General Ledger Postings – Sales Journal

Accolent ERP posts transactions to the General Ledger (GL) through the following Accounting Journals: Sales Journal (SJ), Payment Receipts Journal (PR), PO Receipts/Manual Inventory Adjustments Journal (PO), Accounts Payable Journal (AP), Voucher Adjustments Journal (VA), Cash Disbursements Journal (CD) and the General Journal (GJ). The Accounting Journals are automatically posted to the GL immediately upon completion of the underlying transaction.

Sales Journal

The Sales Journal records sales of goods from Inventory. When a sales order is fulfilled and then invoiced, this completes the revenue recognition process. The invoiced sales transaction is then posted to the General Ledger through the Sales Journal. The Sales Journal records the sales-side of the transaction as a debit to Accounts Receivable and a credit to Sales, Sales Tax Payable Freight Income and Services Labor. The cost-side of the transaction posts as a debit to Cost of Goods Sold and a credit to Inventory. Included below are the GL Postings for some common Sales Journal transactions.

Invoicing an Order

  • Create order 66375 for Customer 001-Drip Works for $2,197.80 plus sales tax of $186.81 for a total of $2,384.61.
  • Move order to fulfillment, then when the goods are shipped, invoice the customer.
  • Invoicing signifies completion of the revenue recognition process, and triggers the GL Posting.
  • This is the GL Posting of the order: sales-side posting Debits Accounts Receivable and Credits Sales and Sales Tax Payable; cost-side posting Debits COGS and Credits Inventory.

Unconfirming an Invoice

  • Sometimes, invoices are created with errors and have to be “unconfirmed” in order to be amended.
  • “Unconfirming” an invoice returns the transaction to order or fulfillment status.
  • Unconfirm invoice 66375.
  • The previous GL posting is then reversed pending re-invoicing.

Overriding the GL Defaults

  • The default GL Accounts for Sales Taxable, COGS and Inventory are set on the Warehouse GL Defaults.
  • These may be overridden based on the Category of the Products sold to define specific GL Accounts for the Sales, COGS and Inventory postings.
  • Re-invoice 66375 with Sales Taxable posting to GL Account 401-00 Sales Taxable – Electronics.

 

 

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