Send Credit/Debit Note Transactions to the General Ledger
Order Entry now uses the Credit/Debit Note Clearing account added to Inventory Control account sets when you enter and post credit and debit note entries.
Items returned to inventory
The following example records a credit note transaction for items returned to inventory. The first transaction is posted directly to G/L from Order Entry; the second one goes through Accounts Receivable.
|
G/L Account |
Debit |
Credit |
|
Inventory Control |
X |
|
|
Credit/Debit Note Clearing |
|
X |
|
G/L Account |
Debit |
Credit |
|
Sales Returns |
X |
|
|
Credit/Debit Note Clearing |
X |
|
|
Tax Liability |
X |
|
|
Receivables Control |
|
X |
|
Cost of Goods Sold |
|
X |
Damaged items
The Damaged Goods account is debited rather than the Sales Returns account.
|
G/L Account |
Debit |
Credit |
|
Damaged Goods |
X |
|
|
Credit/Debit Note Clearing |
X* |
|
|
Tax Liability |
X |
|
|
Receivables Control |
|
X |
|
Cost of Goods Sold |
|
X* |
* The Cr/Dr Note Clearing and the COGS entries will always be zero for damaged goods.
This transaction will appear differently in the A/R Invoice form depending on whether or not the transaction is job-related or uses optional fields.
-
If the transaction is job-related or uses optional fields, the invoice will list a single detail line for the damaged goods account.
-
If the transaction is not job-related and does not use optional fields, the invoice will list three lines—one for damaged goods, one for cost of goods sold, and one for Credit/Debit Note clearing—but only the damaged goods line will have an amount.
Price adjustment
|
G/L Account |
Debit |
Credit |
|
Sales |
X |
|
|
Tax Liability |
X |
|
|
Receivables Control |
|
X |
Debit notes generate opposite debit and credit entries.
See also
Integration with Project and Job Costing
Different Document Dates and Posting Dates
Drilldown to Sales Orders and POs from Transaction Entry
Enter Prepayments on Shipments
Check for Duplicate Orders Based on Purchase Order Numbers
Calculate Backordered Quantities Based on Customer Options
Cost inventory during Posting / Create Transactions and Audit Information during Day End Processing
Order Entry Templates with Blank Tax Groups
Definable Source Type Codes for G/L Transactions
Hide, Show/Allow Editing of Unit Cost/Extended Cost Fields in Credit/Debit Note Entry
Override the Customer Account Set during Order Entry
Create Unconsolidated Details on A/R Invoices