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can anyone help me? I got this message when I wanted to Receive a product whose Purchase Order was already confirmed: Error: Cannot create Journal Entry, Output Account of this product and Valuation account on category of this product are same. I do not know how to resolve it. Beats me! TIA
Dear David, To correct your error follow below steps. Please note its just an example, you have to name your accounts according to your chart of accounts 1) create an Account called "Purchase Account" (Internal Type=Regular, Account Type=Expense). Then make this the Stock Input Account. 2) Then create an Account called "Purchased Stock" (Internal Type=Regular, Account Type=Asset) and make this as the Stock Valuation Account 3) Create an Account called "Cost of Goods Sold" (Internal Type=Regular, Account Type=Expense) and make this as the Stock Output Account 4) Make sure your "Expense" account and "Stock Input" account in the product/product category are the same.
The above scenario will give you a perfect stock valuation and accounting. Please note it's just an example of setting this. You can do it in your own way
The valuation account holds stock accounting moves (debits and credits) that correspond to the movement of the stock, and the overall value at any given time.
Stock moves either into or out of the stock location.
The stock input account holds the corresponding credits for the value of stock moved into the stock location.
The stock output account holds the corresponding debits for the value of stock moved out of the stock location.
It may be easier to watch the demo and/or review the slides that show how to set this up. http://www.ursainfosystems.com/webinar
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|Asked: 7/22/13, 2:11 PM|
|Seen: 7172 times|
|Last updated: 3/16/15, 8:10 AM|