How can I ensure physical stock tally with General ledger accounts?

Each item code has to link to the GL Inventory Control Account Code. It is the control account.

When user post a purchase receipt, the double entry will be

Dr Inventory Cr Receipt Credit.

When User posts the AP invoice and match against the PO Goods receipt, the double entry will be

Dr Receipt Credit Cr Creditor Control.

When User posts the delivery order or AR invoice, the double entry will be

Dr COGS Cr Inventory

Dr Debtors Cr Sales

User has to made adjustment from the inventory control module and not directly from the General Ledger module.

Share and Enjoy !

0Shares
0 0 0

Comment on this FAQ

Your email address will not be published. Required fields are marked *

Dear Customers, We are closely monitoring the spread of the COVID-19 virus with the safety of our colleagues, customers, and their families as our top priority.We would like to inform you that we have implemented a set of safety precautions - from teams’ rotation and work-from-home capability. Our staff are enabled with the necessary tools to work from home and we remain contactable. Do contact the consultants via their mobile phone.
We are confident in delivering quality support even during this period. We will do all we can to minimise service disruption. We are depending on you, our valued customers during these challenging times. Keeping our mutual business moving forward is vital for everyone. Please contact us should you require any assistance.
----------------------------------
Sage 300 support issues:
support@twm.com.sg
Mobile: 9785 7804 , 8182 7789 and 9637 5181
SAP support issues:
sapsupport@twm.com.sg
Mobile: 9171 6864 , 8518 5832 and 9112 4172
Sales enquiries:
sales@twm.com.sg
Mobile: 9671 0849 , 9644 3460 and 8218 8546

Thank you for your support. Stay safe !
Regards,
TWM