The offset account used for non-inventoried standard cost products is defined on the Non-inventoried tab of the Warehouse Configuration.įor example, a standard cost Labor product in Acctivate would have the follow Debits and Credits: Transaction The standard cost should be specified in stocking units, usually per-each piece. For example, the standard cost for labor in California is likely higher than Texas. This allows for cost variations for geographic regions. A Standard Cost can be provided for each product, for each warehouse. Type: Other Expense or Cost of Goods Sold (Typically)Īcctivate can track “standard” costs for non-inventoried items, including labor, other charges and shipping. Standard Cost Offset Account (only required if using Standard cost method for products) COGS (and income) accounts can be configured to link to one of the following attributes: Income (and COGS) accounts can be configured to link to one of the following attributes:Īt least one COGS account, but up to as many as you'd like, must exist in QuickBooks. If creating an Acctivate company against a new QuickBooks Online company, you may need to create a "dummy" vendor bill so that the default A/R account gets created before you begin the Create Company process.Īt least one income account, but up to as many as you'd like, must exist in QuickBooks. If more than one A/P account exists for a currency, the default A/P account will be determined as the oldest A/P account. In Acctivate companies integrated with QuickBooks Online, only the default accounts payable account for the vendor's currency can be used. Acctivate will automatically create this account in QuickBooks Desktop (this account must be created by a user in QuickBooks Online). The Vendor Bill for a Landed Cost transaction will debit this account and credit the A/P account. Landed Cost will debit the Inventory account for the Warehouse and credit this account. ![]() This account is similar to the Purchases account, but it's the accrual account for the Landed Cost function. Inventory Issues are often used to remove (issue out) inventory for certain purposes, such as for a sample or trade show. It's typically an Expense or Cost of Goods Sold account. This is the default offset account for Inventory Issues. This account is also used for beginning inventory imports from QuickBooks. This offset account is used for Inventory Balance Adjustments and Gain/Loss transactions for Standard cost items (e.g., difference between purchase and standard costs). These are adjustments in quantity to your inventory. This offset account is used for Inventory Adjustments and Inventory Count transactions. Type: Other Expense or Cost of Goods Sold The balance in this account will reflect purchase orders that have posted Inventory Receipts, but no matching Vendor Bill (Purchase Invoice) yet. This is an accrual account for Purchase Order receipts. ![]() The value of inventory in an Acctivate warehouse will sync to the Inventory Asset account associated with the warehouse.Īcctivate will automatically create an account by the name of Accrued Purchase Receipts when first connected to QuickBooks Desktop (this account must be created in QuickBooks Online). The following GL Accounts are configured per warehouse in Acctivate. A small number of GL accounts need to be mapped in Acctivate. ![]() GL Accountsĭuring the Acctivate company creation process, Acctivate syncs your entire General Ledger Account List. ![]() For an overview of information synchronized between Acctivate and QuickBooks, please review the synchronization documentation. This guide is aimed at accountants or users who may be responsible for setting up accounting information and managing accounting information for use with Acctivate.
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