Project Inventory Tracking: Generated Transactions
The following sections describe the GL transactions and project transactions that are generated for sales and purchases of stock items and non-stock items requiring receipt for projects.
GL Transactions Generated on Release of an Inventory Receipt
On release of a project-related purchase receipt with a stock item, the corresponding inventory receipt is created. When the inventory receipt is released, the system creates the following batch of general ledger transaction.
| Account | Source of Account | Project | Debit | Credit |
|---|---|---|---|---|
| Inventory account | Posting class of the item | X (non-project code) | Received amount (quantity * item price) | 0.00 |
| PO accrual account | Posting class of the item | X (non-project code) | 0.00 | Received amount (quantity * item price) |
On release of a project-related purchase receipt with a non-stock item requiring receipt, the corresponding inventory receipt is created. When the inventory receipt is released, the system creates the following batch of general ledger transaction.
| Account | Source of Account | Project Budget Key | Debit | Credit |
|---|---|---|---|---|
| Expense account | Inventory item | Project, project task, and cost code in the inventory receipt line | Received amount (quantity * item price) | 0.00 |
| Inventory account | Inventory item | X (non-project code) | 0.00 | Received amount (quantity * item price) |
On the Financial tab of the Receipts (IN301000) form, you can click the link in the Batch Nbr. box to view the details of the general ledger transaction on the Journal Transactions (GL301000) form.
Project Transaction Generated on Release of the Inventory Receipt
On release of the general ledger transaction which was created on release of the inventory receipt with a stock item, the system generates no project transaction.
On release of the general ledger transaction which was created on release of the inventory receipt with a non-stock item requiring receipt, the system generates the following project transaction.
| Project Budget Key | Account Group | Debit Account | Amount |
|---|---|---|---|
| Project, project task, inventory item, and cost code in inventory receipt line | Account group mapped to the Expense account of the item | Expense account of the item | Amount |
You can review the created project transaction on the Project Transaction Details (PM401000) form. In the Selection area of this form, you select the project in the Project box.
GL Transactions Generated on Release of an Inventory Issue
On release of an inventory issue with a stock item issued for a project, the system generates a batch of general ledger transactions.
| Account | Source of Account | Project Budget Key | Debit | Credit |
|---|---|---|---|---|
| PO Accrual account | Posting class of the item | X (non-project code) | 0.00 | Issued amount (quantity * item cost) |
| Expense account | Reason code in the inventory issue line | Project, project task, and cost code in the inventory issue line | Issued amount (quantity * item cost) | 0.00 |
You can view the reference number of the GL batch in the Batch Nbr. box on the Financial tab of the Issues (IN302000) form. You can click the link in this box to view the details of the batch on the Journal Transactions (GL301000) form.
Project Transaction Generated on Release of the Inventory Issue
On release of the general ledger transaction created on release of the inventory issue with a stock item for project, the system generates the following project transaction that updates the project's actual amounts:
| Project Budget Key | Account Group | Debit Account | Amount |
|---|---|---|---|
| Project, project task, inventory item, and cost code in inventory issue line | Account group mapped to the GOGS account | COGS account of the item | Amount |
You can review the created project transaction on the Project Transaction Details (PM401000) form. In the Selection area of this form, you select the project in the Project box.