Journal Entries — Receipts

Assigned source code IC-RC on the G/L Transactions report. Receipt returns are assigned IC-RR, and receipt adjustments are assigned IC-RA.

Receipt transactions debit the general ledger inventory control account, and credit the item's payables clearing account.

Sage ERP Accpac Accounts Payable. When you enter the related vendor invoices in Accounts Payable, you will debit the payables clearing account for the value of the invoice, and credit the vendor's payables account. The debit to the payables clearing account clears the balance that is left in this account from posting receipts.

Sage ERP Accpac General Ledger. If you do not enter a vendor invoice in Accounts Payable (such as when no vendor is specified on the posted receipt), you enter a cash transaction in the General Ledger that debits the payables clearing account for the cost of the goods on the receipt, and credits the cash account. The debit to the payables clearing account clears the balance that is left in this account from posting receipts.