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2006 Cost Of Goods Sold needs to be adjusted (Read 1023 times)

fast Member Posts: 61 Gender:	2006 Cost Of Goods Sold needs to be adjusted 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?
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cathyh Active Member I used to be indecisive; now I'm not so sure...... Posts: 1210 Gender:	Re: 2006 Cost Of Goods Sold needs to be adjusted Reply #1 - 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.
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fast Member Posts: 61 Gender:	Re: 2006 Cost Of Goods Sold needs to be adjusted Reply #2 - 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)
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JNAPIER

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Re: 2006 Cost Of Goods Sold needs to be adjusted
Reply #3 - 05/08/07 at 14:56:48

Quote from 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)

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

EVO-ERP, ISTS 3.27.08 , 2000I 10 user

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cathyh Active Member I used to be indecisive; now I'm not so sure...... Posts: 1210 Gender:	Re: 2006 Cost Of Goods Sold needs to be adjusted Reply #4 - 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.
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lmk223a

Senior Member

Accountant

Posts: 377

Re: 2006 Cost Of Goods Sold needs to be adjusted
Reply #5 - 05/09/07 at 05:53:05

Quote from fast on 05/08/07 at 12:59:27:

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. Roll Eyes

EVO/ERP 2007.2 3/2708 update, 15 users
Linda Kucan

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Lynn_Pantic

Administrator

evolution (n) -
gradual change to a
different form

Posts: 5663

Re: 2006 Cost Of Goods Sold needs to be adjusted
Reply #6 - 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.

Lynn Pantic
IS Tech Support
lynn@istechsupport.com

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lmk223a Senior Member Accountant Posts: 377	Re: 2006 Cost Of Goods Sold needs to be adjusted Reply #7 - 05/10/07 at 06:25:39 Lynn, thanks for the clarification and correction.
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cathyh

Active Member

I used to be
indecisive; now I'm
not so sure......

Posts: 1210
Gender: female

Re: 2006 Cost Of Goods Sold needs to be adjusted
Reply #8 - 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.

Cathy Hamilton
Wing Inflatables, Inc.
EVO-ERP2008.1(20 users) w/IS Tech update 5/25/09 (as of 08/21/09)
Windows 2008 Server/client
Pervasive V10.1

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Lynn_Pantic Administrator evolution (n) - gradual change to a different form Posts: 5663	Re: 2006 Cost Of Goods Sold needs to be adjusted Reply #9 - 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.
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