Record Revenue in case FG in transit?

[TruongDoHoang]

Hello,

I am a junior in MFG/Pro, so
Does anybody look to this case?

I have some FG to be sold, it needs passing:
i. Confirm shipper, at this step COGS increase and Inven. deduct were recorded
ii. Next, the Invoice will be posted, at this Step, the Revenue and the AR were recorded

But I faced that:
1. If the Customer not yet confirm the receipt, the Revenue is not accepted be recorded after (i)
2. (ii) delay after (i) done is not accepted.

We thought about using intermediate account such Goods in transit at step (i) then step (ii) can be done later, however there is a manual process which carried out directly in GL: between COGS and Goods in transit --> we do not want to do manually.

Any people face the same situation and could I have your advice?
Does standard MFG/Pro support for this case?

Regards

Hoang

 

[mosfin]

this is a financial issue, rather than logistic
normally, you issue an invoice as soon you ship the goods,
and MFGPRO updates the Sales,Discount,AR accounts accordingly
now, according to your company finance policy, the revenue
might be not recognized until:
1.the customer receives the goods, and confirms everything is fine
or
2.the field service engineer installs the product at customer's location,
and gives proper training, etc... and customer confirms everything is ok
or whatever...
the finance/accounting department, must deal with it, for example you mentioned
"Goods in Transit" account , or you may call it "Revenue Defferrals" ...

 

[TruongDoHoang]

this is a financial issue, rather than logistic
normally, you issue an invoice as soon you ship the goods,
and MFGPRO updates the Sales,Discount,AR accounts accordingly
now, according to your company finance policy, the revenue
might be not recognized until:
1.the customer receives the goods, and confirms everything is fine
or
2.the field service engineer installs the product at customer's location,
and gives proper training, etc... and customer confirms everything is ok
or whatever...
the finance/accounting department, must deal with it, for example you mentioned
"Goods in Transit" account , or you may call it "Revenue Defferrals" ...

Hi Mosfin,
The problems are:
1. The COGS can not be recorded before Revenue was.
2. The Revenue, of course, should not be recorded if the customer not yet confirm the shipment

As my idea: using the intermediate account such Goods in transit.

I wonder that DOES MFG/Pro have any procedure for my case?

Hope to receive more ideas about this.

Hoang