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In Cards > Financial > Accounts <Currency Button> is not showing all currencies available in the system?
What is wrong? Please Suggest !!!
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Absolutely right... You reached to my point. I am doing double entry for cost.
let me make it more clear. There is Cash cale/Counter sale for Inventory items not for non-Inventory. As you know, normally at the time of invoice booking A/R dr & SALES cr. I linked CASH IN HAND account on customer master as A/R Account because we dont have option to map CASH in hand account anywhere else & Cash sale account on Item card but i did not map INVENTORY account due to some confusion. We have Inventory account on balance sheet but i though will use it for Credit Invoice. Well you made it very clear that Wither it is Cash or Credit sale GP also need that account in order ro POST invocie smoothly. Even though i mapped COST OF SALE account on Item card as you also mentioned.
Now when customer book invocie, sytem is making CASH IN HAND dr and CASH SALE cr.
You are obsolutely right that Cost of item will always be looking at Item Card. Now i believe rest is ok, i will only map Inventory account in order to post invoice without any error :) .
Are we synchronized now or missing anything?
Need a little extra information from you.
When you mention a cash item I am assuming you are talking about a miscellaneous item (Non Inventory type) and not a cash sales where te invoice is paid off at time of invoicing.
Depending on how you control non inventoried items, most customer will set the Inventory and COGS GL Accounts on the Item Card as being the same because they book the expense of this item as time of purchase.
Others will setup a non inventory GL Account on their balance sheet and DR this account when they purchase the item and CR this account when they sell this item - In this case this is the account that is setup as the Inventory account on the Item Card and the expense account is setup as the COGS Account on the Item Card.
This is to clarify GP sales recordings.
When an Invoice is generated the Revenue(Billing) portion of the sale if regular is dr to AR and cr to Sales.
If a Cash Sales will be dr to Cash and cr to Sales. (This is accomplished by specifying the Amount Received when recording the invoice)
The cost portion of te sale will always look at the item card and dr the COGS sold account and cr the Inventory account if the cost of the item is greater than zero.
Not sure on why you would double entry the ccost portion in the scenario you are expressing.
Let me know if this helps
Ok buddy i forgot to mention that COST OF SALE account was already mapped only INVENTORY was missing because of my mistake.
Actually it is a CASH SALE so normally the GL entry will be CASH IN HAND dr & CASH SALE - INVENTORY cr so i mapped this Cash In hand account with Customer A/R and Cash Sale - Inventory account with ITEM Sales account. THe scenario was like that thatsY i had to do that mapping. But i forgot to map the INVENTORY & Cost of Sales account which are most important to transfer the cost of items sold.
Correct me if i am wrong... Wither it is Cash sale or Credit sale, if we are using FIFO Prepetual system to we have to make double entry like one to record the sale A/R DR AND SALES CR and 2nd entry COST OF GOOD SOLD DR AND INVENTORY accunt CR ?? RIGHT or plz make sure that if it is Cash Sale i mean cash memo so we have to make the 2nd entry to transfer the cost of items from Inventory to COGS account..
Awaiting your response.
Dear,
Got it Currency problem is solved. It is functional currency. I though may be because of that it is showing an Alert.
I checked invoice line expansion & it is showing Sales account mapped. I just mapped SALES account because we dont need any other account to be mapped on this item. It is CASH INVENTORY SALE. Is it necessary to mapped all accounts like cost of sales, inventory etcc???? Dont think so....
The ERROR IS: One or more line items contains Errors. Line Accounts are missing or invalid"
Yes, the Tools path is also right to go to the Multicurrency Access.
Is it maybe that the currency that you are looking for is the Functional Currency for the company.
GP will not show this currency because it is automatically assigned to all accounts and you can not unmark it.
For the Invoice - the Distribution button on the Invoice Entry screen is for the Sale, AR and commission portion.
You need to go to the invoice line expansion and see the distribution accounts for Inventory and Cost of Goods.
These are the accounts that seem to be missing,
Dear, are you taking about Tools > Setup > System > Multi currency Acesss? If yes, then i have already assigned currency to a company....
but let me tell you i did not created Exchange rate table? Is it required? I dont think so.
Actually i am getting an Alert message on INVOICE ENTRY screen while posting an Invoice ? It is showing "line item account are missing or Invalid" . Even though Distribution is correct, amount is there but i dont understand what is wrong?
Please assist!
Hi Junaid.
Only currencies that have been assigned to the company will appear in the currency lookup.
Validate the access to currencies by going to the System Administrative Tasks and select Multicurrency Access.
Click on the company and you will see which currencies are marked
Make sure you also check to give access to the exchange rate tables assignbed to the currencies and then in Financial Setup Tasks - ensure rate types have been assigned to the Exchange Tables.
Hope this helps
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