Account Distribution under actual costing, average cost method
February 18th, 2012
No comments
PO Receive (INV PRCV)
Item ABC current on-hand qty = 100, cost = $1.4
PO purchase price $1.17, with 17% VAT tax, material cost = $1. Receive qty = 100
After received, qty = 200, average cost = $1.2
| Debit | Credit | Comment | |
| Inventory | 120 | 100 pcs on after received unit cost of $1.2 | |
| Inventory | 20 | If current item unit cost is differ than PO receiving cost, adjustment entry created | |
| Voucher Payable | 100 |
AP Voucher Generation (APV)
| Debit | Credit | Comment | |
| Account Payable | 117 | ||
| Voucher Payable | 100 | ||
| Tax Liability | 17 |
AP Payment (APP)
| Debit | Credit | Comment | |
| Account Payable | 117 | ||
| Cash | 115 | ||
| Exch Rate G/L | 2 | For foreign currency, if the exchange rate is differ from the time AP generated, G/L will be recognized. |
Misc Receive (MRCP)
Current onhand qty = 100, unit cost = $1.4
Misc receive qty = 100, unit cost = $1
After received, qty = 200, unit cost = $1.2
| Debit | Credit | Comment | |
| Inventory | 120 | 100 pcs on $1.2 unit cost | |
| Inventory | 20 | If current item unit cost is differ than misc receiving cost, adjustment entry created | |
| Inventory Adj | 100 |
Misc Issue (MRCP)
Current unit cost $1.2, misc issue out 100 pcs
| Debit | Credit | Comment | |
| Inventory | 120 | 100 pcs on $1.2 unit cost | |
| Expense, Cost Account | 120 |
Job Material Issue (INV JOI)
Current unit cost $1.2, issue qty 100 pcs
| Debit | Credit | Comment | |
| Inventory | 120 | 100 pcs on $1.2 unit cost | |
| WIP Material | 120 |
Job Labor Posting (INV JOL)
| Debit | Credit | Comment | |
| COGS Labor | 40 | ||
| WIP Labor | 40 |
Job Completion (INV JFIN)
| Debit | Credit | Comment | |
| FG Inventory(material) | 120 | ||
| WIP Material | 120 | ||
| FG Inventory (labor) | 40 | ||
| WIP Labor | 40 |
Order Shipment (INV CSH)
| Debit | Credit | Comment | |
| FG Inventory(material) | 120 | uses accounts on stockroom location where item was shipped from | |
| COGS Material | 120 | uses accounts from End User type if one exists, else from Distribution Accounts for Product Code | |
| FG Inventory (labor) | 40 | ||
| WIP Labor | 40 |
Order Invoicing (INV JOL)
| Debit | Credit | Comment | |
| Accounts Receivable | 100 | uses accounts from End User type if one exists, else from Accounts Receivable Parameter | |
| Sales | 100 | uses accounts from End User type if one exists, else from Distribution Accounts for Product Code |
AR Payment (ARP)
| Debit | Credit | Comment | |
| Accounts Receivable | 100 | uses the A/R account specified on the invoice in A/R Posted Transaction Detail | |
| Cash | 98 | uses cash account on bank code | |
| Exch Rate G/L | 2 | For foreign currency, if the exchange rate is differ from the time invoice generated, G/L will be recognized. |
Recent Comments