What GL Account does the Adjust Cost Process affect?

We did an Adjust Cost for an Item.  In a Journal Entry, a Debit is charged to 
the Inventory account but on the Credit side the Account is blank.  What 
account should it be used for the Credit side?  FYI:  We don't have (use) 
Inventory Offset account.

Thank for your help.
0
ThongD (53)
7/17/2008 10:05:02 PM
greatplains 29623 articles. 6 followers. Follow

4 Replies
472 Views

Similar Articles

[PageSpeed] 43

It's using precisely the one you are not using: Inventory Offset. 

Best regards,
--
MG.-
Mariano Gomez, MIS, MCP, PMP
Maximum Global Business, LLC
http://www.maximumglobalbusiness.com


"ThongD" wrote:

> We did an Adjust Cost for an Item.  In a Journal Entry, a Debit is charged to 
> the Inventory account but on the Credit side the Account is blank.  What 
> account should it be used for the Credit side?  FYI:  We don't have (use) 
> Inventory Offset account.
> 
> Thank for your help.
0
MarianoGomez (3440)
7/17/2008 11:17:04 PM
Mariano, thanks for your help.  It seems that we have to setup this account 
since we're going to do alot of cost adjustments in the future.   I wonder if 
you can provide more info. besides the Inventory Offset what other accounts 
are typically used in the Card.  The company I work for came from another 
DOS-based accounting.   After over 20 years, they decide to give up their 
accounting software.  However, the Partner introduced to us by Microsoft 
wasn't a great help in designing the Accounts format to be more suited for 
GP.  And the company ended up to re-use the Account structure from the 
previous one.

Again, thank you for all your great help.

"Mariano Gomez" wrote:

> It's using precisely the one you are not using: Inventory Offset. 
> 
> Best regards,
> --
> MG.-
> Mariano Gomez, MIS, MCP, PMP
> Maximum Global Business, LLC
> http://www.maximumglobalbusiness.com
> 
> 
> "ThongD" wrote:
> 
> > We did an Adjust Cost for an Item.  In a Journal Entry, a Debit is charged to 
> > the Inventory account but on the Credit side the Account is blank.  What 
> > account should it be used for the Credit side?  FYI:  We don't have (use) 
> > Inventory Offset account.
> > 
> > Thank for your help.
0
ThongD (53)
7/18/2008 6:57:01 AM
Thong,

The accounts on the item card (or item class card for that matter) will 
depend on what modules you will be using, whether that's inventory, SOP, POP, 
Field Services, etc., or in the case of SOP and POP whether you will have 
transactions driven by accounts on the customer and vendor cards, or whether 
you will have these driven by your item card. I am not familiar with your 
environment or requirements, but Iif I can suggest, go to the Solutions area 
of my site and click on the Accolade Publications link. You can always order 
the best books by far available on the subjects I have mentioned (POP, SOP, 
IV).

If you are not happy with your partner, I suggest you contact your Microsoft 
TSAM (formerly TAM) and get a list of the partners in the area. Take the time 
to do a true evaluation of them and get references, but you can always fill 
out a form to change them.
 
Best regards,
--
MG.-
Mariano Gomez, MIS, MCP, PMP
Maximum Global Business, LLC
http://www.maximumglobalbusiness.com


"ThongD" wrote:

> Mariano, thanks for your help.  It seems that we have to setup this account 
> since we're going to do alot of cost adjustments in the future.   I wonder if 
> you can provide more info. besides the Inventory Offset what other accounts 
> are typically used in the Card.  The company I work for came from another 
> DOS-based accounting.   After over 20 years, they decide to give up their 
> accounting software.  However, the Partner introduced to us by Microsoft 
> wasn't a great help in designing the Accounts format to be more suited for 
> GP.  And the company ended up to re-use the Account structure from the 
> previous one.
> 
> Again, thank you for all your great help.
> 
> "Mariano Gomez" wrote:
> 
> > It's using precisely the one you are not using: Inventory Offset. 
> > 
> > Best regards,
> > --
> > MG.-
> > Mariano Gomez, MIS, MCP, PMP
> > Maximum Global Business, LLC
> > http://www.maximumglobalbusiness.com
> > 
> > 
> > "ThongD" wrote:
> > 
> > > We did an Adjust Cost for an Item.  In a Journal Entry, a Debit is charged to 
> > > the Inventory account but on the Credit side the Account is blank.  What 
> > > account should it be used for the Credit side?  FYI:  We don't have (use) 
> > > Inventory Offset account.
> > > 
> > > Thank for your help.
0
MarianoGomez (3440)
7/18/2008 5:13:02 PM
Mariano, thanks for the referal...

