Financial Entry Generated By different Inventory Transaction Type

Before going into details of Journal Entry in General Ledger for different Inventory Transaction we should know

1. How many types of transactions are there? [This you
will will get from Enum ‘InventTransType’]

2. The stages of transaction. Obviously for any item transaction there must be two effect

a. Receipt

b. Issue

3. So better to know what are the different status of issues and Receipt which we will get from Enum ‘StatusIssue’ and ‘StatusReceipt’ respectively.

Now please look into details of three Enums discussed above.

Inventory Transaction Type

Name	Value	Description
Sales	0	Sales order
Production	2	Production
Purch	3	Purchase order
InventTransaction	4	Transaction
InventLossProfit	5	Profit/Loss
InventTransfer	6	Transfer
SummedUp	7	Weighted average inventory closing
ProdLine	8	Production line
BOMLine	9	BOM line
BOMMain	10	BOM
WMSOrder	11	Output order
Project	12	Project
InventCounting	13	Counting
WMSTransport	14	Pallet transport
QuarantineOrder	15	Quarantine order
DEL_SFAQuotation	16	Outdated
Asset	20	Fixed assets
TransferOrderShip	21	Transfer order shipment
TransferOrderReceive	22	Transfer order receive
TransferOrderScrap	23	Transfer order scrap
SalesQuotation	24	Quotation
QualityOrder	25	Quality order

Status Issue

Enums	ENum#	Enum Name	Financial Implication(No/Yes)
None	0	No
Sold	1	Sold	Yes
Deducted	2	Deducted	Yes
Picked	3	Picked	No
ReservPhysical	4	Reserved physical	No
ReservOrdered	5	Reserved ordered	No
OnOrder	6	On order	No
QuotationIssue	7	Quotation issue	No

Status Receipt

Enums	ENum#	Enum Name	Financial Implication(No/Yes)
None	0	No
Purchased	1	Purchased	Yes
Received	2	Received	Yes(If Selected In Parameter)
Registered	3	Registered	No
Arrived	4	Arrived	No
Ordered	5	Ordered	No
QuotationReceipt	6	Quotation receipt	No

Here, we should know that for any combination of Inventory Transaction Type and Issue Status/Receipt Status one Inventory transaction gets generated. Exception is status Deducted and Received. Because this is some preliminary status system is creating before invoice posting.

But for every combination there is not Financial Entry. Financial Entry of the inventory transaction involved only if

a. Receipt status is Received and Purchased

b. Issue Status is Deducted and Sold

Now let us discuss different financial entry system Generates when we go for inventory transaction, which depend on Inventory Transaction Type

For Inventory transaction Type ‘Sales Order’ ::

When Issue Status ‘Deducted’–

Sales Order Packing Slip Offset DR

Sales Order Packing Slip

When Issue Status ‘Sold’-

Sales Order Packing Slip DR

Sales Order Packing Slip Offset

Sales Order Consumption DR

Sales Order Issue

Customer Balance DR

Sales Revenue

For Inventory transaction Type ‘Purchase Order’ ::

When Receive Status ‘Received’–

Purchase Order Packing Slip DR

Purchase Order Packing Slip Offset

When Receive Status ‘Purchased’-

Purchase Order Packing Slip Offset DR

Purchase Order Packing Slip

Purchase, Receipt Dr

Creditor

For Inventory transaction Type ‘Transaction’ ::

Inventory loss a/c

Inventory Receipt—– Dr                                                             

Inventory Issue

Inventory Profit

For Inventory transaction Type ‘Profit/Loss’ ::

Inventory loss a/c—–Dr

Inventory Receipt—– Dr                                                             

Inventory Issue

Inventory Profit

 

For Inventory transaction Type ‘Weighted average inventory closing’::

Inventory loss a/c—–Dr

Inventory Receipt—– Dr

Sales Order Consumption –Dr                                                  

Inventory Issue

Inventory Profit

Sales Order Issue

For Inventory transaction Type ‘Counting’::

Inventory loss a/c—–Dr

Inventory Receipt—– Dr                                                             

Inventory Issue

Inventory Profit

 

For Inventory transaction Type ‘Fixed assets’::

Fixed Assets, Debit                         Dr

Fixed Assets Issue                           Cr

 

Inventory, Receipt                          Dr

Fixed Assets, Credit                        Cr

 

For Inventory transaction Type ‘Transfer order shipment’ ::

Whenever ‘Transfer Order Shipment’ gets created it automatically creates “Transfer order receive”. So following two transaction comes into existence just after ‘Transfer order shipment’

Inventory interunit receivable                   Dr

Inventory Issue                                                                CR

Inventory Receipt account                           Dr

Inventory interunit payable                        CR

For Inventory transaction Type ‘Transfer’ above entries comes together ::

Inventory interunit receivable                   Dr

Inventory Issue                                                                CR

Inventory Receipt account                           Dr

Inventory interunit payable                        CR

I have not updated this Blog with other transaction type which I am going to do very shortly.

Regards