I am geeting confuse with accounts. I will explain. Please explain about accounts.
I purchase raw material 100 kgs. through consumption journal i issued 50 kgs to production order. after finishing the production through out put journal the inventory goes to finished item.
So my doubt is between these process which accounts get credit and which accounts get debit.
1.When i purchase raw material which accounts get credit and which accounts get debit.?
2.When i issued raw material to production which accounts get credit and which accounts get debit.?
Between the work in process which accounts get credit and which accounts get debit.?
after made finished product through out put journal will post at that time which accounts get credit and which accounts get debit.?
Please Give Detail explanation. Really it’s killing me . Throw u r valuable suggestions.
For any technical person moving into the world of ERP and Accounting, “T” accounts are one of the hardest things to get a solid grasp of. Of course, if you dont get “T” accounts, then its unlikely that you will really be able to understand how it all ties together.
The key is to sit with Navision and make lots of postings to try out all the combinations. Then look at the results, compare this to the Posting Group set up you have, and see how the T accounts are affected.
But I did not expect this type of answer espeacially from u.I think u did not read my query properly.In my query i already mentioned how maximum companies following these accounts. Which accounts they are using. . I am expecting detail explanation from u.
Just give the accounts, dont compare with navision. Compare with companies, how they following.
I hope this time u can give exactly what i am expecting from u? Please give u r support and suggestions to freshers like me with detail explanation.
From a Navision perspective it hits the accounts you tell it. I would suggest after each of your stages you look at the ledger transactions against each inventory movement.
From a generic perspective the answer depends upon the accountant/business/requirements/country/any other variable you wish to throw in!
This means it is not simple to give you accounts that cover every situation. If you want I can list some accounts, but it may only serve to confuse you!
I would also point out that the response you gave to David comes across as slightly rude, and will not encourage anyone to assist you.