Page Comparison

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• Create a Year-End report to break down inventory valuations by Division. - Assume Warehouse decides Division????

• Map GL Postng against the updated COA

• Test transactions and get approval.

There are three different types of Sales transactions:

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General Design

• Use Warehouse instead of Item to segregate inventory by GL Ledgers.

• Consignment Warehouses must have 0 cost.

• Use Transfer Orders to transfer inventory between warehouses with the same GL Ledger.

• Use Sales Orders and Purchase Orders to transfer inventory between warehouses with different GL Ledgers.

• For all Shopify Sales Orders, Payment Terms must be Prepaid, so debit will go to the Undeposited Cash Account, instead of AR.

• For all Consignment Sales Orders, Unit Cost must be 0.

• For all Consignment Sales Orders

  • For Breaking Games (there are two consignment warehouses), we must keep the Unit Price as it is (not 0) so that when we post Sales Invoices, we can:

    • DR AR

    • CR Client Fund Payable

  • For Blackbox (there is one consignment warehouse), we must keep the Unit Price as 0 so that we don’t create GL Entries in the Undeposited Cash Account.

Transaction Types

Accounting Entries

Detailed Processes

From Opportunity, create:

• Purchase Order

  • Use "Yongle Owned" Warehouse

  • Create a Prepayment Invoice

  • Pay the Vendor.

  • Receive

  • Invoice

    • Debit Inventory for "Yongle Owned", $3

    • Credit AP, $3

• Use Client Sales Order to transfer ownership to Clients.

  • Use "Yongle Owned" Warehouse

  • Create a Prepayment Invoice

  • Get paid.

  • Then Allocate and Ship

  • Invoice

    • DR AR

    • CR Revenue (4190-BG Merchandise Sales), $10

    • DR COGS (5280-Cost of Goods Sold - Misc), $3

    • CR Inventory for "Yongle Owned"

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• To add inventory to "Yongle Consignment"

  • Click the Create Item Adjustment Journal button on Whse shipment - to be programmed, pending further instruction

    • This is the moment to decide which warehouse to use.

    • The warehouse will decide the division code.

  • The Item Adjustment Journal may be created manually.

  • Unit Cost will be 0 for all consignment inventory.

  • In Youngle consignment, I will have quantity 1, at 0 cost

  To transfer inventory from "Yongle Consignment" to "NJ Consignment", or from "Yongle Owned" to "NJ Owned" (only for Breaking Games), you can use Transfer Order.

  • From "Yongle Consignment" to "NJ Consignment"

    • Division = Ad Magic

  • From "Yongle Owned" to "NJ Breaking Games Owned"

    • To Division = Break Games

  • Create and Post Transfer Shipment

  • Whse Receive against Transfer OrderOn the Sales Order, specify final Consignment Warehoues and Quantities

    • Yongle Consignment

      • Auto create an Item Journal to add total shipped quantities to Yongle Consignment at 0 cost.

    • Breaking Games Consignment

      • Auto create a Transfer Order to transfer inventory from Yongle Consignment to BG Consignment

      • Post the Whse Shipment

      • When the goods arrive at BG Consignment, create Whse Receipt.

• Receive EDI Orders from Walmart and Target

• Create new sales orders using "Yongle Consignment" or "NJ Consignment" Warehouses

with consignment Warehouse.

• Allocate and ship

• Invoice

  • DR B/S Contra Consignment Inventory (Account COGS) $0

    • with 0 inventory value

  • CR Inventory (Consignment Warehouses) $0

  • DR AR $20

  • CR Client Fund Payable (Account Sales) $19CR Service Revenue $1$20

  • Programming Note:

    • Added Account Posting Group to Warehouse and assign - done

    • Consignment to consignment Warehouses

    Owned to owned warehouses

    • Added Sales Invoice Line trigger to look for the correct APS to use based on the Accounting Posting Group defined on Warehouse - done

• When AR is received from the client's customers, then pay the client.

  Monthly sales invoice to the Client.

  • Create a Payable

    • DR Client Fund Payable

    • CR AP (to your client)

  • Create Cash Disbursement

    • DR AP

    • CR Bank Account

Ad Magic - Bulk Sales

From Opportunity, create:

• Create a Purchase Order

  • Use "Yongle Owned" Warehouse

  • Create a Prepayment Invoice

  • Pay the Vendor.

  • Receive

  • Invoice

    • DR Inventory ("Yongle Owned" Warehouse)

    • CR AP

• Create a Sales Order

  • Use"Yongle Owned" Warehouse

  • Create a Prepayment Invoice

  • Get paid.

  • Then Allocate and Ship

  • Invoice

    • DR COGS

    • CR Inventory ("Yongle Owned" Warehouse)

    • DR AR

    • CR Revenue

Service Invoices for 3PL Service - Still waiting for the detailed requirements

• • • DR Service Fees and Expenses

      • Need more discussions on logic

        • Fixed amount

        • % of sales amount

        • Receiving, Storage,

Link to the Excel file shared in the meeting:

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• • Create Cash Disbursement

    • DR AP

    • CR Bank Account