Presentation on theme: "Zortec Inventory Control & Work Orders/Plant Accounting 1."— Presentation transcript:
Zortec Inventory Control & Work Orders/Plant Accounting 1
In this session we will discuss Zortec Inventory Control and how it can be used with Work Orders/Plant Accounting. 2
Topics include entry of inventory items, reporting, physical count, month end. Importing into the Work Order System, calculation of spreads, transactions and reporting. We will also touch on the Work Order Closing process. 3
10 Warehouse – Is used to separate material and supplies between departments. Water, Gas, Electric, Street, etc. Search Options
11 Item # Direct/Scroll – enter the item number to view. Desc – search by description. Part # – search by part number. Location – search by location. F9 for a scrolling list. Search Options
12 There are several screens of data for each item. Item Inquiry
13 Desc – displays item name. Part – can be the part number or extra description. Location – could be used for the location/bin in the warehouse. Item Inquiry General Tab
14 Vendor – the vendor # from AP for this item. Status – Active, Inactive, Terminated. Used to include/exclude item on reports. Status must be Active for Transaction Entry. Type – R = regular; X = exclude. Item Inquiry General Tab
15 Unit/HW – U = item is a complete unit with no additional parts needed. H = item is a piece of hardware used with others items, like screws and bolts or requires additional parts to make a complete piece of equipment. Item Inquiry General Tab
16 Unit of Measure – EA = each; IN = inches; FT= feet; LB = pounds, etc. G/L Account – default account number for this item. Item Inquiry General Tab
17 Ordering Info – can be used to enter reorder points and quantities. This is used with the Reorder Report. Item Inquiry General Tab
18 Unit Costs & Value Last Cost – unit cost of item from last receipt/purchase. Average Cost – average cost of the item. This is the value used for transactions. Value – dollar value of the item. Avg Cost X On Hand quantity = Value Item Inquiry General Tab
19 Quantities and Dates On Hand – quantity in stock/most recent transaction date. On Order – quantity on order/order date. Received – quantity received LTD/date last received. Requisitions- quantity used LTD/date last used. Returns – quantity returned to stock LTD/date last returned. Item Inquiry General Tab
20 The first 5 entries are displayed on screen 1. Retirement, Salvage, Reserved and Physical IC Adjustment are displayed here. Item Inquiry Quantity Amounts/Dates
21 Enter a year to see summarized quantities by quarter and calendar year to date. Item Inquiry Quantity History by Year
22 Display Order – E-Entry Date, D-Date Range, Period-Accounting Period, Refer #- Ticket Number Include Dist – Y shows GL number and Ticket #. Item Inquiry On Hand Transactions
23 Code/Type – displays the charge code and type. Comment – charge code description. Item Inquiry On Hand Transactions
24 Date – transaction date. Period – Accounting period. Quantity – quantity used/received. Amount – dollar amount of item for the transaction. On Hand – running quantity on hand. Item Inquiry On Hand Transactions
25 Item Inquiry Selectable Transactions Display Order – E-Entry Date, D-Date Range, Period-Accounting Period, Refer #- Ticket Number Include Dist – Y shows GL number and Ticket #.
26 Item Inquiry Selectable Transactions Enter the Transactions you want to view in on the bottom of the screen. 3
27 Item Inquiry Selectable Transactions In this example, option ‘3’ Received was selected.
From the main IC menu select Transactions, Transaction Entry, Create mode. 29
30 Whse # – warehouse number Date – transaction date Tckt # – ticket/work order number PO # – may be entered during receipt of item Ven – vendor number associated with PO Transactions
31 The cursor will move to the G/L Acct field. G/L Account – ledger number to be used for distribution of this item. W/O # – if you are using the Work Order system, this is the work order number that the item should be charged to. This is necessary for the transaction to import to Work Orders. Transactions
32 The cursor will move to the Code field. Code – charge code for the item. 300 = Requisition or used 210 = Material Received Item/Assm – item number for the transaction. Transactions
33 Quantity – enter the quantity for the transaction. Cost – is the average cost for the item. Amount – total for the transaction. Transactions
34 The quantity on hand, average cost, last cost are displayed for the item. These are information only fields. After the quantity is entered, answer Y to complete the transaction. Transactions
35 To enter Material Received, follow the same steps as Requisitions. Quantity – quantity received. Cost – zero this field. Amount – total cost of received items. The Cost field will auto calculate from the quantity and amount. Transactions
Assembly Units are special items that are defined from various component parts. This option allows you to set-up and describe Assembly Units and the individual inventory items/parts that make-up that Assembly Item. 37
For example: Water and gas taps or a meter change out that requires the same items and quantities each time. This is a great way to save time keying in the same items over and over. 38
Assembly Units are defined in Office Manager 39
40 Assm # – item number to use in Transaction Entry. In this example, part of the original item number is used (6075) Desc – description of the assembly unit. Assembly Units
41 Items/Quantities Enter up to 30 items per Assembly Unit. Enter the Warehouse #, Item #, Quantity. Assembly Units
43 The entry of the Warehouse #, Date, Ticket # and Code is the same process as a regular transaction. Transactions – Assembly Units
44 Item/Assm – enter the assembly unit, in this example 6075-4. Qty – quantity for the assembly unit, typically 1. Transactions – Assembly Units
45 When you press Enter, the comments field will display the description of the assembly unit. When you answer Y to complete the transaction, the other items quickly scroll on the screen. Transactions – Assembly Units
46 The Ticket Listing report shows our sample Ticket # and the items used. They were created by entering one Assembly Unit! Transactions – Assembly Units
Available Reports 52 We will look at a few reports in detail.
