finance integrated test

Professional Pharmaceutical CorporationIntegrated test preparation

Payables

* Landed Cost (Duty, freight…)* Marketing fees related to items (Artwork charges, film charges, plates…)* Quality control (Authorization sent to AP)* 3 way match (reception = accrual)* 2 way match (electricity, phone, …)* Non-stock item* Line type S, J, F, B, O…* US supplier* CND supplier (payment terms, different taxes area(Ont, QC, NB…))* Euro supplier* Posting receipt* Posting invoice (voucher match process-->discrepancy vs no discrepancy, Qty vs price)* Reconciliation* Budget vs analysis* Freight (returns)


Manufacturing

a. Scenario for Lachineb. Scenario for Rachelc. Scenario for Products (if any) that starts in Lachine and finish in Rachel or

Vice versa. Emphasis on labor impact

a. Scenario for Lachineb. Scenario for Rachelc. Scenario for Products (if any) that starts in Lachine and finish in Rachel or

Vice versa. Emphasis on labor impact

a. WO for Subs for 210b. WO for Subs for 220c. Variant: create WO for Subs with mixed items (Manufactured or Purchased)

4. Bulks: GL class: BK10/BK60/BK70a. Scenario for Lachineb. Scenario for Rachel

5. Testers: Marketing--->affects budget

Finance would like to see real time situations:

Also: - Average cost: roll-up and simulated- Standard cost: Roll-up and simulated- Variance: item, Qty with scrap factor, cost- R & D

NB: we have to pay attention to the stocking type and the GL class: An item could have a stocking type of “ P” and could have a GL class of RM or FG.

1. Prepacks : GL class : FG10/ FG60/FG70

2. GWP: GL class : GW10/ GW60/GW70

3. Subs: GL class : FG10/ FG60/FG70

a. Create variances: on materialb. Track scrapc. Track on hand inventory after back flushing: discrepancies …


Recevables

* Credit limit* New client: banner, independant* Tax rate* Different bill to and ship to* NPA, BDF, warehouse allowance, damage allowance, volume rebates , loyalty program, * Coop* Markdown* Returns* Customer service: short shipment, lost shipment, damage shipment, * Price discrepancies* Other rebates: opening new store, compliance fees* Interest on statement* Statement* Deposit, miscelleaneous deposit* Control account* Reconciliation: deposit, subs to GL


Period End

* Close all modules (payables at the end)* Print a trial balance before starting integrated testing* Print a trial balance after integrated testing finished* Checks dates and deadline


Project management

* New lauches (see process)

Other

* Donations (out of stocks…)* Beauty Editors* Cosmeticians 25$* School* Samples to reps* Consignment stocks

finance integrated test

Documents