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I have the current version of BC and wanted to know what the requirements are for assigning posting groups to the income statement account numbers.
Hi,
You need to assign posting groups to the income statement accounts if you are using them in the Sales/Purchases documents or Sales/Purchase/General Journal. With the help of these posting groups system finds the correct VAT % and VAT posting account.
thanks, your answer helps. What I need to know is what posting groups are needed for a typical expense such as insurance expense, travel expense, etc. Could you give me an example of how they would look with General Posting Type, General business group and General Product Group.
As Bilal said how you intend to post with the g/l account makes all the difference. In the case you've mentioned that could be done with a journal so you would only need the VAT aspects to post. Back to your example though - taking it as a Purchase Invoice through a document. These "types" of expense accounts would typically be on the purchase side only so the "General Posting Type" of Purchase could be set to stop Sales transactions using the accounts. The business groups (business or VAT) here would be irrelevant as the company you get the invoice from should determine that - notice a vendor or customer has a "Business" group for both general and VAT. The product posting groups are more important and have to be populated to work with sales or purchase documents. In this instance VAT treatments can differ with the type of company expenses you've mentioned so take the value as a default. A user working on the invoice can be alter if needed based on valid combinations which have been setup (general posting setup and vat posting setup hold the valid combinations).
Hello,
Adding to Bilal and Josh, VAT setup touches COA, Vendors, Customers, Items and sometimes Resources. Below is a link that will add to what Bilal and Josh wrote:
docs.microsoft.com/.../finance-setup-vat
Thanks and hope this helps.
Steve
Hi John,
I wrote this article on why posting groups are needed on G/L codes that may be of interest.
thedynamicsexplorer.com/.../
Thanks
Gavin
Gavin you have explained very well in the article. Thanks for sharing
Thanks Bilal :)
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