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Recognize Sale in Previous Month (Read 1292 times)

kerric

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I love YaBB 1G -
SP1!

Posts: 98

Recognize Sale in Previous Month
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?

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aricon Active Member Systems Consulting-See website for products! Posts: 1283 Gender:	Re: Recognize Sale in Previous Month Reply #1 - 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.
Back to top	Sincerely, Lorne Rogers President Aria Consulting & Implementers Ltd. Phone: (780) 471-1430 Fax: (780) 471-4918 E-mail: lrogers@ariaconsulting.net IP Logged

kerric Member I love YaBB 1G - SP1! Posts: 98	Re: Recognize Sale in Previous Month Reply #2 - 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?
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Lynn_Pantic Administrator evolution (n) - gradual change to a different form Posts: 5663	Re: Recognize Sale in Previous Month Reply #3 - 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.
Back to top	Lynn Pantic IS Tech Support lynn@istechsupport.com IP Logged

aricon Active Member Systems Consulting-See website for products! Posts: 1283 Gender:	Re: Recognize Sale in Previous Month Reply #4 - 04/30/03 at 09:43:00 Sorry, I thought that would be self-evident. Should have stated that.
Back to top	Sincerely, Lorne Rogers President Aria Consulting & Implementers Ltd. Phone: (780) 471-1430 Fax: (780) 471-4918 E-mail: lrogers@ariaconsulting.net IP Logged

kerric Member I love YaBB 1G - SP1! Posts: 98	Re: Recognize Sale in Previous Month Reply #5 - 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)
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ISTech Support Forum › Evo-ERP and DBA Classic › Sales

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