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John Newton

I have seen several different answers on this site for the general ledger "type" (asset, liability, expense, income, equity) to be assigned for a product category that is stockable and salable for these accounts, what are the correct types for the following:

1. Stock Input Account 

 2. Stock Output account 

3. Stock Valuation account

Also, is it necessary to make a stock journal in the product category, what if no stock journal entry is made in the create product category setup screen?

In product category, does the parent category stock accounts override child, or the child stock accounts entered override parent?

Thank you.

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Ray Carnes (ray)
Best Answer

Have you seen:

https://www.odoo.com/forum/help-1/question/what-are-stock-interim-accounts-and-how-should-they-be-used-140399

https://rutlib5.com/book/30343/p/345

https://www.odoo.com/forum/help-1/question/do-the-categories-really-inherit-their-setup-from-their-parent-category-82539


If you change your Inventory Costing method to Average from Standard, and you change your Inventory Costing Method to Automated, the Average Cost will initially equal the standard cost stored in the Cost field on the product. 

You will see next to this a link to Update Cost if you want to change this before receiving your next shipment (at which time Odoo will take over and update it). 

If you Update Cost you can choose the counterpart account to be used.

If you lower the Average cost your Inventory Assets are going to decrease (credit) and Odoo will make an Accounting Journal Entry to reflect this using the counterpart expense account you choose for the debit. 

Some users have a specific Expense account called 'Loss due to Inventory Markdown'.

 

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