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QUESTION #1 Does Acumatica Create a GL Journal Entry for Non-Stock Inventory Item Upon Receipt of Purchase Order?
Some people say, No, only Inventory Items. Others say Yes, of course, those are the primary key Debits and Credits that run the financials! (me too).
Others say, No, only Inventory Item, for Non-Stock Items Received and Services Completed, you have to run a query and book a JE manually. (I say ridiculous)
Can you please confirm for these two versions? 2017 R2 and 2019 R2
THIS IS KEY FOR SERVICES THAT ARE PERFORMED AND ESTABLISH A COMPLETED PURCHASE ORDER.
3 Basic Purchase-To-Pay Accounting Events
1 – Purchase Order Create (Release Post) = No Journal Entry
Non-Stock Inventory
2 – Purchase Order Receipt (Release Post) = YES Journal Entry < < < < < < KEY
Debit – Cost or Expense (or Inventory for Inventory Item)
Credit – PO Accrued Liability Account
THE MONTH END CAN OCCUR HERE WITHOUT THE VENDOR BILL FOR THE SERVICES AND THE FINANCIALS ARE CORRECT.
YOU COULD WAIT 3 MONTHS FOR VENDOR BILL SERVICES TO ARRIVE AND FINANCIALS ARE CORRECT.
3 – Vendor Invoice Bill For Services Received Matched (Release Post) = YES Journal Entry (just moves liability)
Debit – PO Accrued Liability Account
Credit – Accounts Payable Trade Account
The Purchase Order Receipt Debit and Credit Account Can be Determined by:
Distribution > Posting Class > Posting Settings
Use COGS/Expense Account from: Posting Class GL Settings, Inventory Item, or Warehouse
Use PO Accrual Account from: Posting Class GL Settings, Inventory Item, or Warehouse
Distribution > Posting Class > GL Accounts
COGS/Expense Account
PO Accrual Account
Distribution > Non-Stock Item > General Settings
Posting Class
Distribution > Non-Stock Item > GL Accounts
Expense Account
PO Accrual Account
Distribution > Item Class
Posting Class
Distribution > Warehouse > GL Accounts
COGS/Expense Account
PO Accrual Account
QUESTION #2
Where and when should or can the user override the Posting Class, Warehouse, or Non-Inventory Item defaults?
At the PO Creation point?
At the PO Receipt point?
Either?
In 2019R2, open up a PO receipt, then go to the OTHER Information Tab. On that tab you will see a link to the IN Ref Nbr. Click on that link which will take you into the Receipt. On the FINANCIAL DETAILS tab click on the batch number and you will see the GL transactions that were created.
Also, to ensure that a Purchase Receipt happens for a Non-Stock Item, make sure to check the Require Receipt checkbox on the GENERAL SETTINGS tab of the Non-Stock Items (IN202000) screen.
Regarding Posting Classes, the Expense Account should default from wherever the Use COGS/Expense Account from field on the Posting Classes (IN206000) screen says to get it from (Inventory Item, Warehouse, or Posting Class).
But you can override it in the Account field on the DOCUMENT DETAILS tab of the Purchase Orders (PO301000) screen.
Hello.
Why is that Acumatica creates a GL transaction when receiving a non-stock item hitting the COGS and doesn't it create it when shipping it?
Is there a setting anywhere else to make this happen? How would I offset COGS?
Thanks