Check this at Account > Posting Setups > Inventory Accounting Setup
Inventory
Accounting Setup will be used to define specific GL accounts item related
postings. The Inventory Accounting Group
name will be mapped with Item Master
along with Location.
For example, if businesses have different nature of Products then it needs different posting structure to handle the transactions in GL accounts so that user can have deep insights about profit and loss of different type of products of the business.
Now take the same case which is explained at general accounting setup , and we have two inventory group as follows
- Home Appliances Group
-
Mobiles Group
In new New Delhi Location / Warehouse.
The above can be created at Account > Posting Groups > Inventory Posting Groups.
Inventory Accounting Setup (Account > Posting Setups > Inventory Accounting Setups):
Doc No: |
Name* |
Inventory A/c Group |
Location Code* |
Inventory A/c (Assets) |
Default Expense A/c (Expenses) |
Default Income A/c (Incomes) |
Work In progress (Assets) |
Production Overheads (Expenses) |
IAS1 |
Default Posting Setup | Default Inventory Group |
Default Location |
Temp A/c |
Temp A/c |
Temp A/c | Temp A/c | Temp A/c |
IAS2 |
Home Appliances Posting Setup |
Home Appliances |
New Delhi |
Stock (Home Appliances) A/c |
Stock Expenses A/c |
Stock Income A/c |
WIP A/c | Productions Overhead A/c |
IAS3 | Mobile Phone Setup | Mobiles Group | New Delhi | Stock (Mobiles) A/c | Stock Expenses A/c | Stock Income A/c | WIP A/c | Productions Overhead A/c |
- B (Vendor) mapped with Trading Business (TB) and Trading Vendor A/c Setup (VAG1).
- P1 (Item) mapped with Home Appliances Group and Trading Products(TP) .
- P2 (Item) mapped with Mobiles Group and Trading Products(TP).
- P1 and P2 (Items) are bought from B (Vendor) for USD 1000 and USD 500 respectively.
Based on the accounting setup, system will identify the corresponding GL accounts to post values.
Then Accounting journal will be as follows for
Item inward entry for the above case:
-
Item received but not billed A/c (Trading) -USD 1500 Credit
-
Stock (Home Appliances) Ac - USD 1000 Debit
-
Stock (Mobiles) Ac - USD 500 Debit
.Purchase Invoice Receipt entry
-
AP (Trading) A/c - USD 1500 Credit
- Item received but not billed A/c (Trading) -USD 1500 Debit