1 Reply by chenlit

(6 replies, posted in Items and Inventory)

Hi Joe and Apmuthu.

I have tested the same scenario in version v2.3.24. The results are the following:

1) Entry of GRN for 10 products "X" against a standard costprice euro 10. The standard costprice was entered in the Purchasing pricing tab of Item Maintenance.

Total stock of product "X": 10

GL Entries are as follows:
Stock                   100
Clearing account                 100

2) Direct sales invoice of 1 product "x" against the standard costprice of 10 euro.

Total stock of product "X": 9

GL Entries look as follows:
Costprice              10
Stock                                  10

3) We receive the invoice from our supplier at a later moment. The costprice turns out to be 11 euro instead of 10 euros. A direct purchasing invoice is booked.

Total stock of product "X": 9

GL Entries look as follows:
Clearing account        100
Stock (GRN provision)  10
Creditors                             110

After step 3) I checked the balance, inventory valuation report and item.
- Balance of this stock is 100
- Inventory valuation report shows the standard cost price of this material is 11,1111111
- Item also shows the standard costprice of this material is 11,1111111

The standard cost price may look strange at the first sight, but it is actually correct.

Go to forum: Items and Inventory

2 Reply by chenlit

(6 replies, posted in Items and Inventory)

Joe, let me know if you need a more detailed info.

Go to forum: Items and Inventory

3 Reply by chenlit

(6 replies, posted in Items and Inventory)

Hi Joe,

Thanks for coming back this quick. I did try to turn on the goods clearing account. But it still shows this descrepency.

The version I am using currently is 2.3.21

Loeng

Go to forum: Items and Inventory

4 Topic by chenlit

(6 replies, posted in Items and Inventory)

Hello,

I found discrepancy in the inventory valuation report and the stock value in the balance. This happens in the following situation:

Let's say the cost price is 10 euro. Currently we have 0 stock. So stock value is 0.

1) We receive 10 pieces from our supplier. GRN Entry is booked. Stock quantity is updated, but the GL is not updated.
e.g. Let's say we start with a costprice of 10 euro.
Total number of stock: 10
Total stock value should be 100 euro.
Balance is not updated yet.

2) Before we receive the invoice from the supplier we have sold some of the products to our customers. Direct invoice is booked.
Let's say we sell 1 piece. Costprice is still 10 euro. Stock management and GL are booked.
Total number of stock: 9
Total stock value should be: 90 euro
Stock value in balance is: - 10 euro

3) We receive invoice from supplier, but we find that some of the price has changed (e.g. other currency rate)
We receive an invoice from our supplier, but the costprice is not 10, as we assumed, but it is now 11 euro.
Total number of stock: 9
Total stock value should be: 99 euro (9 x 11 euro)
Stock value in balance is: -10 (from step 2) + 110 (10 x 11) = 100 euro.

After step 3 when we check the inventory valuation report it would show 99 euro. When we check the balance sheet it would show 100 euro.

Calculation of the GRN provision should use the amount in stock.

Go to forum: Items and Inventory

5 Topic by chenlit

(6 replies, posted in Dimensions)

Hello

I have a bit of a problem understanding the gl postings when I use dimensions. I am not sure if it's a bug.

My setup is like this:
Frontaccounting v. 2.3.21
Dimension type :1
Dimension name: Project 1

I create a supplier invoice (Tabsheet Purchases > Supplier invoices). I select a GL account (costs) and select "project 1" under Dimension. I click on "Create Invoice". The GL journal entry that is generated would look like this:

Code        Account Name        Dimension        Debit        Credit    Memo
1600    Creditors                                              10,00   
4499    Sales costs        Project 1        10,00       

The dimension is missing in the first line of the journal entry, which is a bit of a problem: when I check the balance sheet and filter on dimension "project 1" the numbers are inconsistent.

So I am not sure if I am missing something here. Or should the dimensions only be visible in the profit & loss sheets?

Go to forum: Dimensions

6 Reply by chenlit

(10 replies, posted in Banking and General Ledger)

Hello I believe there is a small bug in the 2.3.19. I also downloaded the version, upgraded, but afterwards could NOT make any bank deposits or bank payments. I also received the error message "Settled amount have to be positive".

There is a small updated on this issue. Can you find it on the following page:
https://frontaccounting.com/punbb/viewtopic.php?id=4512

You have to specificaly look at message no 14.

Go to forum: Banking and General Ledger

7 Reply by chenlit

(2 replies, posted in Banking and General Ledger)

Correction to my journal entries here above. Correct ones should be:

Debit:
Bankaccount B  99
Bankcosts  1
Credit:
Bankaccount A  100

However what I would like to see is the following journal entry:
Debit:
Bankaccount B  98,79
VAT Receivable  0,21
Bankcosts 1
Credit
Bankaccount 100

Thanks

Go to forum: Banking and General Ledger

8 Topic by chenlit

(2 replies, posted in Banking and General Ledger)

Hello,

We have been using front accounting for a short while now, and we think it's a very useful and simple erp system. Now back to our question:

To transfer money between our bank accounts we use the function "General Ledger" :: "Bank Accounts Transfers". Our bank charges us for transferring money from 1 account to the other. These "bank charges", lets say it's 1% of the amount, are eligible for VAT. I have tried to use the "Bank Charge" field, but the journal is not entirely right. To make it more concrete I will give an example: I want to transfer money from account A to B. Amount that should be transferred is 100  Euro. Bank charges are 1 Euro. These bank charges are eligible for VAT, VAT rate is 21%. That would be 0,21 Euro cents.

When I use the "Bank Accounts Transfer" and the "bank charges" field, the journal entry will look like this:

Debit:
Bankaccount B  99
Credit:
Bankcosts  1
Bankaccount A  100

However what I would like to see is the following journal entry:

Debit:
Bankaccount B  98,79
Credit
VAT Receivable  0,21
Bankcosts 1
Bankaccount 100

So you might wonder why I want to have such a functionality. The reason is that I have a online webshop. All payments are transferred to a bankaccount of my payment provider first. This bankaccount of my payment provider is Bankaccount A in the above example. My payment provider pays out once every week. When my payment provider transfers money to my business bankaccount they will charge some fees, and these fees / charges are eligible for VAT. The amount of fee they charge varies every time.

Hopefully it's clear what my situation is. So please let me know if there's a way to add the VAT in the "Bank Account Transfer" screen.

Regards

Chen

Go to forum: Banking and General Ledger