Goods received not invoiced account

Goods received not invoiced account

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Hi,

I've just started working with a new client using netsuite.  I'm not familiar with the package.

They have never reconciled or matched off anything in their goods received not invoiced account and now have a big line item listing of items.  I've worked other places where this account was a mess, but it was generally left as a mess.

Client is keen to get this fixed, but without spending on time reconciling and manually posting. 

Does anyone have experience of an account like this that functions?  There's a 3rd party offering an auto reconciler and it seems netsuite may have just launched a more automated variance poster.  However an opening balance figure was posted way back when so I'm concerned any automated solution will still leave a big balance to be investigated.

Any suggestions?

Replies (4)

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By petersaxton
18th Jun 2010 18:21

Nonsense

"Client is keen to get this fixed, but without spending on time reconciling and manually posting."

They're hoping for a miracle.

They need to understand that neglecting their accounts makes things harder not easier.

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By cheeeetah
20th Jun 2010 10:51

Could you fix my mess for free, please, so I can spend your fee-

<ul>"Client is keen to get this fixed, but without spending on time reconciling and manually posting." </ul>

Naturally he would like this done cheaply.  Show him what to do (and charge for your 1hour of instruction) and send him off to do it himself.   That would be the cheapest way about it.

When he gets fed up he will come back with a more sensible attitude. 

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By Richard Willis
21st Jun 2010 13:42

These are rarely correct for long!

GRNI accounts are rarely correct unless the users keep a tight hold on them.  The most common reason for inacurracies is invoices that are posted directly to P/L without reference to the original goods r/c.  Most systems that I have come across have some facility to 'clear' any unmatched stale entries.

Assuming that all P/L accounts have been reconciled and no invoices are missing it is usually reasonable to assume that any r/c over a certain age (say 3m or 6m) is stale and can be completed.  Even if no invoice has been recieved after 6m it probably won't be anyway!

If this a/c is allowed to build up unchecked it is detrimental to the profit and solvency of the BS and COULD be seen by HMRC, in the event of an inspection, to be a deferment of profit designed to avoid tax, (both assuming that the stock a/c has since been fixed to actual)!

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By dankimpton
01st Oct 2013 11:04

Reconciliation of supplier statements

Hi, 

I know this thread is very old now, but my advice would be to get the client to perform supplier statement reconciliation to identify invoices in the GRNI account that are not quoted on the statement. This is a very time consuming process when performed manually, but there are some very good tools on the market to automate the process eg. www.statementmatching.com 

It's a cloud solution, so no IT to install and no minimum contract term, so the client could use it as a one off exercise or better still on an ongoing basis in order to minimise artificial provisions in the GRNI account.

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