This tutorial will provide you an overview on how to configure the General Posting Setup. This setup is done by doing a combination of the Gen. Business Posting Group and Gen. Product Posting Group and their associated G/L Account.
Step 1:
To proceed with the configuration of the General Posting Setup, go on the following menu:
Main Menu --> Department --> Financial Management --> Setup --> Gen. Posting Setup
Step 2:
Click on the button New and add the following details.
| Gen. Bus Posting Group | Enter the Gen. Business Posting Group |
| Gen. Prod Posting Group | Enter the Gen. Product Posting Group |
| Description | Enter a description |
| Sales Account | If it is a sales invoice enter the sales G/L account |
| Sales Credit Memo Account | If it is a sales credit memo then enter the sales credit memo G/L Account |
| Sales Line Disc. Account | If on the sales invoice line there is a discount enter the sales line discount G/L Account |
| Sales Inv. Disc. Account | If the sales invoice contain a discount enter the sales invoice discount G/L Account |
| Sales Prepayments Account | If prepayment is being done on sales invoice enter the sales prepayments G/L Account |
| Purch. Account | If it is a purchase invoice enter the purchase G/L Account |
| Purch. Credit Memo Account | If it is a purchase credit memo then enter the purchase credit memo G/L Account |
| Purch. Line Disc. Account | If on the purchase invoice line there is a discount enter the purchase line discount G/L Account |
| Purch. Inv. Disc Account | If the purchase invoice contain a discount enter the purchase invoice discount G/L Account |
| Purch. Prepayments Account | If prepayment is being made on purchase invoice enter the purchase prepayments G/L Account |
| COGS Account | Enter your cost of good sold / cost of sale G/L Account |
| Inventory Adjmt. Account | If adjustment is being done on inventory, enter the inventory adjustment account |
| Direct Cost Applied Account | This G/L Account is linked with purchase transaction |
| Overhead Applied Account | Enter the G/L account to post indirect post to income statement |
| Purchase Variance Account | Enter the purchase variance G/L Account |
| COGS Account (Interim) | If you wish to pass through an interim account before impacting the COGS account, enter the interim G/L Account |
| Invt. Accrual Acc. (Interim) | Enter the G/L Account for inventory expected cost transaction |
| Purch FA Disc. Account | Enter the G/L Account when giving a discount on a requisitioning of a Fixed asset |