Thong,  We have spent considerable effort in our manuals to explain the use 
of all of the accounts in the system.  I would try to list them here but it 
would take pages and pages and pages.

Generally, the Inventory Offset account is a balancing account used in 
inventory transactions when the system cannot determine what account should 
be used.  For example, in a sale, there will be a credit to inventory asset 
and a debit to cost of goods sold.  But in an inventory adjustment 
transaction reducing the quantity on hand, the system does not know where to 
post the debit and uses the Inventory Offset.  Generally, accounting 
departments performing these transactions can change the account on the fly 
to write off the item to marketing, scrap, damaged goods, etc.  The account 
is a safety net.

And like Mariano suggested, go to his site and click through to our site and 
check out our titles.
-- 
Richard L. Whaley
Author / Consultant / MVP 2006-2008
Documentation for Software Users

Get our Free Tips and Tricks Newsletter and check out our books at 
http://www.AccoladePublications.com



"Mariano Gomez" wrote:

> Thong,
> 
> The accounts on the item card (or item class card for that matter) will 
> depend on what modules you will be using, whether that's inventory, SOP, POP, 
> Field Services, etc., or in the case of SOP and POP whether you will have 
> transactions driven by accounts on the customer and vendor cards, or whether 
> you will have these driven by your item card. I am not familiar with your 
> environment or requirements, but Iif I can suggest, go to the Solutions area 
> of my site and click on the Accolade Publications link. You can always order 
> the best books by far available on the subjects I have mentioned (POP, SOP, 
> IV).
> 
> If you are not happy with your partner, I suggest you contact your Microsoft 
> TSAM (formerly TAM) and get a list of the partners in the area. Take the time 
> to do a true evaluation of them and get references, but you can always fill 
> out a form to change them.
>  
> Best regards,
> --
> MG.-
> Mariano Gomez, MIS, MCP, PMP
> Maximum Global Business, LLC
> http://www.maximumglobalbusiness.com
> 
> 
> "ThongD" wrote:
> 
> > Mariano, thanks for your help.  It seems that we have to setup this account 
> > since we're going to do alot of cost adjustments in the future.   I wonder if 
> > you can provide more info. besides the Inventory Offset what other accounts 
> > are typically used in the Card.  The company I work for came from another 
> > DOS-based accounting.   After over 20 years, they decide to give up their 
> > accounting software.  However, the Partner introduced to us by Microsoft 
> > wasn't a great help in designing the Accounts format to be more suited for 
> > GP.  And the company ended up to re-use the Account structure from the 
> > previous one.
> > 
> > Again, thank you for all your great help.
> > 
> > "Mariano Gomez" wrote:
> > 
> > > It's using precisely the one you are not using: Inventory Offset. 
> > > 
> > > Best regards,
> > > --
> > > MG.-
> > > Mariano Gomez, MIS, MCP, PMP
> > > Maximum Global Business, LLC
> > > http://www.maximumglobalbusiness.com
> > > 
> > > 
> > > "ThongD" wrote:
> > > 
> > > > We did an Adjust Cost for an Item.  In a Journal Entry, a Debit is charged to 
> > > > the Inventory account but on the Credit side the Account is blank.  What 
> > > > account should it be used for the Credit side?  FYI:  We don't have (use) 
> > > > Inventory Offset account.
> > > > 
> > > > Thank for your help.
0
info4071 (3004)
7/20/2008 4:37:00 PM
Reply:

Similar Artilces:

Hide "All Disabled Accounts" from Exchange address list.
I'm trying to remove ex-employees names from the global address list in Exchange. The ex-employees accounts are disabled and many have been selected to "Hide from Exchange address list," but there are still a bunch of disabled accounts with active names in the global address list. Is there some action or query I can run to select "Hide from exchange address list" on all disabled accounts? Doing this one by one would be a total pain. Thanks Add the following to the ldap filter of the address list: (!userAccountControl:1.2.840.113556.1.4.803:=2) -- Bharat Suneja MVP -...

