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Important to know on the purchasing site is that a P&L item is always considered to be a market list purchase and an inventory or asset item always goes through the central store. Items are linked to an Item category and it is very important to make a distinction between inventory accounts and asset accountaccounts. This for example means that for computer equipment there will be 2 item categories; 1 for fixed assets and 1 for smaller items that will be charged out immediately after distribution to the department. When the program is loaded, the data grid will show all the existing item categories, and when you start all other columns with be empty. This program only has an update function
Important Note: The account that you used in the Goods Receive Balance & PL account and Goods Distribution Balance & PL Account should always be the same account. The only row that can be different is the wastage, only if you have a separate wastage account.
To Link
- Navigate to the category name that you want to link or edit. Click on the Edit Icon.
- Under Goods Receive select the account for the P&L (Cost Account)
- Under Goods Receive select the balance account
- Under Goods Distribution select the account for the P&L
- Under Goods Distribution select the balance account
- For F&B items select a waste account under Waste Account
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Regardless of the character of the item category (inventory, asset, or P&L), we advise to always assign assigning all columns with the exception of the Wastage Cost Account, which should only be used for F&B-related item categories. In principle for inventory and asset items there is no need to select a cost account in the Good Receive selection of accounts, however, to take care that any error in the item database will still be booked in Finance we advise to select selecting a related account anyway. The same applies to P&L accounts purchased through the market list. In principle those purchases should be charged out immediately, therefore only the cost account should be needed.
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