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This function is to create a journal entry for all items received in the month that you do not yet have the vendor invoice. It will create a month end GL batch with summary accruals by GL account. This will be entered into your General Ledger and reversed every month during Vendor Invoicing.
Example: You have received the following items for $100 with a standard cost of $90
A) Actual Cost Posting Enabled
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AP Clearing
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100.00
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Inventory (Cost Var)
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10.00
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Inventory
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90.00
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B) Actual Cost Posting Disabled
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AP Clearing
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90.00
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Inventory
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90.00
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Note that as you invoice these receipts the AP clearing is debited with the same amount that you accrued. Your credit balance in AR Clearing is your total amount that you received but not paid for yet.
Please note whenever you have a vendor return situation the GL distribution is identical; however, the debits and credits are reversed.
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