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.
PO Receipts/Manual Inventory Adjustments Journal
The PO Receipts/Inventory Adjustments Journal records inventory-related transactions. When Purchase Orders are received from vendors flagged as Inventory Vendors, the PO Receipts Journal records the amount of the Receipt as a debit to Inventory and a credit to Unconfirmed AP. The Unconfirmed AP is a holding account that allows Inventory to be updated as soon as the PO is received without waiting for receipt of the Vendor’s invoice. When the Vendor’s invoice is paid, there is a validation against the PO Receipt amount and the payment amount is debited to Unconfirmed AP and credited to AP. When Manual Inventory Adjustments are made to record missing or damaged inventory, the PO Receipts Journal records a debit to the selected inventory shrinkage expense account and a credit to inventory. Included below are the GL Postings for some common PO Receipts Journal transactions.
Receive a Purchase Order without Landed Costs
- Receive POs C9218 and C9219 from Vendor 104 for $977.50 on Receipt 9537 and 9539.
- This is the GL Posting of the POs: Debit to Inventory and Credit to Unconfirmed AP.
Receive a PO with Landed Costs
- Receive PO C9210 for $1800.00 and incur Freight of $378.00 as a Landed Cost.
- Landed Costs are direct costs of the product and in accordance with GAAP are, therefore, allocated to the products on the PO and capitalized into Inventory.
- The PO Receipts are created separately for the goods Vendor and each Landed Cost Vendor
- This is the GL Posting of the PO Receipt: Debit to Inventory and Credit to Unconfirmed AP.
Landed Costs
- See this wiki: Using Landed Costs for a complete description of Landed Costs.
Enter Manual Inventory Adjustments
- Record a manual Inventory Adjustment to reduce Qty on Hand of a product.
- Created Receipt No 9600 for $187.09 (Qty of 10 x Avg Cost of $18.70890)
- This is the GL Posting of the Receipt: Debit to Inventory Shrinkage Expense and Credit to Inventory.
