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I set up a stock inventory item with the valuation method of "Standard" Cost Method. And all will be defaulted to One Posting class. However, all of the PO Receipt entry is posting with the debit of Inventory variance account instead of Inventory account even though the unit cost on the PO has the same value as the Pending cost under this stock item profile
Now if the stock inventory item is under the valuation method of "Specific" cost method, the PO receipt entry is posting correctly with the debit of Inventory Account for the unit cost received on the PO...
And all stock items are setting up under ONE default Posting Class so I don't understand why the Standard cost item is not posting to the Inventory account
You mention the PO cost is the same as the Pending cost, but what is the standard cost? If the standard cost is still 0.00, you will need to update using the Update Standard Costs process in Inventory Management.
Please let me know if I have properly understood.
Dennis
"Any differences between the standard cost and the unit cost on receipts multiplied by the quantity on the receipt are recorded to the standard cost variance account"
Perhaps you need to check this (and also have a close read of the Standard valuation method).