PRMS Standard Costing Content
MXB

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Duration

3 Days

Audience

Cost Accountants, Cost/Financial Managers, Business Analysts, Controller, Programmer/Analyst

Goals

Know how to develop and roll product costs. Understand and be able to configure GL Transaction accounts. Understand the flow of GL transactions. Understand the reporting of GL transactions. Understand the concept, setup and operation of the Cost Analysis Workbench.

Topics Covered

Developing Product Cost, Configuring and assigning GL accounts, Walk through of GL transactions by operational process, Cost Analysis Workbench

Instruction Methodology

Instructor led with hands on workshops or self-review


This is the most complete and applicable content on PRMS Standard Costing ever published!

1) How to setup the product cost covering all the elements

2) How to setup all the general ledger accounts, what they are and the hierarchy of their placement and use

3) Program by program GL Transactional effects

4) Self-guided workshops for the entire ordering and manufacturing process complete with specific steps, program options and values to a prescribed model with expected results

And since it's Adobe Acrobat, simply use 'find' for PRMS Expertise at your fingertips!

Course Details

What is Standard Costing
Definitions
Structure of Manufacturing Orders
Accounting Principles
Types of Variances
PRMS Terminology
Developing Product Cost
User Profile Maintenance
Currency Code Maintenance
System Control
Multi-Currency Options
Inventory Options
Product Costing Options
Burden Elements
Product Structure
Exchange Rate Master
Product Cost File Structure
Product Cost Kinds and Types
Purchased Items
Product Master
Purchasing Rate Codes
Duty Code Maintenance
Make Items
Work Centers
Routing Maintenance
Rate Code Maintenance
Setup Code Maintenance
Product Structure Maintenance
Calculating and Updating Costs
Purchase Product Cost Update
Product Cost Update
Product Cost Inquiries/Reports
Product Cost Report
Product Cost Inquiry

Product Cost Query File Build

Assigning G/L Numbers
G/L Account Master
System Control
G/L Account Descriptions
G/L Transactions
The Application Process
Our Example
The Basics - PRMS G/L Transactions
Purchase Order Receipts
Invoice Entry
Disbursement Journal
Move through Inventory
Issue to Work Order
Report Labor
Applying Burden
Burden Calculations and Factors
Backflush Material, Labor, Burden
Post Inventory to Stock
Close Work Order
Ship to Customer
Update Accounts Receivable
Receive Payment from Customer
 
G/L Transactions (cont.)
Miscellaneous Transactions
Outside Operations
Indirect Labor
Scrap
Setup Labor
By-product Receipt
Replenishment Orders
Multiplant Transfers
Monitoring Performance
G/L Interface Listing
Historical Purchase Price Variance Report
Purchase Price Variance Subledger Report
Work In Process Valuation Report
Production Variance Report
Production Yield Report
Stock Status Report
Cost Analysis Workbench
What Is It?
System Control
Maintenance Functions
Scrap Transaction Code Maintenance
Product Structure Base Quantity Update
A/P & PO Purchasing Costs
Product Level Labor and Burden
Product Level Scrap Labor and Burdens
Product/ECN Level Material Usage
Work Center Level Labor & Burden
Product Level Material Usage
Product/Work Center Level Labor & Burden Variance
Work Center Scrap Labor & Burdens
Reports
Material Usage Variance
Labor/Burden Variance
Purchase Price Variance
Scrap Reports
Adjustments, Exceptions, Year End
Foreign Currency Revaluation
Inventory Revaluation
Product Cost Replacement
Actual Cost Year End Update
Shop Floor Transaction Posting
PS Year-End History Update
Hands On Workshop
Appendices
G/L Account Index
Product Cost Query File

PRMS Actual Cost Definitions

 

   

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Contact us: MXB@Electriced.com 520-730-9956

Manufacturing Systems, Controls and Procedures Consulting
Educational Product Development