Hello,
Adding to Josh's reply, every Item entry (Inventory Transaction) record back to the GL unless you are setting up Non-Inventory related Items.
Here is a helpful Posting Group recap:
• An Inventory Posting Group is assigned to each Item and identifies how transactions involving that Item are posted to the General Ledger. Inventory Posting Groups define the following G/L Accounts:
Inventory Account
Inventory Account (Interim) – used with Expected Cost Posting “ON”
WIP Account – used with Manufacturing only
Material Variance Account – used with Manufacturing only
Capacity Variance Account – used with Manufacturing only
Material Overhead Account – used with Manufacturing only
Capacity Overhead Account – used with Manufacturing only
In addition to the Posting Groups listed above, there are General Business Posting Groups and General Product Posting Groups.
• General Product Posting Groups are assigned to each Item and Resource in the database.
General Business Posting Groups and General Product Posting Groups work together to define the Income Statement Accounts to be used when posting Sales and Purchase transactions.
Sales Account
Sales Line Discount Account
Sales Invoice Discount Account
Sales Payment Discount Account
Purchase Account
Purchase Line Discount Account
Purchase Invoice Discount Account
Purchase Payment Discount Account
COGS Account
Inventory Adjustment Account
Sales Credit Memo Account
Purchase Credit Memo Account
Inventory Adjustment Account (Interim) – used with Expected Cost Posting “ON”
COGS Account (Interim) – used with Expected Cost Posting “ON”
Direct Cost Applied Account – used with Manufacturing only
Overhead Applied Account – used with Manufacturing only
Purchase Variance Account
Hope this helps.
Thanks,
Steve
