Accounting entry (in GL entry) from purchase receipt

julkifli33

hi all...
I have 1 question
can we have accounting entry in GL if we post purchase Order (GL account type) to become purchase receipt?
but have not yet invoiced....

thanks

udayrmer

No There will not any G/L Entries,If you are making receipt of Item, and "Expected Cost Posting" TRUE, then only G/L Entries created.

julkifli33

udayrmer wrote:

No There will not any G/L Entries,If you are making receipt of Item, and "Expected Cost Posting" TRUE, then only G/L Entries created.

how do i set this "Expected Cost Posting" ??

udayrmer

On Inventory Setup General Tab, note expected Cost Posting is only for Item not for G/L

faizguy84

Expected cost posting will give the cost of the Items which have been received and not invoiced.
You will have to create an Interim and Accrual account for expected cost posting.
At the time of Reciept--Interim A/c Dr
To Accrual Cr.

Invoicing:- Accrual Dr.
To Interim A/c Cr
INVENTORY A/c Dr
To direct cost applied Cr

Regards,
Faisal Bukhari

julkifli33

but the problem is ... i want to post purchase order line using G/L Account type
and once i post as purchase receipt , i need to create GL Entries
any suggestion?

udayrmer

It is not NAV Standard Functionality, I suggest you to use Receive & Invoice on Purchase Order

mbspuri

Hi Dear Friends:

On Receipt of Item/Material, following entry takes place:

Raw Material Interim Account : Dr.

To, Inventory Adjustment Account: Cr.


When we Invoice PO; Following entries:

i) Above 2 will be reversed

ii) Raw Material : Dr.

To, Direct Cost Applied A/C Cr.

Purchase A/C: Dr.

To, Account Payable: Cr.


Enjoy NAV.