Re: GL Transaction of producing the finished goods need to be reviewed

null@example.com (infotechaccountant) — Thu, 04 Jun 2009 03:27:41 +0000

Thank you Joe , Continuing in Testing .........

Re: GL Transaction of producing the finished goods need to be reviewed

null@example.com (joe) — Wed, 03 Jun 2009 22:41:52 +0000

I think this is a matter of presetting the correct accounts in the Items form / Item categories. The reason for setting the same account is that the same account are used in the Inventory Account and Item Assembly Cost Account (for manufactured Items).
At present we don't have preset accounts for the intermediate accounts (from loading to production).

/Joe

GL Transaction of producing the finished goods need to be reviewed

null@example.com (infotechaccountant) — Wed, 03 Jun 2009 19:04:36 +0000

During testing procedures and after passing through all the steps of work order till the producing step every thing seems to be OK , but when I went through producing by pressing the button of "produce" one general ledger transaction must be done which I guess it is predefined , and here is the transaction I found

By 14000 Stock 95.59
To 14000 Stock 64.29
To 14000 Stock 31.30

but what it should be is

By 14002 Finished Goods 95.59
To 14000 Stock 64.29
To 14000 Stock 31.30

and if we want to be more accurate we have to add more procedure when the material and the costs loaded to the work order by doing this transaction for the raw material issuance

By 14001 Work In Process 95.59
To 14000 Stock 64.29
To 14000 Stock 31.30

then when the production finished

By 14002 Finished Goods 95.59
To 14000 Stock 64.29
To 14000 Stock 31.30

and the transaction of the other cost should be

By 14001 Work In Process 50
To 11000 Bank 50

you have to note that we are as accountants some times using intermediate accounts for the purpose of internal control so we can do the previous transaction like this

By Wages xxx
To Bank xxx

By Work in Process xxx
to Wages xxx

so please try to fix the transaction that will be processed when producing the finished goods in the light of the last notes

FrontAccounting forum — GL Transaction of producing the finished goods need to be reviewed

Re: GL Transaction of producing the finished goods need to be reviewed

Re: GL Transaction of producing the finished goods need to be reviewed

GL Transaction of producing the finished goods need to be reviewed