UBSA1.135 : Access UBS (Accounting & Inventory): How to generate cost of goods sold in profit and loss by project

UBSA1.135 : Access UBS (Accounting & Inventory): How to generate cost of goods sold in profit and loss by project

Description

How to generate project reports using the Inventory system and post them to accounts?

Environment

Access UBS (Accounting & Inventory)

Solution

COSTING FROM INVENTORY AND BILLING MODULE
SELECT COSTING METHOD
(Valuation of stock or inventories on hand are determined from 4 choices available in the UBS system)
 
  • Fixed Cost
  • Month Average Cost
  • FIFO (First In First Out)
  • Moving Average Cost
 
You can make your selection from setup in Setup, General Setup, Stock Valuation and select Stock Item Costing Method.

TRANSACTION MAINTENANCE
(You will also need to activate project titles in setup, so that the transactions can be maintained with the relevant project title)

  • Please take note that item opening balances do not segregate by project tiles
  • Please take note that total item value (cost) in hand do not segregate by project tiles
  • Only transactions or bills created in the UBS Inventory system have project title segregation
 
To activate the function, please setup in Setup, General Setup, Transaction and select With Project by Bill.
 
CALCULATE COST OF SALES, SAMPLE TRANSACTIONS & PROJECT REPORTS
  • Opening balance of an item or inventory can be maintained in Maintenance, Opening Quantity Maintenance and select Edit Item Opening Quantity/Cost.
  • The opening quantity from physical stock take can be updated here & input the cost here
  • The cost in opening balances is not segregated by project. Project opening balances are maintained in the Accounting System.  Maintenance, General and select Maintain Stock Values.
  • Each Project Opening Value is manually calculated. Then maintain each project opening balance accordingly.
  • The column This Year Opening Stock will always follow the total amount carried from all project opening balances.
 
SAMPLE TRANSACTION with project titles.
  • You can maintain transaction with project titles. This will allow posting to account an easier process, especially transactions with project titles.

PROJECT REPORTS FROM INVENTORY SYSTEM
 
To get an overview project related transaction from the inventory system, you can open from Reports, Reports Center, Project Reports, List by Project Item and Select Related Bills like Receive. Then, generate a separate report for Invoice, OK and select Send to excel.
 
UPDATE TO ACCOUNTING ITEM VALUES / MONTH END VALUE OF COST IN HAND
 
From Inventory System, stock values for each item can be sent over to accounts.  Please use in Reports, Reports Center, Inventory & Services,  Status & Value, Item Generate and filter by Period (Month).  This is used for month end cost or cost of goods sold. Select [Update A/C Stock Value]
 
For example, the total stock value = 3850.00.  As mentioned earlier, stock values do not segregate by projects.  After, working out the opening balances, you will also need to workout the monthly totals for each Project.
 
image.png
For example, for P01 Project 1”
Project for July Month closing = 1100.00
 
This is calculated from total item on hand is 385 units from all projects with the value of 3850.00.
Project for P01 Opening = 750.00 (75 units)
Transaction for P01 Balance = 350.00 (35 units)
 
Total units on hand at July closing would be 110 units and total cost will be 1100.00
 
REPORTING IN PROFIT AND LOSS ACCOUNT BY PROJECT TITLES.
image.png
Select Project Code filter and generate the report.
​
--Source from Access UBS --