Sales Posting Overview.
When a new accounts receivable invoice is created, it contains both header and line item information that needs to be posted to the GL. Header information – like the invoice total, the shipping charges, and the sales tax total is stored in the Invoice Header file. Line item information – like the price and quantity, cost, and rebate information for each invoice line, are stored in the Invoice Line Item or Transact file.
The logic for which general ledger account is used for each invoice is outlined in the following table.
|
Amount |
GL Account |
Basis |
|
Invoice Total |
Accounts Receivable |
AR autopost specified in each invoice, this can be specified by customer, or may be defaulted to 120 for all customers. |
|
Shipping |
Shipping Revenue |
Autpost 560 |
|
Sales Tax |
Sales Tax Payable |
Autopost from each invoice line tax code. (1st line used for any tax on shipping in header). Defaults to 370 if not specified in each taxcode. |
|
Sales |
Sales |
Product Line Sales Account for the Invoice Line Item |
|
Cost of Sales |
Cost of Sales |
Product Line Cost of Sales Account for the Invoice Line Item |
|
Inventory |
Inventory |
Product Line Inventory Account for the Invoice Line Item. This is normally set to 150 for all stocking items. |
|
Rebates (rebate and special pricing records with special costs) |
Rebates Receivable |
Vendor rebates receivable are posted to autopost 320. The amount is an adjustment (reduction) to cost of sales |
More:
Online Sales Posting