Journal Entries — Transfers

Assigned source code IC-TF on the G/L Transactions report.

Stock transfer transactions both debit and credit the inventory control account specified in the item's account set, although you can set up location records in Inventory Control to override general ledger account segments that appear in the item's inventory control account.

Overriding account segments. For example, an item's general ledger inventory control account is 1300-00, where the second segment is the location segment. You set up location1 and location2 to override the location segment of the account with 01 and 02, respectively.

If you transfer an item from location1 to location2, the program credits account 1300-01 and debits account 1300-02.

Stock transfers debit the inventory control account for the original location and credit the inventory control account for the new location.