Thursday, 1 February 2007

Inventory Posting to G/L Account (Without Interim)

There are 2 ways we can reconcile the inventory ledger with general ledger:
1) Automatic Cost Posting - automatically post to G/L when user post inventory
2) Post Inventory Cost to G/L

Reconciliation with G/L:
1) For purchase
--> Debit Inventory Account
--> Credit Direct Cost Applied Account
2) For Sales
--> Credit Inventory Account
--> Debit COGS

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