Waris Khan

  After studying the Production order ledger account postings done by the system at the different stages, i found the following: Created:   No GL Entries. Estimate:  No GL Entries. Only Estimated cost can be seen in the module from  View  Price Calculation Release:  No GL Entries Start:      WIP (1142001) Debit by the full Product Cost (Direct + Indirect)                 Credit    Raw Material (1141001)                 Credit    Indirect Cost ( Ledger Accounts defined in the Costing Sheet) Report as Finish:   No GL entries End:  Reverse all entries made at the time of the  START  stage(Point 1) and pass the following entries. 1)             WIP (1142001) Credit by the full Product Cost (Direct + Indirect)                  Debit     Raw Material (1141001)                  Debit     Indirect Cost ( Ledger Accounts defined in the Costing Sheet) 2)             Finish Good         Debit                 WIP                         Credit 3)             WIP (1142001) Debit by the full Product

  Inventory is usually an organization’s largest asset, so it is essential to ensure that the value of our inventory is properly recorded and that this data is properly interpreted.  If we have better insight into how much inventory we actually have we are able to keep less inventory on hand because we know that we have the right inventory for what we are actually selling.  In the end we will make more revenue because we will not have to write down as much, if any, inventory.  In this blog we are going to look at how to appropriately configure inventory GL posting setup, exactly how this affects the way inventory transactions post to your GL, and finally what reports we can use to look at inventory values and how to reconcile your inventory subledger with your general ledger.  Inventory posting setup is truly the backbone of your company’s inventory valuation.  Proper setup and understanding is essential to ensuring accurate visibility into your inventory costs.  The first step in sett