Previous Topic

Next Topic

Standard Inventory Transactions

The following accounting transactions are created when an inventory transaction is posted:

Receipt

Accounting transactions are not created in iMIS when product inventory receipts are posted. Typically, accounting transactions occur when inventory invoices are processed through your accounting software, which affects the General Ledger account.

Inventory Adjustment

Unlike product inventory receipts, product inventory adjustments create accounting transactions if the Cost of Goods Sold option is enabled on the Inventory System Setup window. Inventory adjustments create accounting transactions that affect both Inventory and Adjustments accounts. For example, an inventory adjustment that reduces a product's inventory will credit the Income account and debit the Adjustments account.

Account hierarchy determines which specific Income and Adjustments accounts are affected by inventory adjustments.

Note: If you are using batch control, be sure to open the appropriate batch before posting inventory adjustments.

See Also

Understanding Inventory Accounting Transactions

Multiple Warehouse Inventory Transactions

Account Hierarchy for Inventory Adjustments


ASI logo 10.6 Production Release. Updated 7/21/2005 1:22:37 PM
© Copyright by Advanced Solutions International, Inc. All rights reserved.