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Expected cost GL

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Posted on by confuseduser

When a purchase order is raised and goods received. Debit goes to Inv account Interim in the Inventory section, Credit to Inventory accrual account interim. The opposite when a Sales Order is raised and goods shipped a debit goes to COGS account interim and Credit to Inv Account Interim.

My question is where in the trial balance should the CR inventory accrual acc interim and DR COGS account interim be? Should both of them be in the provisions and accruals area?

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RE: Expected cost GL

Hi

Yes is the short answer. We usually put GRNI in creditors area and GSNI in debtors.

Neil