Acctivate creates entries each time you purchase, receive, adjust quantity, sell or process landed cost for inventoried items.
Acctivate creates entries each time you purchase, receive, adjust quantity, sell or process landed cost for inventoried items. Here are some example journal entries created by Acctivate followed by an overview of transactions.
| Account | DR | CR |
| Inventory Asset | $750 | |
| Accrued Purchase Receipts | $750 | |
| Inventory Receipt of goods, with or without a Purchase Order | ||
| Inventory Adjustment | $50 | |
| Inventory Asset | $50 | |
| Inventory Adjustment for inventory that was broken in the warehouse | ||
| Inventory Asset - TO Warehouse | $50 | |
| Inventory Asset - FROM Warehouse | $50 | |
| Inventory Transfer for inventory moving between warehouses | ||
| Inventory Asset - Finished Good Warehouse | $50 | |
| Inventory Asset - Raw Material Warehouse | $45 | |
| Non-inventoried Cost Offset Account - Labor Warehouse | $5 | |
| Inventory Assembly to build a finished good out of raw materials, including Labor | ||
| Gain/Loss on Inventory | $250 | |
| Inventory Asset | $250 | |
| Gain or Loss on Inventory due to an Inventory Balance Adjustment | ||
| Accrued Purchase Receipts | $750 | |
| Expense Account(s) for Other Amounts | $50 | |
| Accounts Payable | $800 | |
| Vendor Purchase Invoice (Vendor Bill) for Inventory and Other Amounts | ||
| Accounts Receivable | $150 | |
| Sales - Widgets | $100 | |
| Sales - Gadgets | $50 | |
| Customer Sales Invoice for Products and/or Services | ||
| Cost of Goods Sold - Widgets | $50 | |
| Cost of Goods Sold - Gadgets | $25 | |
| Inventory Asset | $75 | |
| Cost of Goods Sold (COGS) from Sales Invoice above | ||
| Inventory Asset | $150 | |
| Accrued Landed Cost | $150 | |
| Landed Cost allocation for Inventory Receipts, Transfers, Assemblies, etc | ||
| Accrued Landed Cost | $150 | |
| Accounts Payable | $150 | |
| Landed Cost Purchase Invoice (Vendor Bill) from the vendor for freight charges from previous transaction. | ||
- View a complete list of Required GL Accounts
- Watch a webinar on all the above-mentioned entries
- Troubleshoot an overstated Accrued Purchase Receipts account balance