What's going to happen to my accounts if Etrade goes bankrupt?
Hello, I've just read that there is a small possibility that Etrade may file for bankruptcy. I have 2 investment accounts and one RRSP (like 401 k) account with Etrade Canada; if it does go bankrupt, what's that mean to me? Professional help is sincerely appreciated. P. pan <Pujing.Pan@gmail.com> wrote in message news:1194925249.799267.105840@o38g2000hse.googlegroups.com... > Hello, I've just read that there is a small possibility that Etrade > may file for bankruptcy. I have 2 investment accounts and one RRSP > (like 401 k) account with Etrade Canada; if it does...

Bills or Accounts?
I am trying to figure out how I can accomplish a task in Money. I have numerous medical bills that I will not be able to pay off in one payment. I would like to enter each medical bill and track payments and balances. However if I create it as a bill it assumes you will be paying the balance when you enter it into the register. Should I create an account for each medical bill and transfer funds to those accounts to show when a payment is made? There is no one right solutions and not many good ones. See http://umpmfaq.info/faqdb.php?q=132 for some thoughts to a similar question. If ...

account payments
can any one help i an using full page receipts and cant get the detail of account payments only the printout of payment.... on the receipts it worked once and then stopped i need for it to print details of payment on accounts pls help going crazy thanks ...

checking accounts
I have three checking accounts and when I am in one of them and ask to find certain checks the answer comes back from all accounts and I do not understand this. Why not only the account that I am dealing with at the time? Find lets you limit the accounts search--the default is all accounts. "evansrj@aol.com" <anonymous@discussions.microsoft.com> wrote in message news:0ded01c3d94f$72f72870$a001280a@phx.gbl... > I have three checking accounts and when I am in one of > them and ask to find certain checks the answer comes back > from all accounts and I do not underst...

Admin Account
If I configure my Administrator Account to receive e-mails from Authenticated Users Only, will this cause any issue in my envoirenment? I have hide this account from the GAL and to avoid any spam or virus from using this account I want to configure it to receive e-mails from authenticated users only. Advise please. Thank you. "=?Utf-8?B?V0lMRFBBQ0tFVA==?=" <WILDPACKET@discussions.microsoft.com> wrote in news:93FFD69F-846A-4EEE-A840-D78F5E2FA1B0@microsoft.com: > If I configure my Administrator Account to receive e-mails from > Authenticated Users Only, will th...

Hotmail account
When I first started using WLM I thought I had to open an Hotmail account. I also setup my own email account but have the Hotmail one going as well, this causes me confusion. How do I uninstall the hotmail account and leave the other up and running? TIA B.W. If I just delete the hotmail account from Accounts will the other one stay put? B.W. "B.W." <bw@nomail.Invalid.> wrote in message news:6D690FAF-0717-4796-8C7A-61A5A9562FCC@microsoft.com... > When I first started using WLM I thought I had to open an Hotmail account. > I also setup my ow...

Outlook 2003 Account Changed by System
An outlook mail account changes it's POP mail server to "localhost" and login to username/mailserver each time the machine is rebooted and Outlook 03 is started again. Problem then arises of not being able to send mail successfully because of the relaying error. OS: WINXP PRO APP: Outlook 2003 Work around seems to be to login securely to the SMTP server to send mail but .... Is this a new way of doing it? Brad It is your antivirus or firewall software that is doing this. Turn off mail scanning in the AV and check your firewall configuration for mail scanning as well. ...

Error while posting in GL
Running Dynamics GP Profession 9.00.0114 Error: The stored procedure aagRenumberAADists returned the following results: DBMS: 0, MIcrosoft Dynamics GP: 22004 Thanks in advance for any hel;p I can get. KIP Still looking for a reply and some help. "kip" wrote: > > Running Dynamics GP Profession 9.00.0114 > > Error: The stored procedure aagRenumberAADists returned the following > results: DBMS: 0, MIcrosoft Dynamics GP: 22004 > > Thanks in advance for any hel;p I can get. > > KIP > > Did you get any help with this? If so please let ...

