Periodic Accounting - Inventory

Overview 

This module is used to generate the Periodic Ledger transactions from the sub-ledger transactions. Periodic transactions can be created daily, weekly or monthly. 

We use the periodic ledger to record Inventory Movement for a selected Period. 

For more information, please see :Periodic Ledger

Transactions

We have 2 transactions that work in tandem, Stock adjustment IS - Credit and Stock adjustment IS - Debit. 

Stock Adjustment Cr

Debit  -  Expense ??

Credit - Inventory 

Stock Adjustment Dr

Debit  -  Inventory 

Credit - Expense ?? 

Setup

We can only use one inventory account for the periodic ledger.  

Solution. - Have a single Inventory Control Account

• Make sure that there are item categories that match the Inventory Control Account. ie. (Burner Fuel, Consumables, Critical Spares, Diesel, Finished Goods, Packaging, Raw Materials ) 

• We will use the inventory Module to differentiate between the Categories. 

• We can also group it on the period ledger Transaction 

Questions. 

What will be the contra to the inventory Account - Typically this will be an expense.