53 Enter the range of items for the report. Thru Period - Enter the Accounting Period or Thru Date. Quantity Summary Report
54 Item # Qty – quantity on hand Unit Cost – pulls from Item average cost Amount – quantity X unit cost. Quantity Summary Report Should balance to inventory account in GL.
55 Enter the range of items for the report. Trans Date – date range needed. Can limit report to specific work order range if needed. Work Order Distribution Report
The report displays items, quantities and totals by work order or ticket number. Work Order Distribution Report
Enter the Item range for the report. Reorder Report
The report lists items that meet or fall below the reorder point from the Inquiry screen. Reorder Report
59 From/Thru Item – enter item numbers for report. From/Thru Date – date range of transactions. Mtd or Ytd Activity? – month is most often used. Period to Report or Period Range. Material Used Report
The report displays items, quantities and costs used for the date range entered. Material Used Report
The Grand Total should be entered in General Ledger monthly to reduce the Inventory account balance. Typically the account is in the 14XXX range. Material Used Report
62 From/Thru Item – enter item numbers for report. From/Thru Date – date range of transactions. Mtd or Ytd Activity? – month is most often used. Period to Report or Period Range. Material Received Report
Reports displays item # and description. Vendor if entered. Received quantity. Unit cost and Amount. Material Received Report
The Grand Total should balance with the General Ledger monthly from the Accounts Payable paid invoices. Material Received Report
This is the Inventories account in General Ledger showing the paid invoice. Material Received Report
What if you do not balance? Check for items that have been entered in Inventory, but the invoice has not been paid. Are there paid invoices that have not been entered in Inventory? Material Received Report
67 From/Thru Item – enter item numbers for report. Extended Worksheet Report
68 The report could be used by the warehouse personnel for the physical inventory count. Extended Worksheet Report
69 From/Thru Item – enter item numbers for report. From/Thru Date – date range of transactions. Detailed Transaction Report
This report displays both used and received items. Detail Transaction Report
At the end of each month, you will need to record the material used from Inventory into the General Ledger. There are two ways to accomplish this. 72 Month End
Option 1 – Take the total from the Material Used Report and enter a manual journal entry to debit operating expense and credit Inventories (14XXX) Option 2 – Use the GL Interface to create the entries from Inventory Control via a packet. 73 Month End
74 The GL Interface is on the main Inventory menu, option 79 Create G/L Packet.
Month End 75 Enter the from/through date range for the transactions. Charge Codes – enter the codes needed for the journal entry (Code 300 is material used). The first time running the option answer N to create packet and review the report for accuracy.
Month End 76 The report displays the entries that will be included in the packet sent to the GL.
Month End 77 The second time answer Y to Create Packet. Enter the Packet Name, Packet Period and Packet Date. In GL the packet will need to be printed, verified and processed to post the transactions to the accounts.
From the main IC menu select Physical Inventory 79
Physical Inventory Count 80 To prepare for the physical count, select each option in the order listed. We will step through the process.
Physical Inventory Count Print Worksheets 81 Enter the item number range for the report.
Physical Inventory Count Print Worksheets 82 The report can be used by the warehouse personnel to record the counted items in the Quantity field. 75 6 38 25 1 4 101
Physical Inventory Count Prepare Items for Physical Inventory 83 Before physical count totals can be entered, Prepare Items for Physical count must be run. This resets any previous physical count totals to zero for all items in a warehouse.
Physical Inventory Count Input Physical Inventory 84 Inventory Date – the date of the count or the end of the fiscal year. Scroll Records – ‘Y’ scrolls through each item. ‘N’ you have to enter each item #. From/Thru – can be used to limit the items to be entered.
