Today in our tutorial we will learn how to setup inventory posting. This setup determines the inventory account in the general ledger to which the program posts for transactions involving this item (any transaction related to Item Inventory).
Step 1:
To do the setup go on the following menu:
Main Menu --> Department --> Financial Management --> Setup --> Inventory Posting Setup
Step 2:
Click on the button New and fill the required information.
| Location Code | Enter the location |
| Inv. Posting Group Code | Enter the inventory posting group |
| Description | Enter a description |
| Inventory Account | Enter the inventory G/L account |
| Inventory Account (interim) | If you want to use an interim account during good receive enter the G/L Account here |
| WIP Account | In case you are you work in progress, enter the work in progress G/L Account |
| Material Variance Account | Enter the Material Variance G/L Account |
| Capacity Variance Account | Enter the Capacity Variance G/L Account |
| Mfg. Overhead Variance Account | Enter the Manufacturing Overhead Variance G/L Account |
| Cap. Overhead Variance Account | Enter the Capacity Overhead Variance G/L Account |
| Subcontracted Variance Account | Enter the subcontracted variance G/L Account |
