Journal Entries Generated by Posting or Day-End Processing
This topic describes the journal entries that are created for your general ledger when you post transactions or run day-end processing (depending on when you do item costing).
If your Inventory Control ledger is not set to generate general ledger batches during posting or day-end processing, make sure you create General Ledger batches as part of your period-end procedures.
If you do not use Sage ERP Accpac General Ledger, Inventory Control creates its general ledger transactions in a file called ICGLTRAN.CSV, which can be imported by a Sage ERP Accpac General Ledger at another site or transferred to another general ledger that you use. The file is in a Comma Separated Values (CSV) format.
Note that Inventory Control does not create invoices for Accounts Payable and Accounts Receivable. If you want to generate invoices with your Inventory Control receipts and shipments, you must use the Purchase Orders and Order Entry programs.
Receipt returns
Returns posted to incomplete receipts debit the payables clearing account and credit the inventory control account.
Sales returns
Sales returns debit the inventory control account and credit the cost of goods sold account.
Non-stock shipments
Non-stock shipments debit the cost of goods sold account and credit the non-stock clearing account.
Assemblies
Assigned source code IC-AS on the G/L Transactions report.
Assembly transactions debit the master item's inventory control account, and credit the inventory control account of each component item on the bill of material being assembled. If a fixed or variable cost is specified on the bill of material, then the master item's assembly cost credit account is credited.
See also