...
| Transaction | Dr. | Cr. | ||
|---|---|---|---|---|
| Receipt | Entry 1 | Inventory (Interim) | Inventory Accrual (Interim) | |
| Purchase Invoice | Entry 1 | Inventory Accrual (Interim) | Inventory (Interim) | |
| Entry 2 | Inventory | Direct Cost Applied | ||
| Entry 3 | Purchase | Account Payable | ||
| Shipment | Entry 1 | COGS (Interim) | Inventory (Interim) | |
| Sales Invoice | Entry 1 | Inventory (Interim) | COGS (Interim) | |
| Entry 2 | COGS | Inventory | ||
| Entry 3 | Sales | Account Receivable | Sales |
For Logos, Case of Consignment case:
| Transaction | Dr. | Cr. | |
|---|---|---|---|
| Receipt | Entry 1 | 13197 | 13199 |
| Purchase Invoice | Entry 1 | 13199 | 13197 |
| Entry 2 | 13100 / 13199 | 66000 | |
| Entry 3 | Purchase | Account Payable | |
| Shipment | Entry 1 | 60000 | 13197 |
| Sales Invoice | Entry 1 | 13197 | 60000 |
| Entry 2 | 60000 | 13100 / 13199 | |
| Entry 3 | Account Receivable | Sales |
Case1 : Purchase Receipt 100 units for Consignment Items $50/unit
Sales for 40 units, each $100
| Transaction | Dr. | Cr. | |
|---|---|---|---|
| Receipt | Entry 1 | $5000 (13197) | $5000 (13199) |
| Purchase Invoice | Entry 1 | $2000 (13199) | $2000 (13197) |
| Entry 2 | Inventory $2000 | $2000 Direct Cost Applied | |
| Entry 3 | Purchase $2000 | $2000 Account Payable | |
| Shipment | Entry 1 | $2000 (60000) | $2000 (13197) |
| Sales Invoice | Entry 1 | $2000 (13197) | $2000 (60000) |
| Entry 2 | $2000 COGS | Inventory $2000 | |
| Entry 3 | $4000 Account Receivable | $4000 Sales |
Final Entry:
Posted Receipt → Posted Sales Shipment & Invoice → Post Purcahse Invoice
| Transaction | Dr. | Cr. | |
|---|---|---|---|
| (Receipt but not Invoiced) | Entry 1 | $3000 (13197) | $3000 (13199) |
| Entry 2 | $2000 COGS | $2000 Direct Cost Applied | |
| Entry 3 | $2000 Purchase | $2000 Account Payable | |
| Entry 4 | $4000 Account Receivable | $4000 Sales |
Case 2: Only Shipment+Invocie
| Transaction | Dr. | Cr. | |
|---|---|---|---|
| Receipt | Entry 1 | $5000 (13197) | $5000 (13199) |
| Shipment | Entry 1 | $2000 (60000) | $2000 (13197) |
| Sales Invoice | Entry 1 | $2000 (13197) | $2000 (60000) |
| Entry 2 | $2000 COGS | Inventory $2000 | |
| Entry 3 | $4000 Account Receivable | $4000 Sales |
Final Entry:
| Transaction | Dr. | Cr. | |
|---|---|---|---|
| Receipt | Entry 1 | $5000 (13197) | $5000 (13199) |
| Shipment | Entry 1 | ||
| Sales Invoice | Entry 1 | ||
| Entry 2 | $2000 COGS | Inventory $2000 | |
| Entry 3 | $4000 Account Receivable | $4000 Sales |