Before you can use Advanced Receiving, you must set up the Inventory Adjustments and Cost of Goods Sold (COGS) Adjustments accounts by department in General Ledger. It is important that these adjustment accounts are SEPARATE from your regular Inventory and COGS accounts so that adjustments will be kept as a separate figure. When you finalize a receiving document with the Receiving Documents Report (RRV) and update cost, the system uses these G/L accounts to post inventory and cost of goods sold adjustments.
If you already have accounts set up for Inventory Adjustments and COGS Adjustments, do not follow this procedure; you will simply use the accounts that already exist. If you're not sure whether these accounts are set up or not, run the Chart of Accounts report (RGGC) to review your accounts.
To add the accounts, display the Chart of Accounts window.
Fill in the blank fields. Review the default entries in the other fields and make changes if needed. For a definition of each field, click here.
Click Add.
Be sure to add the accounts for each department (and for each of your stores, if you are multistore). Typically (but not in all cases) you'll differentiate between department by the subaccount number (last 3 digits). For example, the inventory account might be 1300-001 for department 1, 1300-200 for store 2, and so on.
(Optional) If you want to print out your chart of accounts, run the Print Chart of Accounts report.
If you add new accounts to the Chart of Accounts, then be sure to add them to your balance sheet(s) and income statement(s) in Financial Statement Layouts (GLMU).