Inventory Accounting Entries
All the Inventory transactions will look for the valuation
class and the corresponding G.L. Accounts and post
For Example: during Goods Receipt
Stock Account - Dr
During Invoice Verification
G/R I/R Account - Dr
When the Goods are issued to the Production Order the following transactions takes place:
Consumption of Raw Materials - Dr
When the Goods are received from the Production Order the following transactions takes place:
Inventory A/c - Dr
When the Goods are dispatched to customer through delivery the following transactions takes place:
Cost of Goods Sold - Dr
When the Goods are issued to a Cost Center or charged off against expenses the following transactions takes place:
Repairs and Maintenance - Dr
When the Goods are stock transferred from one plant to another, the following transactions takes place:
Stock A/c - Dr (Receiving location)
When the stocks are revalued, the following transactions takes place:
Stock A/c - Dr/Cr
When the Work in Progress is calculated the following transaction takes place:
Work in Progress A/c - Dr
Physical verification /shortages and excesses : Shortages/excesses on authorizations shall be adjusted using the physical inventory count transaction. *-- Shashikanth Teegala - skteegala@yahoo.co.in
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