RMS Account statements
There is no way of selecting a particular Account to close. Accounts with any actiity want to close and print. The RMS literature suggests I can create any number of Accounts, and close them out and print statements at will. The accounts are coded with ID's - I assume this will lead to something, but for now, the current Account option of setting different Accounts with different closing dates, doesnt make any difference when actually closing. This is terrible. Its causing more work than our DOS program.... If you can believe that... Luke I agree that RMS's Statement Function l...

MDA in Project Accounting Module
Hi, Can we enter the MDA details in any of the project accounting modules of GP version 10.0. We mainly want to enter the mda information in the misc log entry of project accounting module. But it is not enabled. Is there any place where I need to make the setup change to enable this? -- Regards, Wilson MDA is only supported for these transactions: General Ledger, Receivables Management, Invoicing, Sales Order Processing, Payables Management, and Purchase Order Processing. That is the design of the product which is not changing. Unfortunately, Analytical Accounting does not suppo...

signature and account
I have MS Office Outlook 2003, not Outlook Express. I have 3 small companies, they each have their own name, website and domain. When i send an e-mail every time again, i have to watch out for: - to use the right account - to use the right signature My question is: Is there a clever way to make sure that when i select a certain e-mail account, that i automatically have the right signature too ? In Tools | Options | Mail Format, set Word as your email editor and = assign a signature to each account. --=20 Sue Mosher, Outlook MVP Author of Configuring Microsoft Outlook 2003 ...

Analytical Accounting #3
Hi, Is Analytical Accounting module is available for GP 7.0? Regards, Ani Hi As from what i have gathered (i may be wrong), Analytical Accounting is only avail for v7.50 and v8.00 Regards James "Ani" <anonymous@discussions.microsoft.com> wrote in message news:%23Mhs45kbEHA.2944@TK2MSFTNGP11.phx.gbl... > Hi, > > Is Analytical Accounting module is available for GP 7.0? > > Regards, > > Ani > > I thought Analytical Accounting was not available in the US for version 7.5? Can anyone confirm or deny? Thanks!! Victoria "James" <...

Cost Effective SQL License for Great Plains?
We have a GP 8.0/SQL2000 image and a BP 2.7 image on a dual proc server using VMWare. I am planning on an upgrade to 9.0/3.0 later this year and we are ordering a beefy quad proc server with lots of RAM. We have up to 11 GP users and close to 200 Portal users. I believe Win2003 EE and SQL2005 EE are our best bet for this new hardware. My question is on the most cost effective SQL licensing for this configuration. I asked our MBS Partner, but they are chronically unresponsive. P.S. Anyone have any recommendations for a new Business Software Partner in the Northwest (Montana) area? Some...

Using conditions in WF Sales Processes
I'm creating a workflow process that I am trying to implement in MSCRM. The problem is that within each Stage, I have activities that should be dependent on the completion of the previous activity. The easiest way to solve this is to go beyond the 5 step Sales Process and create a new Stage for each successive activity. However, in the Sales Process tab this is quite unsightly. I've tried using a normal manual WF as a subprocess to the Sales Process WF. This works, but it gives me 2 problems: 1. The WF Subprocess does not appear in the Opportunity Sales Process Tab. The customer want...

Remote process -- how to attach?
Hello, I am using Visual C++ .NET 2003. I am trying to debug a process remotely. I have MSVCMON running in pipe mode, and I can successfully debug it remotely by right-clicking on the project and selecting "Start new instance", after having made the proper configuration changes under "Properties". However, I would like to attach to a running remote process rather than start a new instance. My understanding is that I should go to Tools > Debug Processes and then I should change the transport and the machine name. However, for some reason, these values don't show as ...

Weighted Average for Indirect Cost also variance
I have four data column with over 5000(rows of grants), I'm trying to compute the weighted average for indirect cost. Column Headings are: Column A Column B Column C Column D EIN(employer id #)Activity Code Indirect Cost Direct Cost First,is there a logical formula or statistical formula for Weighted Average.And second is there a variance feature as well. Please display how to use feature for each. Urgent Help!!!! Allison What, and where, are the weighting factors Regards Mark Graesse mark_graesser@yahoo.com ----- Allison wrote: ---- I h...

