NAVUG Summit 2016 - Stump the Experts Finance Debrief
A: Create a location code for Field Destroy and bring in the credited inventory at a zero value then use the physical inventory journal to make a manual count adjustment to zero it out.Q. How do you categorize Accounts Receivable based on inventory (inventory of what the customer purchased)?
A. Use Product Categories, or use a customization from your partner, or create Dimensions on the Item, or use Dimensions and Jet Reports to filter for the information.Q. How do you split vendor payment terms, such as 1/3 of full payment is due at 30 days, the next 1/3 is due at 60 days, and the final 1/3 is due at 90 days?
A. Have 4 GL account lines at the bottom of the invoice; 3 for each 1/3 payment and a 4th to reverse the items.Q. How do you run a report or find the daily Cash in Transit (e.g., outstanding checks)?
- Run the bank reconciliation daily. You could also run bank ledger entries from the bank account card and filter for open.
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