Use this page to post accounting charges from Warehouse Inventory to the Fund Accounting System. The charges stem from:
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Filling requests.
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Adjusting the available balance of stock items in the Inventory Catalog.
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Posting batch physical inventory counts to the catalog.
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Returning requested items to inventory.
The debits and credits generated by these transactions are held in an interface file until you post them. Posting creates a batch file in Fund Accounting which you can review using the Batch Journal Entries option.
Menu Path
From the Warehouse Inventory menu, select Entry & Processing. From the Periodic Routines menu, select Process General Ledger Charges.
Prerequisites
Before you post accounting charges to the Fund Accounting System, complete the following prerequisites:
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Run the Departmental Charge Summary's Unbilled option to verify the charges stored in your interface file. For details on this report, refer to Departmental Charge Summary.
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Use the Enter Inventory Adjustments option to correct any discrepancies prior to posting. For details, refer to Inventory Adjustments Page.
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Verify that the charges are for the current year, as defined in your Fund Accounting Profile. You cannot post charges for a new year until you update the profile and complete other yearend procedures. For related information, refer to Batch Requests Add Page.
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Back up your Fund Accounting and Warehouse Inventory databases before posting the interface file. This allows you to restore your data to its original state should the posting result in errors.
The records in the interface file can only be posted one time. While posting does not delete the records in Warehouse Inventory, it does update the Billed flag for each record in the Inventory Transactions table. This prevents the records from posting again.
Determine Credits and Debits for Posted Charges
Charges are generated in the Warehouse Inventory System when requests are filled, items are returned to stock, and adjustments are made to a stock item's available inventory balance. These charges result in credits or debits for department and warehouse budgets, depending on the transaction processed.
When a request is filled:
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The request line item's charging account is debited based on the quantity filled. Calculation: Unit Price x Fill Quantity = Debit Amount.
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The General Ledger Inventory on Hand account is credited the same amount. Calculation: Unit Cost x Fill Quantity = Credit Amount.
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If a line item includes warehouse charges, the revenue generated is credited to the warehouse's budget unit and to the overhead account from the item's Stock Number record.
The credit amount is determined by comparing the cost from the request line item with the stock item's cost without the markup factor included:
(Fill Quantity x Unit Price x Markup Factor) (Fill Quantity x Unit Price) = Credit
The General Ledger's Inventory on Hand account is determined by the Inventory Assignment Fund/Department from the Warehouse Code table and the Inventory Account from the Stock Number table.
When the available inventory balance is adjusted:
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The Inventory Adjustment *Budget Unit* and Account combination from the Warehouse Code table is credited for additions to stock and debited for deletions from stock.
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The General Ledger Inventory on Hand account is debited for additions to stock and credited for deletions from stock.
Calculation: (Adjusted Quantity Original Quantity) x Unit Cost = Credit or Debit.
When items are returned to stock:
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The request line item's *Budget Unit*/Account is credited the amount of the transaction. Calculation: Quantity Returned x Unit Cost = Credit.
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The General Ledger Inventory on Hand account is debited the amount of the transaction. Calculation: Quantity Returned x Unit Cost = Debit.
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If there were overhead charges, the appropriate overhead account is debited, using the warehouse's budget unit and the Overhead Account from the Stock Number table.
Identify Journal Entries in Fund Accounting
When you post warehouse charges with the Process General Ledger Charges option, the system creates a batch journal entry record in Fund Accounting. The charges are stored in a batch file until you review the information and post to the live Fund Accounting database.
The batch record is stored in a batch file with the control number INVENTRY. The system-assigned journal entry number is based on the month and day when you post the warehouse charges and the number of times the Process General Ledger Charges option is run during a given day.
Following is an example of how the system generates the journal entry number. The year is not referenced in the number since a posting can only apply to the current fiscal year defined in the Fund Accounting Profile.
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The first records posted on June 15 would be identified as I0615001.
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A second group of records posted the same day would be identified as I0615002.
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The records in the first posting of the following day would be assigned the journal entry number I0616001.
The character I stands for Inventory, 06 for June, and 15 or 16 for the day. The last three digits track the number of batch records processed on a given day.
Post charges to the Fund Accounting System
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Complete the prerequisites described above in the Prerequisites section.
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Select Warehouse Inventory > Entry & Processing > Periodic Routines > Process General Ledger Charges to display the Process General Ledger Charges page.
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In the Search Criteria section, enter criteria to identify the charges to process, and then click Find. For details on the section's fields, refer to the Fields section.
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In the List section, review the transactions displayed. The system does not show each credit and debit that will be generated. Instead, the listings provide a summary of the Warehouse Inventory transactions associated with the charges.
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If you are satisfied with the records listed, click OK.
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In the confirmation dialog, click Yes to send the information to Fund Accounting.
Fields and Descriptions
Following are the fields in the Process General Ledger Charges page's Search Criteria section:
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Field |
Description |
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Request Year |
Current fiscal year, as defined in the Fund Accounting Profile. The year is used to verify the request line items' Expenditure Ledger accounts in the Fund Accounting System. Display only. |
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Warehouse |
Code identifying the location where the requested stock items are stored, as defined in the Warehouse Code table. In this field, you can:
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Stock Number |
Code used to track a commodity in your inventory. Often referred to as an inventory control code, the code can be based on whatever numbering system you use to identify stock. In this field, you can:
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Transaction Date |
Date the charges were recorded, as determined by the Transaction Date in the Fund Accounting Profile. In this field, you can:
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*Budget Unit* |
Low-level Organization Chart code for the Expenditure Ledger account being charged. The field's title is defined in the Fund Accounting Profile. You can enter the code for an individual key organization or use the pipe and asterisk symbols as described above. |
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*Project* |
Low-level project code for the Project Ledger account where the line item's cost is charged. This field only applies if you use project accounting. Its title is defined in the Fund Accounting Profile. You can enter the code for an individual project or use the pipe and asterisk symbols as described above. |