Finance help. Fixing costs on job after journal entries have been made in the GL

(Brandon Anderson) #1

So I am working on fixing a bit of beginners ignorance from when we went live in 10.0. We have some job material costs in the system that are wrong due to the sequence of transactions being done in the wrong order. We have materials issued at 0 cost because they were issued before they were received. I now have fixes in place so this doesn’t happen anymore, but for historical purposes in quoting, I would like to fix these costing issues.

The problem is, the adjustments to the GL have been done. They noticed the job wasn’t right, and they were fixed in the GL but not on the job (this was probably about 2 years ago). Can I make the job adjustments without hitting the GL again? We really don’t want to mess with closed financial periods.

I’m not an accountant, so I don’t really know what all of the ramifications are and there are a lot of “automagic” things that go on with transactions that I want to be aware of.

Would anyone be willing to walk me through the steps on how I could do this?

(Sue Nielsen) #2

You can make the adjustments in the current fiscal period. GL journal entries could back out the postings to the current period as the dollars were already posted in previous periods. Your financials would be right and your job would be right.

(Brandon Anderson) #3

so basically, for every job adjustment that I make, I will need to make the corresponding opposite journal entry, right?

(Sue Nielsen) #4

That’s right.We’ve had to do that under the same circumstances. Things were originally “fixed” in GL. Once we got things right in Epicor, we had to “unfix” the GL fix!