Master Records > Inventory > Create Inventory Record

The GL Accounts Page allows you to enter default GL Account IDs to which transactions involving this inventory item will be posted. When accessing this page, the system enters in certain fields the default GL Account IDs from the GL Account Selection function. These GL Account IDs are set up using the Chart of Accounts Maintenance function if the General Ledger module is activated; otherwise, using a simple GL Account ID Maintenance screen if the General Ledger module is not activated.

If you have set up an inventory type template for this inventory item record, the system will automatically specify default values on various fields in this page that you may amend, if necessary.

To set up the GL Account IDs for this inventory item, view or amend values in the following fields in this tab:

oSpecification

This field is enabled only if the Item Specification module is activated and that the item has specifications assigned. Click the List box button beside the field to select from a drop-down list the specification you want to assign the GL accounts.

oRevenue Code

This field is enabled if you choose the Inventory option in the Track Revenue By area of the General Information page of the SO/AR Module Setup functions. Enter in this field the revenue code that will apply the appropriate GL Account IDs for recording revenue-related transactions when this item is sold to customers such as sales revenue, sales returns, sales discounts, cost of goods sold and cost variances. These revenue code records are set up using the Revenue Code Maintenance function and required to be attached to each warehouse set up for this item record.

Note: Once a valid Revenue Code is entered in this field, the GL Account IDs defined for the Sales Revenue, Sales Return, Sales Discount, Cost of Goods Sold and Cost Variance accounts assigned to the selected revenue code are displayed in the corresponding fields below the Revenue Code field. These read-only fields are for your review and reference.

oInventory

Enter in this field the GL Account ID for recording vendor receipts and customer shipments of this inventory item. If the Inventory Control module is setup, the default GL Account ID in this field comes from the Warehouse Maintenance for the warehouse assigned to the inventory item. On the other hand, if the Inventory Control module is not set up, the default value for this field comes from the Inventory (Stock) 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 this field the GL Account ID for recording inventory item transfers that are still in-transit from one of warehouse to another. The system automatically posts the value of the transfer quantity and update upon receipt of this inventory item at the target warehouse.

Note: The in-transit inventory GL Account ID does not apply to transfers from one bin to another within a single warehouse, since those transfers are treated as being completed instantaneously.

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.