General Posting Setup - G/L Stock Transactions

Jonathan2708

Hi,

I want to create my general product posting setup so that I get the following simple G/L entries when posting a purchase invoice for my raw material items :

Debit Stock
Debit VAT Input
Credit Creditors Control

The P&L is updated when the BOM journals are posted and the raw materials are consumed - P&L account is referenced in the 'Inventory Adjustment Account' column.

However NAV seems to insist that the 'Direct Cost Applied' and 'Purch. Account' accounts are filled in before an invoice can be posted. I have set these to both be the Stock account so that the net effect is zero, however this does mean there are 2 additional entries that I don't really want. Is there a better way to achieve the same simple result?

Any help appreciated,

Jonathan

kapil4dynamics

I don't think that u shud keep them same as there are cases when these account will not have same value. So u will not be able to figure out by looking at chart of accounts that value is coming from which posting. Though normally people keep these as same account but i wud suggest to refrain from doing so.


And this BOM journal posting wont give u correct understanding again at looking at the Chart of Accounts.

If u post a entry type purchase from Item journal then it credits ur Direct Cost Applied and dr ur Inventory account. Same way the bom journal shud be. Inventory adjustments should normally be used when u can foresee that u will make some adjustments using physical counts.

ayhan06

Jonathan2708 wrote:

Hi,

I want to create my general product posting setup so that I get the following simple G/L entries when posting a purchase invoice for my raw material items :

Debit Stock
Debit VAT Input
Credit Creditors Control

The P&L is updated when the BOM journals are posted and the raw materials are consumed - P&L account is referenced in the 'Inventory Adjustment Account' column.

However NAV seems to insist that the 'Direct Cost Applied' and 'Purch. Account' accounts are filled in before an invoice can be posted. I have set these to both be the Stock account so that the net effect is zero, however this does mean there are 2 additional entries that I don't really want. Is there a better way to achieve the same simple result?

Any help appreciated,

Jonathan

http://www.mibuso.com/forum/viewtopic.php?f=23&t=29932