Can I do a Purchase Order buying something that is marked as an Asset and thus creating an automatic posting to the GL?
Is there a way to enter a Purchase Order to buy an item not for-resale as it is an Asset (a piece of equipment used within the organization)?
OUT OF THE BOX (when properly configured), items ordered via Purchase Orders cause entries to post to the GL when:
(1) the stock enters the warehouse (if real time stock valuation is set).
CREDIT: Uninvoiced Received Goods (Inventory Clearing / Purchase Contra) Account
DEBIT: Inventory (Asset) Account
(2) when the Invoice for the order is created and validated.
CREDIT: Accounts Payable
DEBIT: Uninvoiced Received Goods (Inventory Clearing / Purchase Contra) Account
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|Asked: 6/23/14, 12:00 AM|
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|Last updated: 3/16/15, 8:10 AM|