![]() The word "control" in the account name means that the account contains only totals, whereas the information stored by Inventory Control contains details on an item-by-item basis. The account increases when you receive goods, and decreases when you ship goods. Inventory Control Account Sets Inventory Control Account Sets AccountĪn asset account containing the total value of the inventory on hand (at actual cost). The accounts are grouped in this article according to the Sage 300 modules in which they are assigned. If necessary, seek the assistance of Acute Data Systems to help provide assistance with this process.General Ledger accounts are updated by transactions you post in Order Entry. The Credit/Debit Note Clearing account is required because the inventory return and credit note functions in Order Entry are separated, with one side of the transaction going through the Accounts Receivable program. The G/L transaction credits the clearing account instead of COGS and A/R Control. Debited instead of the IC Control account or the Damaged Goods account in Order Entry returns sent to Accounts Receivable. ![]() The expense account that balances the change in inventory value when you adjust inventory quantities after making a physical inventory count. Used if you specify an expense amount when you disassemble items that were previously assembled in Inventory Control. The COGS account is debited when you invoice the shipment. The Shipment Clearing account is required because the shipment and invoicing functions in Order Entry are separated. Debited instead of Cost of Goods sold when shipping goods from Order Entry. This account is used for the additional cost amount in the Transfer screen. You can use non-stock items to handle specially ordered items which you do not stock in your inventory, and to handle service charges that appear on invoices. The account which you credit when you ship non-stock items, and debit when you enter shipment returns for non-stock items. You may want to create manual entries in the general ledger to redistribute the assembly cost credit to accounts such as labor costs. The program credits this account with the variable and fixed cost of assembly. The account to which you post the variable and fixed costs of assembling items. ![]() Entries to this account are normally expenses (debits) therefore, the account number you specify should be in the expenses or cost of goods sold section of your general ledger. The account to which you post inventory adjustments and write-offs. Inventory Control debits this account when you enter receipt returns.Īs you post the related vendor invoices in Sage 300 Accounts Payable, offsetting journal entries (debits) related to the inventory purchased are generated against the Payables Clearing account to clear the balance that is left in this account from posting the inventory receipt. Inventory Control normally generates credit entries to this account for inventory you receive therefore, the account can be thought of as the accrued amount payable for goods received into inventory. Payables Clearing AccountĪ suspense account to which Inventory Control posts the “other side” of the accounting entries for inventory you receive (and for previous receipts you return to suppliers). When you process all accounting entries correctly, the total cost of the inventory in the Inventory Control system equals the totals in the Inventory Control accounts in the general ledger. The word “control” in the account name means that the account contains only totals, whereas the information stored by Inventory Control contains details on an item-by-item basis. ![]() Sage 300 Inventory Control Account Sets Inventory Control AccountĪn asset account containing the total value of the inventory on hand (at actual cost).
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