Physical Inventory Count Input Physical Inventory 85 Which Order – select the scrolling order – ‘I’tem, ‘D’escriptions, ‘P’art or ‘L’ocation. Depending ‘Which Order’ you select, the cursor will stop on the appropriate field.
Physical Inventory Count Input Physical Inventory 86 The first item will appear on the bottom of the screen. Key in the number from the count sheet. After you press enter the next item will appear. Continue until all items are entered.
Physical Inventory Count Print Discrepancy Report 87 Enter the From/Thru Item range for the report. Which Period should be the fiscal year and month. Which Items – ‘A’ for all or ‘D’ for discrepancies. HINT: It is a good idea to print ALL the first time to double check your entries.
Physical Inventory Count Print Discrepancy Report 88 The report shows the Quantity from the Inventory System, and the physical count entered. The Net Adjustment is the difference that needs to be recorded in the General Ledger.
Physical Inventory Count Print Discrepancy Report 89 Review the Discrepancy Report for errors. Corrections should be entered under the Input Physical Count step. Reprint the Discrepancy Report for Discrepancy Only. If any items need to be recounted, this report can be used. After all corrections have been made and the report is accurate, you are ready to update the count to the Inventory System.
Physical Inventory Count Update to Counts/Adjust Inventory 90 This step will adjust the Quantity On Hand to match the physical count. Adjust Date – typically the end of the fiscal year. Adjust Voucher – key in voucher #. Adjust Charge Code – defined in Office Manager, Charge codes (400 range).
Physical Inventory Count 91 Item Inquiry after updating the physical count.
Work Order Inquiry 104 Screen 4 –Transactions You can limit the transaction view to one type if needed. Use ‘Transactions to View’ and enter the corresponding number to view transactions.
Work Order Inquiry 105 How do the transactions get here?
Work Orders Importing Transactions 106 Import Options At the end of the month the Import Options are used to pull transactions from other applications onto the individual work orders.
Work Orders Importing Transactions 107 In order for a transaction to be imported, it must have the Work Order #. For Accounts Payable or Accounts Receivable transactions, you would be prompted at invoice entry to key in the WO#. This prompt is controlled by a setting on the general ledger account for construction in progress.
Work Orders Importing Transactions 108 In order for a transaction to be imported, it must have the Work Order #. For Payroll transactions, the employee time is entered through Detail Entry of Times to the WO#. For Vehicle Maintenance transactions, the usage is entered to each vehicle either through VM or PP Detail Entry of Times to the WO#.
109 In order for a transaction to be imported, it must have the Work Order #. For Inventory Control transactions, the WO# must be entered during Transaction Entry. Work Orders Importing Transactions
Work Orders Spread Clearing Accounts 110 After the transactions have been imported, the spreads are calculated and printed. Spread Clearing Accounts
Work Orders Spread Clearing Accounts 111 What is a clearing account and why do I need to spread it?
Work Orders Spread Clearing Accounts 112 Spreading to clearing accounts is the process that calculates the overhead cost for each transaction type.
Work Orders Spread Clearing Accounts 113 Calculate Stores Expense – is the overhead or operating cost on Inventory Control items. These are “SE” transactions.
Work Orders Spread Clearing Accounts 114 Calculate Overhead – is the overhead cost on Payroll. These are “OH” transactions.
Work Orders Spread Clearing Accounts 115 Calculate Transportation – is the overhead or operating cost on Vehicles. These are “TR” transactions.
Work Orders Spread Clearing Accounts 116 After each calculation, Print Calculations report details the overhead money that will be ‘spread’ to each WO#. The report also includes the GL account distributions.
Work Orders Summary Work Order Report The Summary Work Order Report lists the total by WO# for the date range entered.
Work Orders Detailed Work Order Report The Detail Work Order Report includes totals by WO# for the date range entered. It also includes a break down by transaction code and a WO Grand Total.
Work Orders Transactions by Work Order Report 122 Transaction by Work Order Report shows individual transactions for each order for the date range entered. It also totals each WO.
Work Orders Closing and History 123 Work Order History is to view and print report for closed orders. Work Order Closing is used when the orders are complete and ready to be closed.
Work Orders Closing and History 124 Work Order History is to view and print report for closed orders. Work Order Closing is used when the job is complete and ready to be closed.
Work Orders Closing and History 125 The orders to be closed must be selected. During the closing process, you will assign plant/fixed asset numbers to transactions on each order.
Work Orders Closing and History 126 After all entries are made, the Closing Packet/Report creates a packet for the GL to move the cost of the job from CIP to the Asset account. Update Plant Units and & WO, moves the orders to History and updates the Fixed Asset items with the cost from the closed orders.
Fixed Assets 127 In Fixed Assets, the Plant Additions, Plant Retirements, etc. are the transactions created when the Work Orders are closed.
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