Acctivate creates entries each time you purchase, receive, adjust quantity, sell or process landed cost for inventoried items. Here are some example journal entries created by Acctivate followed by an overview of transactions. Account DR CR Inventory Asset $750 Accrued Purchase Receipts…
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Overstated Accrued Purchase Receipts
You should regularly check the balance of the Accrued Purchase Receipts (formerly known as Purchase Suspense) account. It should be equal to the inventory receipts that have been posted without a corresponding purchase invoice. You can review Inventory Receipts posted…
General Ledger Account Setup for Sales and COGS
Acctivate allows users to configure which General Ledger accounts to assign for Sales and Cost of Goods Sold. In Acctivate, browse to Configuration Manager > Sales Orders > Sales/COGS. You will find the Sales / COGS accounts section. Here, you can select…
