Revenue and Cogs matching scenario
Hi,
At month end 30june2012
-shipment is made,so the accounting entry would be
Dr DCOGS Rs 100
Cr Inventory Rs 100
On 1st july2012
--Autoinvoice run and accounting entry would be after transaction created
Dr Receivable Rs 100
Cr Unearned Revenue Rs 100
When we run the revenue recognition program on 10th july2012,how the system will cogs match with revenue?and what accounting entry will create on what date?
1