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Account Distribution under actual costing, average cost method

February 18th, 2012 Leave a comment Go to 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.
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