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How to configure workflow for Clearing Account / Goods Received Not Invoiced (GRNI) Account

by
John Pia Jr
- 09/27/2016 09:10:37
All,

I need some help with setting up my accounting workflow using a Goods Received Not Invoiced (GRNI) Account, also known as a Clearing Account, or Suspense Account

See the example below. I will be using "widget" when referring to my product

WIDGET (product) ACCOUNT CONFIG
  • ​​
    Stock Input Account
    ​:​
    ​ - ​
    ​Clearing 
    Account​nt
    ​ (GRNI)​
  • Stock Output Account
    ​:  ​
    ​​
    Inventory 
    ​​
    Account​
  • Stock Valuation Account
    ​:​
    ​  ​
    Inventory Account​
  • Expense Account: 
    Widget Expenses

THIS IS THE CURRENT SITUATION 
  • PO created & confirmed for 10 widgets​ @ $10/widget (total $100)
  • 10 widgets are received
    • Entry is made in stock journal
      • CREDIT entry is made to the clearing account (GRNI) for $100
      • DEBIT entry is made to the inventory account for $100
  • Invoice is received & validated
    • Entry is made in purchase journal
      • CREDIT entry is made to the accounts payable account for $100
      • DEBIT entry is made to the expense account account for $100
  • Internal stock move is made (for 10 widgets)
    • Entry is made in stock journal 
      • NO CREDIT ENTRY IS MADE
      • NO DEBIT ENTRY IS MADE
​​
THIS IS WHAT I AM TRYING TO ACHEIVE 
  • PO created & confirmed for 10 widgets​ @ $10/widget (total $100)
  • 10 widgets are received
    • Entry is made in stock journal
      • CREDIT entry is made to the clearing account (GRNI) for $100
      • DEBIT entry is made to the inventory account for $100
  • Invoice is received & validated
    • Entry is made in purchase journal
      • CREDIT entry is made to accounts payable account for $100
      • DEBIT entry is made to clearing account for $100
  • Internal stock move is made (for 10 widgets)
    • Entry is made in stock journal 
      • DEBIT entry is made to inventory account for $100
      • CREDIT entry is made to expense account for $100


I have also downloaded and installed: Easy Automatic Reconciliation module

However I wasn't able to get done what I need. 

Any assitance would be GREATLY appreciated.

Thanks all

-- 
John Pia Jr
South Mill Mushroom Sales Inc. | Kaolin Mushroom Farms Inc.
Office: (610) 444-4800 [x242] | Mobile: (610) 470-5163 | South Mill Online!