As of the launch of System Five how to deal with open customer orders.
The recommended process of entering open customer orders is demonstrated in the tutorial. consideration needs to be made to the ledger affect of showing deposits made prior to Go Live date. The steps are as follows.
- Enter in all open work orders
- Record the items as allocated because stock is available or as special order if the item is on order.
- Back date the invoice from the F5 tab to the actual date the work order originated.
- Record the amount of the deposit and the respective date.
- Repeat this step for all open work orders.
- Display a trial balance to determine the accumulated balance in the cash clearing and deposits on work orders account. (default is 1020, and 2055)
- Record and post a journal entry to reverse the value accumulated in the accounts and have this entry dated prior to the Go Live date.
- The Cash clearing account will be credited to clear, and the deposits on work orders account will be debited.
- Display the trial balance once again to show the accounts brought to zero.
Considerations:
- Ensure that a Deposits on work orders account is set in the setup Wizard>General Accounting> Special ledger numbers.
- Ensure that all payments are made prior to the Go Live date to keep the values accumulating in the cash clearing account separate from any real activity "post Go Live"
Video source: training:deposits_on_wo_go_live0806031006.flv
Created by Charlene Scott at 03/06/2008 10:06:18 AM