Stock Inventory
Inventory Control Account: is determined by the Control Account listed on the OHF tab of the Item Master.
- If that account is blank or invalid, then the Control Account listed on the Warehouse screen will be used.
- If that account is blank or invalid, then the Control Account listed on the CID Maintenance screen will be used.
Accounting of Stock Item
Purchase Order Receipt: A
Debit is made to Stock Inventory account and a
Credit is made to Accrued AP (P.O. Clearing)
For more information please see the PO Receipt page AP Invoice: A
Debit is made to Accrued AP and a
Credit is made to Accounts Payable
AP Check: A
Debit is made to Accounts Payable and a
Credit is made to a cash account
Production of Stock Item
Purchase Order Receipt: A
Debit is made to Stock Inventory account and a
Credit is made to Accrued AP (P.O. Clearing)
For more information please see the PO Receipt page Production Work Order Assigned: A
Debit is made to WIP and a
Credit is made to Stock Inventory account
PWO Assembly: A
Debit is made to Stock Inventory account and a
Credit is made to WIP
Based on the setup of the assembled item, the Debit can go to a stock or non-stock inventory control account.
Ship SO: A
Debit is made to WIP and a
Credit is made to the same Inventory Control account used at the end of production.
Work in Progress is used again to signify that the inventory can not be used for another order and we have not yet invoiced for it.
Invoice: A
Debit is made to COGS and a
Credit is made to WIP
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