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Reply from tilgulkarcn on Oct 15 at 1:19 AM Hi,
Suggested way is, have different groups for assets, liabilities, expenses
and income. You can have sub groups in the same with margin for expansion
of GLs in future.
For your specific question GR/ IR clearing account, it is liability
account. For the operations purpose you may create GR IR separately for RM
, Spare and others, Services.
Hope this will suffice.
All the best.
CN Tilgulkar
| | | ---------------Original Message---------------
From: Nikki Klein
Sent: Wednesday, October 14, 2015 1:25 PM
Subject: How Many General Ledgers Do We Have to Configure
Hi
Tom is right. You're also asking a very broad question!
The Goods Receipt posting will DR Inventory (or an Expense account, if this is not an inventory purchase) and CR the GRIR account. The GRIR account is a balance sheet account and typically is in the Liabilities section.
The Invoice Receipt posting will CR Vendor (and behind the scenes, the AP Recon account which is also a Balance Sheet account an in the Liabilities section) and DR the GRIR account.
Nikki |
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