There are three different types of Sales transactions:

Breaking Games - Retailer

Assume Warehouse decides Division????

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

  • 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:

Ad Magic Accounting.xlsx