Postings for Receiving
When you record the receipt of an item, that transaction posts to a different account depending on the type of item. This sample ledger shows how receiving transactions post when you use standard costing:
| Date | Transaction/Accounts | Debit | Credit |
|---|---|---|---|
| June 1 | Stock item received | ||
| Product class inventory account | 80 | ||
| Received goods account | 80 | ||
| June 2 | Buy to sales order item received | ||
| Buy/resell account | 100 | ||
| Received goods account | 100 | ||
| June 3 | Buy to job order item received | ||
| Product class WIP account | 75 | ||
| Received goods account | 75 |
This sample ledger shows how receiving transactions post when you use weighted average costing:
| Date | Transaction/Accounts | Debit | Credit |
|---|---|---|---|
| June 1 | Item received to inventory | ||
| Product class inventory account | 67 | ||
| Received goods account | 67 |