Master Records > Inventory Type > Set Up Inventory Type Record

The GL Accounts Page allows you to set up the default GL Account IDs that AccountMate will use to record the transactions pertaining to an inventory item to which this type is assigned.

Assign codes and GL Account IDs in the following fields:

oRevenue Code

Enter in this field, the default revenue code that defines the Sales Revenue, Sales Return, Sales Discount, Cost of Goods Sold and Cost Variance accounts to which AccountMate will post the revenue, returns, cost of sales and cost variances applicable to inventory items of this type. This is applicable if you choose, in the General Information page of the SO/AR Module Setup function, to track revenue based on the revenue codes attached to inventory item records.

Notes:

•Each warehouse you set up for this inventory type in the Warehouse Page should have its own revenue code so that you can monitor the revenue transactions per warehouse of the items assigned this inventory type.

•If the Track Revenue by Inventory option is selected in the SO/AR Module Setup function, you must enter a value in the Revenue Code field; otherwise, AccountMate will generate an error message and will not let you save the record.

•If you track the revenue code by customer or salesperson in the General Information page of the SO/AR Module Setup function, the Revenue Code field will be disabled.

oInventory

Enter in this field the default inventory asset account to which AccountMate will add the cost of inventory acquisitions when received goods are posted; from which it will deduct the cost of goods sold when sales are posted for inventory items of this type; and when recording adjustments for inventory items using this type. The default GL Account ID in this field comes from the Inventory field in the GL Account Selection function.

Note: If you are accessing a non-profit company that uses the US (United States) country tax, the Multiple Payable Account feature is activated in AP Module Setup and this inventory item record is set for use in purchase orders (i.e., the Use in PO checkbox is marked in the Inventory Maintenance -> Information tab); AccountMate prevents you from assigning an Inventory GL Account ID that is set for automatic distribution.

oIn-transit Inventory

Enter in this field the default in-transit inventory asset account to which AccountMate will transfer the cost of inventory of this type that is in transit between warehouses. The default GL Account ID in this field comes from the In-transit Inventory field in the IC Module Setup function.

oCost Variance

Enter in this field the GL Account ID for recording the item's cost variances resulting from cost changes in certain transactions. For example, cost variance that comes from cost changes between the time the inventory item was received and the time it was invoiced.

Note: The revenue code or GL Account IDs that you enter in this tab will become the default code or GL Account IDs in the same fields in the GL Accounts tab of the inventory item record to which this inventory type is applied.

GL Accounts Page

GL Accounts Page

See Also