1 Reply Latest reply on May 17, 2010 8:14 AM by 643952

    Inventory Accounting

      Hi Guys

      Can someone please assist with documentation on inventory accounting,like the inter org transaction, how that movement within orgs affets the ledger and the subledger,how the miscellanious transactions affets the account(ing) if they are incorrectly posted in the inventory account and the corrections there of.

      thanks in advance
        • 1. Re: Inventory Accounting
          whenever inventory is received , it goes into a material account

          when you issue material using misc issue, the charge account which has to be enetered is the consumption account or expense account or any other account to which youw ant to charge the issuance.

          Likewise, if you are doing a miscellaneous receipt into stores, the charge account asked is not the account to which you want to receive but its the account from which you want to receive.

          for corrections, suppose you had to issue 69 units and by mistake you issued 96 units, than you cannot correct the entry..you can only reverse the entry by doing a mics receipt of the excess qty issued (96-69)..for tracking purposes , you can use reasons or dedicated custom transactions..

          more personalization can also be done depending on ur business needs

          Hope this helps