Posting Group Setup
- Balance Sheet
- Bank Account Posting Groups
- Customer Posting Group
- Vendor Posting Groups
- Inventory Posting Setup
- (Inventory Posting Group + Location)
- Income Statement
- General Posting Setup
- (General Business Posting Groups + General Product Posting Groups)
- General Posting Setup
Entries Sample
Accounting Entries for Sales & Purchase | |||||
Post Sales Invoice | |||||
Dr | Trade Receivable | Customer Posting Group | $82,000 | ||
Cr | Sales | General Posting Setup | ($82,000) | ||
Post Purchase Receipt | |||||
Dr | Inventory Account (Interim) | Inventory Posting Setup | $18,750 | ||
Cr | Inventory Accrual Account (Interim) | General Posting Setup | ($18,750) | ||
Physical Inventory Journal - To Recognize Cost of Goods Sold | |||||
Dr | Costs of Goods Sold | General Posting Setup | $18,750 | ||
Cr | Stock Account – On Site | Inventory Posting Setup | ($18,750) | ||
Post Purchase Invoice | |||||
Dr | Inventory Accrual Account (Interim) | Inventory Posting Setup | $18,750 | ||
Cr | Inventory Account (Interim) | Inventory Posting Setup | ($18,750) | ||
Dr | Purchase - Supplier | General Posting Setup | $18,750 | ||
Cr | Trade Payable | Vendor Posting Setup | ($18,750) | ||
Dr | Stock Account – On Site | Inventory Posting Setup | $18,750 | ||
Cr | Direct Cost Applied | General Posting Setup | ($18,750) | ||
Net Result Reflected on TB | |||||
Dr | Trade Receivable | Customer Posting Group | $82,000 | ||
Cr | Sales | General Posting Setup | ($82,000) | ||
Dr | Costs of Goods Sold | General Posting Setup | $18,750 | ||
Dr | Purchase - Supplier | General Posting Setup | $18,750 | ||
Cr | Trade Payable | Vendor Posting Setup | ($18,750) | ||
Cr | Direct Cost Applied | General Posting Setup | ($18,750) | ||
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