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G/L Account Determinations

Summary

Below is a list of all the G/L accounts in Orchestrated software, a brief explanation of what they do as well as what documents impact that specific account.

 

 G/L Account Explanation  Documents that use this account 
Expense Account Define accounts to use as default expense accounts. A/P Invoice (Non-Inventory items)
Revenue Account Select a control account to be used as the default when a transaction of revenues is posted. A/R Invoice
Inventory Account Reflects the final inventory value and is recorded in every inventory transaction in Orchestrated. All Inventory-related transactions
Cost of Goods Sold Account Define the G/L account to use when transactions of goods sold are created. Delivery and A/R Invoice
Allocation Account This clearing account is used as an offsetting account to the inventory account in goods receipt POs and A/P goods returns. The balance of this G/L account reflects the total amount of open goods receipt POs and goods returns. Goods Receipt PO and A/P Invoice
Variance Account This G/L account is used only in a standard-price inventory system. It is not used in Orchestrated. N/A
Price Difference Account Used in purchasing transactions only. For certain scenarios, price differences between the base and target documents are recorded in this account. A/P Invoice
Negative Inventory Adjustment Acct This account is used to track values on items with a negative quantity. This is not used in Orchestrated. N/A
Inventory Offset - Decrease Account Account used as balancing account when the inventory value is decreased as a result of creating a goods issue or similar transaction. Goods Issue, Inventory Posting
Inventory Offset - Increase Account Account used as balancing account when the inventory value is increased as a result of creating a goods receipt or similar transaction. Goods Receipt, Inventory Posting
Sales Returns Account Define the G/L account to use when a transaction for a goods return is created.  Return, A/R Credit Memo
Exchange Rate Differences Account Used in purchasing transactions only. In certain scenarios, when a target document is created based on a base document whose item price is in a foreign currency, and the target document is connected to a different exchange rate, a difference in local currency occurs. A/P Invoice
Goods Clearing Account An offsetting account to the allocation costs used when closing goods receipt POs or goods returns. In this case, no inventory entry is registered; however, a journal entry is created including this G/L account. Goods Receipt PO (Closed without copying to A/P Invoice)
G/L Decrease Account G/L accounts used for balancing the change in inventory value resulting from the creation of Inventory Revaluation documents. Inventory Revaluation
G/L Increase Account G/L accounts used for balancing the change in inventory value resulting from the creation of Inventory Revaluation documents. Inventory Revaluation
WIP Inventory Account This account maintains the value of the items that are included in the work process, that is, the period between the start of production and the completion of the final product. Issue for Production, Receipt from Production, Production Order
WIP Inventory Variance Account This account holds the variance amounts of the items that are part of the production process. Production Order
WIP Offset P&L Account This account is not used in Orchestrated N/A
Inventory Offset P&L Account This account is not used in Orchestrated N/A
Expense Clearing Account Define an offsetting G/L account for clearing journal entries created by A/P invoices and goods receipt POs. This G/L account is used in journal entries whenever the allocation account is also involved.  A/P Invoice, Goods Receipt PO
Stock In Transit Account This account replaces the allocation account for A/P reserve invoices. This is not commonly used in Orchestrated A/P Reserve Invoice
Sales Credit Account Select a control account to be used as the default when a credit transaction of revenue is created. A/R Credit Memo
Purchase Credit Account Select a control account to use as the default when a credit transaction for purchasing is created. A/P Credit Memo

 

 

Version 4.5.1.0

 

 

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