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What are the use of below mentioned posting group. I am beginner and I need a very basic level understanding on the below mentioned,
Under Vendor Card
Gen. Bus. Posting Group -- ??
VAT Bus. Posting Group --?
Hi, add an old video, but I think it's easy to understand.
https://www.youtube.com/watch?v=DTKDHlIcsyo
Hope this will help.
Thanks.
ZHU
Manjunath,
Adding to other replies... I am attaching my Posting Group handout I train my customer with. As for VAT related Posting Group this links the VAT Business Posting Group and the VAT Product Posting Group to define the correct VAT calculation (%) to be used and reported on. If you are in a country that does not have VAT, leave blank.
Hope this helps.
Thanks,
Steve
Posting group is the element that determines the account.
For example, when a sales order is posted to an invoice, general ledger entries are created. You don't need to specify G/L account when posting, the general ledger entries will be created.
Who determines the G/L account? That is the posting group. When you create a new voucher, for example, when you create an sales order and specify a customer or an item in the sales order, various posting groups are loaded into the sales order from the customer master or the item master. Then, when posting, the program refers to G/L accounts associated with these posting groups in advance, and creates general ledger entries.
- Customer Posting Group determine G/L account of AR(Account Receivable).
- Vendor Posting Group determine G/L account of AP(Account Payable).
- Inventory Posting Group and location determine G/L account of Inventory.
- Gen. Bus. Posting Group and Gen. Prod. Posting Group determine various P/L account such as Sales, Purchase, cost of goods sold etc. General Posting Setup page will show you which combination will determine which G/L account.
- VAT Bus. Posting Group and VAT Prod. Posting Group determine VAT(Value Added Tax) account. VAT Posting Setup page will show you which combination will determine which G/L account.
Whenever you post a transaction that has a value, BC uses the posting groups to work out where in the accounts the corresponding debits and credits must be posted.
You create as many distinct groups as you need to segregate business activities in your accounts and then use posting setup tables to link each group to specific nominal accounts.
I already read this. But wanted more a practical understanding.
With posting gorups you can map entities such as customers, vendors, items and more to general ledger accounts.
Read more in the documentation under the following link
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