standard accounting entries generated from Dynamics GP Manufacturing Series.
Background:
The setup option considered for the accounting transactions example consists the followings.
- Machine & Labor Marked Auto Back flush
- Inventory Items Using Average Perpetual
Summary:
There are three Main Transactions from manufacturing
There are three Main Transactions from manufacturing
1. Component Transaction Entry ( Issuance Of Material )
2. MO Receipts ( WIP )
3. MO Receipts ( FG )
And One Additional Transaction
4. MO Closing ( In Case Of Variance )
Details:
Here is the details about the above transaction types with respect to a standard process of MO
Here is the details about the above transaction types with respect to a standard process of MO
Step 1: Bill Of Material Setup
- No Accounting Transaction
Step 2: Manufacturing Order Creation
- No accounting transaction
Step 3: Component Transaction Entry ( Issuance Of Material )
a) Issuance Entry
Account
|
Debit
|
Credit
|
Inventory
|
--
| |
Work In Process - WIP
|
--
|
b) Reverse Issuance
Account
|
Debit
|
Credit
|
Inventory
|
--
| |
Work In Process - WIP
|
--
|
Step 3: MO Receipt
a) WIP For Machine & Labor
Account
|
Debit
|
Credit
|
WIP-Labor
|
--
| |
WIP-Labor-FOH
|
--
| |
WIP-Labor-VOH
|
--
| |
Applied-Labor
|
--
| |
Applied-Labor-FOH
|
--
| |
Applied-Labor-VOH
|
--
| |
WIP-Machine
|
--
| |
WIP-Machine-FOH
|
--
| |
WIP-Machine-VOH
|
--
| |
Applied-Machine
|
--
| |
Applied-Machine - FOH
|
--
| |
Applied-Machine - VOH
|
--
|
b) FG Entry
Account
|
Debit
|
Credit
|
WIP-Labor
|
--
| |
WIP-Labor-FOH
|
--
| |
WIP-Labor-VOH
|
--
| |
WIP-Machine
|
--
| |
WIP-Machine-FOH
|
--
| |
WIP-Machine-VOH
|
--
| |
WIP– Material
|
--
| |
Inventory – Finished Good
|
--
|
Step 4: MO Close ( In Case Of Variance)
Account
|
Debit
|
Credit
|
WIP-Material
|
--
| |
Variance– Material
|
---
|
In my coming posts, I will highlight the accounting transactions with other setup options as well.
No comments:
Post a Comment