Previous Topic

Next Topic

Understanding Order Accounting Entries

The following is a list of typical order transactions with explanations of how they affect accounting entries throughout iMIS.

If Enable Multi-Warehouses is enabled on the Inventory System Setup window, warehouse will be an applicable GL account level for some entries.

Note: Orders does not look to AR/Cash for an Income account. If an Income account is not defined within the product's account hierarchy, then no Income account exists, and no Income account will be credited when an order for the product is invoiced.

Process

Debit

Credit

Enter an order for a stock item without a payment

No transactions created

No transactions created

Invoice an order for a stock item without payment

The Accounts Receivable account defined on the AR/Cash Default Accounts window

The first non-blank Income account defined at the warehouse, product, category, or inventory system setup level

 

The Cost of Goods Sold account specified at the warehouse, product, category, or inventory system setup level

The Inventory account specified at the warehouse, product, category, or inventory system setup level

Enter an order for a non- stock product with a non- credit card cash payment

The cash account defined for the batch, or the default cash account if no account is defined for the batch

The Prepaid account defined on the AR/Cash Default Accounts window

Invoice an order for a non-stock product with a non-credit card cash payment

The Prepaid account defined on the AR/Cash Default Accounts window

The Transfer/Clearing account defined on the AR/Cash Default Accounts window

 

The Transfer/Clearing account defined on the AR/Cash Default Accounts window

The Income account specified at the warehouse, product, category, or inventory system setup level

Enter an order for a stock item with a credit card payment (Recognize Credit Card Order Payments as Prepaid Cash option disabled)

No transaction created

No transaction created

Invoice an order for a stock item with a credit card payment (Recognize Credit Card Order Payments as Prepaid Cash option disabled)

The cash account specified for the credit card or, if blank, the cash account associated with the original order entry batch

The Income account specified at the warehouse, product, category, or inventory system setup level

 

The Cost of Goods Sold account specified at the warehouse, product, category, or inventory system setup level

The Inventory account specified at the warehouse, product, category, or inventory system setup level

Enter an order for a stock item with a credit card payment (Recognize Credit Card Order Payments as Prepaid Cash option enabled)

The cash account specified for the credit card or, if blank, the cash account associated with the batch

The Prepaid account defined on the AR/Cash Default Accounts window

Invoice an order for a stock item with a credit card payment (Recognize Credit Card Order Payments as Prepaid Cash enabled)

The Prepaid account defined on the AR/Cash Default Accounts window

The Transfer/Clearing account defined on the AR/Cash Default Accounts window

 

The Transfer/Clearing account defined on the AR/Cash Default Accounts window

The Income account specified at the warehouse, product, category, or inventory system setup level

 

The Cost of Goods Sold account specified at the warehouse, product, category, or inventory system setup level

The Inventory account specified at the warehouse, product, category, or inventory system setup level

Post a receipt for a stock inventory item

No transaction recorded

No transaction recorded

Post an inventory adjustment to reduce inventory

The Adjustments account specified at the warehouse, product, category, or inventory system setup level

The Inventory account specified at the warehouse, product, category, or inventory system setup level

Post an inventory adjustment to increase inventory

The Inventory account specified at the warehouse, product, category, or inventory system setup level

The Adjustments account specified at the warehouse, product, category, or inventory system setup level

Cancel an order that contains a recognized cash payment

The Prepaid account defined on the AR/Cash Default Accounts window

The Accounts Receivable account defined on the AR/Cash Default Accounts window

Cancel an order without payment

No transactions

No transactions

Enter a credit memo against an order for a previously invoiced non-stock item (or a credit memo that does not affect inventory)

No transaction

No transaction

Invoice a credit memo against an order for a previously invoiced non-stock item (or a credit memo that does not affect inventory)

The Income account specified at the warehouse, product, category, or inventory system setup level

The Accounts Receivable account defined on the AR/Cash Default Accounts window

Enter a credit memo against an order for a previously invoiced stock item

No transaction

No transaction

Invoice a credit memo against an order for a previously invoiced stock item

The Income account specified at the warehouse, product, category, or inventory system setup level

The Accounts Receivable account defined on the AR/Cash Default Accounts window

 

The Inventory account specified at the warehouse, product, category, or inventory system setup level

The Cost of Goods Sold account specified at the warehouse, product, category, or inventory system setup level

See Also

Orders Accounting Business Rules

Understanding Cash Handling in Orders

Understanding Order Inventory Transactions

Understanding Product Account Hierarchy

Understanding Inventory Accounting Transactions

Understanding Multiple Entities and Orders


ASI logo 10.6 Production Release. Updated 1/23/2006 3:34:27 PM
© Copyright by Advanced Solutions International, Inc. All rights reserved.