Open To-Dos:
Create a Year-End report to break down inventory valuations by GL Ledger
Each Warehouse must have a separate GL Ledger
Map GL Posting against the updated COA
Test transactions and get approval.
There are three different types of Sales transactions:
Breaking Games - Retailer
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
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"
You make $7
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 Order
Receive EDI Orders from Walmart and Target with Warehouse = NJ Consignment
Create new sales orders using "Yongle Consignment" or "NJ Consignment" Warehouses
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) $19
CR Service Revenue $1
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.
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
Monthly sales invoice to the Client.
Fixed amount
% of sales amount
Receiving, Storage,
Link to the Excel file shared in the meeting: