Lynn_Pantic on 05/09/07 at 07:13:51

GL-P and EDITGL are NOT the same. GL-P writes to the unposted transaction file requiring a balanced entry and posting via GL-O. EDITGL is writing directly to the posted transaction file and should only use to fix an out of balance or other such condition in the posted GL. UT-K-D for the affected account is required after using EDITGL.

Title: Re: 2006 Cost Of Goods Sold needs to be adjusted
Post by lmk223a on 05/10/07 at 06:25:39

Lynn, thanks for the clarification and correction.

Title: Re: 2006 Cost Of Goods Sold needs to be adjusted
Post by cathyh on 05/10/07 at 07:57:01

I would definitely use GL-P to correct an Unposted GL entry that is out of balance. If it is in balance but incorrect I might correct it here but one runs the risk of having the GL transactions not match the data in the other modules that created the transaction.
I don't think GL-P is that easy to use- to create a new transaction to adjust accounts I can't imagine why you would not use GL-B.

Title: Re: 2006 Cost Of Goods Sold needs to be adjusted
Post by Lynn_Pantic on 05/10/07 at 15:49:01

The only reason to use GL-P to create a balanced set of transactions would be if you wanted to specifically assign them to a Journal type unavailable in GL-B. However, as cathyh says, the other journal types generally have other associated data (agings and such) that you run the risk of having mismatched.