Money 2006: Is there an account for FSA?
Is there anything like a special account in Money 2006 for a flexible spending account? And if so, what is it called? Rod I'm not aware of one. Since it wouldn't really have any properties a basic cash account wouldn't have, using a basic cash account is good enough for many of us. "Rod" <rod@no.spam> wrote in message news:%23xX7cJtMHHA.1248@TK2MSFTNGP03.phx.gbl... > Is there anything like a special account in Money 2006 for a flexible > spending account? And if so, what is it called? So, should I set up a cash account, then, or doesn't it ...

Home improvements tied to asset account?
I posted this to the moneycentral newsgroup by accident. Oops. Hope you don't mind me moving it back where it belongs. My question is how are other people recording home improvements? I am building an addition and doing a number of other projects on the house I bought. I would like to be able to track both which project the $ was spent on (the addition, kitchen remodel, electrical rewiring, new siding, etc.) as well as the equity this adds to my home asset account. If I record these as categorized expenses, then it doesn't show an increase in the value of the house asset, and t...

Direct deposit to saving accounts not showing up in budget...
I have set up a budget in Money 2004, but I can not find a way to 'budget' the direct deposits (transfer) that I have set up with my bank from my primary checking account to my four saving accounts. The saving accounts are not listed as a catagory or subcatagory so there is no way that I see to tie them all together so that when the transfer takes place it reflects the same in my budget. Any help on this issues would be great. Thanks... Honus. This may be a FAQ; check the FAQ website for details. If it's not, here's an attempt at an answer: transfers between account...

E-mail Account
I am able to connect to Exchange my exchange 2003 server (on server 2003 standard) using the email account "Microsoft Exchange Server". To verify that I am connected I click on "Check name" and both the server name and username are underlined. However once I open Outlook 2003 Outlook is very slow and doesn't repond very well. I try to send an e-mail and it sits in the outbox and messages that are on my exchange server in outlook web access aren't downloaded. If I try send/receive Outlook locks up and even sometime says (not responding). Outlook eventual...

@live account
I tried configuring my new email with a @live extension using Microsoft office outlook however it did not recognize it and i had to go back using @hotmail instead. Any ideas on how to fix this or do i have to wait for an outlook update using windows update? This newsgroup is for questions about Access, the database product that's part of Office Professional. I'd suggest reposting your question to a newsgroup related to Outlook. -- Doug Steele, Microsoft Access MVP http://I.Am/DougSteele (no e-mails, please!) "emad senejani" <emadsenejani@discussions.microsoft.com>...

Migrating E5.5 Mailboxes with ADC created disabled accounts to to E2K3
I am getting to the end of my migration but still have all the resource mailboxes with ADC generated diabled accounts in AD to migrate. I'm not sure how to proceed with this. Can I just enable the accounts in AD migrate the mailbox and disable it again or do I have to create a whole new account in AD delete the ADC generated account and re-attached the new account to the mailbox in E5.5 then migrate it to E2K3? You can use the accounts it created. -- Ed Crowley MVP - Exchange "Protecting the world from PSTs and brick backups!" "JoeAHM" <joseph.gonzalez@a...

How to choose an account to send e-mail
Hello all. I have Office 2003 / Windows XP SP2. I have three accounts (for working POP, hotmail and personal POP) When I send an e-mail Outlook takes by default the first one account. I always choose manualy the account I need but sometimes I forget or I choose badly. My question is: There is a way to select from which account the e-mail will be send? Plug-in or Option or other??? Thanks a lot. S There's a dropdown list to help you choose the account on the toolbar in = the mail message.=20 --=20 Sue Mosher, Outlook MVP Author of Configuring Microsoft Outlook 2003 http://w...

Replying with Multiple Accounts
Hi, Recently migrated a user from Outlook Express to Outlook XP. There is lots of pop accounts in his setup. When he received an email in OE, replying would go from the account it was sent from, and there was a drop down box that would allow you to choose an account to send mail from... What does Outlook offer for multiple accounts as he needs this feature... Thanks Marek It offers the same. You can use the Accounts dropdown to choose who you send from. Chris "Marek" <nospam@spam.spam> wrote in message news:uYZGaVaLFHA.2748@TK2MSFTNGP09.phx.gbl... > Hi, > > Re...