I have spent a bit of time learning the double entry workflow related to stock within OpenERP and would like to validate with the group the set up for valuing stock in my existing database. We are not using the anglo-saxon module and are in version 6.0.3.
Stock Journal - in the database I am working in I have Accounting Stock Accounts configured on the product category for use with the stock journal. The stock input account is Inventory Purchases (an asset account) stock output account is Cost of Goods Sold (P&L account) and stock variation account is Inventory (an asset account). Journal is Stock Journal. When a purchase order is created and the products are received I see entries in Inventory Purchases (CR) and Inventory (DR). The Accounting Accounts set up in the product category is the Income account = Revenue/Income and the Expense account is set to Inventory Purchases. I have found this is necessary to have the purchase journal post the DR to offset the CR posted by the Stock Journal. Purchase Journal - when the supplier invoice is created the entries are Inventory Purchases (DR) and Accounts Payable (CR). Finally with the Sales Journal - when a sale is made and the items are picked there is a DR to Cost of Goods Sold and a CR to Inventory. I would like to confirm that this is the best way to handle the configuration. The Inventory Purchases account is something I had not experienced previously (it was already set up in the db I am working in) and I am wondering if the group has seen the double entry stock accounting accomplished in a different way. Thank you in advance for your time. -- This message was sent from Launchpad by Laurie Chrostowski (https://launchpad.net/~lchrostowski) using the "Contact this team" link on the OpenERP Accounting Experts team page (https://launchpad.net/~openerp-expert-accounting). For more information see https://help.launchpad.net/YourAccount/ContactingPeople _______________________________________________ Mailing list: https://launchpad.net/~openerp-expert-accounting Post to : [email protected] Unsubscribe : https://launchpad.net/~openerp-expert-accounting More help : https://help.launchpad.net/ListHelp
