Hii…
We from Shree Niwas Textiles have some requirement which is not available in Ginesys platform at present but we were told to come via IDEA platform so that same came be implemented.
While we prepare Monthly Financial there we always come up with an issue of closing PRC & GRC but due some practical problems same does not get closed in current month as invoices generally comes in next month but since we have to close that month we take a cut –off date say 5th of next month and then we close month. Subsequently though PRC & GRC made in current month but entry is done in next month and financial effect comes in next month though same is included in inventory valuation of previous month. This results in wrong financial result in current month.
We would like PRC & GRC be booked in Finance in same month via any memorandum ledger by tagging PRC and same memorandum ledger be used in booking invoices in next month.
Let me clarify the same by an example
Example: Say Job receipt is booked on 31/12/2020 and invoice received in next month on 07/01/2021. Value of PRC is Rs.100000. Recommended entry is as under
31/12/2020:
Expenses A/c……………………………….Dr. 100000
To Memorandum A/C 100000
07/01/2021:
Memorandum A/c………………………..Dr. 100000
To Creditors A/c 100000
We hope this IDEA would be accepted and same will be implemented. In case of any querry please feel free to connect us.
SATRUGHAN JHA
Applying financial change with each inventory transaction is not feasible as per current working. It is suggested to maintain a month end reconciliation for pending inventory transaction line Job Receipt and Goods Receipts before closing the months.
As per our current architecture, we will not be able to provide this functionality. However, we are keeping this Idea open for further votes, so that can take another call in future.