to select, a parameter ID of up to 15 alphanumeric characters. Choose characters for your parameter ID that help identify the type of selections you made in the screen, such as PERIOD or QUARTERLY.Use this screen to identify variances between standard costs and purchased costs or between standard costs and vouchered costs.
This application allows you to create a journal entry (JE) to move the variance amounts to a specified account/organization for standard cost projects. The journal entry is posted by the Post Journal Entries (GLPJE) application.
If you run the process for a subperiod/period other than the last period/subperiod of the fiscal year, a reversing journal entry is created. This journal entry is then posted to the proper project/account/organization, but is automatically reversed when the next reversal adjusting posting for the next subperiod or the first subperiod of the next accounting period occurs.
If the variance calculation is for the last period of the fiscal year, a reversing journal entry is not created. You can run final purchase price variance (PPV) multiple times to allow you to apply updated burden rates (target/actual) and recalculate variance. Each run will only create JE for the difference between the calculated amount and previous JE for that FY/PD/SPD. Every run in final FY/PD/SPD will not create any reversing JE.
This also allows you to store the calculated amounts on a separate summary variance table, so the process can be rerun for the same FY/PD/SPD. The variance process can be run multiple times in a given subperiod/period. Multiple variance JE transactions across subperiod/periods can be open at the same time.
Every time the process generates a journal entry (not just a preview/trial run report), a record is added to the Purchase Price Variance Process log. This log contains the FY/PD/SPD the variance are created for, the date/time stamp from the Inventory Burden Rate table used to calculate the variance, the date/timestamp of the variance the process is run, and the ID of the journal entry created by the process. The user ID of the person generating the variance is also captured in the process.
Use the fields in this block to create a new parameter ID or to retrieve a previously saved parameter ID. A parameter ID represents a set of screen selection parameters. After you have saved a parameter ID and its related parameters, you can retrieve them using Query.
You can use the retrieved parameters to produce reports and run processes more efficiently and with greater consistency. The saved parameters are also useful and necessary when you want to run the process as part of a batch job. Many users save a unique set of parameters for each different way they run a report or process. When you select a previously saved parameter ID or parameter description, the associated saved screen selection parameters automatically display as selection defaults. The page setup and print options are also included in the saved parameter ID if there are any. You can change any of the associated selection defaults as necessary.
Enter, or click to select, a parameter ID of up to 15 alphanumeric characters. Choose characters for your parameter ID that help identify the type of selections you made in the screen, such as PERIOD or QUARTERLY.
When you save your record, all the selections made in the screen are stored with the parameter ID. Later, you can retrieve the parameter using Query.
You can use the parameter to run the process more efficiently because you can select the parameter ID with its previously defined screen selections. After the default selections display in the screen, you can override the defaults.
Enter, or click to select, a parameter description of up to 30 alphanumeric characters.
This field displays the number of periods for variance calculations. This is always One.
Enter, or use 
to select, the fiscal year for which purchase price variance is calculated.
Enter, or use to select, the period for which purchase price variance is calculated.
Enter, or use to select, the subperiod for which purchase price variance is calculated.
This field displays the end date of the fiscal year, period, or subperiod. The value loads from the selected fiscal year, period, or subperiod.
This field displays the date and time when the inventory burden was last calculated.
Select an option to use for burden amount calculations when raw material burdening is on receipt. Options are Target to specify previously calculated target or Actual for actual inventory burden rates.
Enter the number of the journal entry to be created, or leave it blank for system-assignment. If you leave this filed blank, the system automatically assigns the next sequential number based on the last JE number for that fiscal year/period and adjusting journal entry (AJE) type transaction, and also updates the last JE number row. On the other hand, manually assigned numbers will not increment the last JE row.
Upon posting, this journal entry will be posted to the proper project/account/organization, but will be reversed during the next reversal adjusting journal entry posting for the next subperiod or the first subperiod of the next period (if it is the last period of the fiscal year (FY), the FY increments as well). This next posting FY/PD/SPD information is stored as a row in the journal entry reversal table when you run the process.
If selected, this check box indicates that the process will continue despite the warning. Clear the check box to stop the process when error occurs.
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Subtask |
Description |
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Previous Purchase Price Variance Journal Entries |
Click this link to open the Previous Purchase Price Variance Journal Entries subtask and display basic information regarding previously created PPV journal entries. This displays information only for login user’s company. |