1.2.2. Control Account Setting: Knowing how Nuclearsoft ERP System generates journals automatically.
Purchase Journal: There are three parts that the system will generate journal automatically.
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After open a ‘Purchase Order’
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1. ‘Deposit Payment Order’ will be generated possibly, and the verify action of ‘Deposit Payment Order’ will trigger the following journals generation:
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‘Deposit Payment Order’ verify/posting
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Credit :
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Accounts Payable
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Debit :
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Deposit Pay
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‘Deposit Payment Order’ payment
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Debit :
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Accounts Payable
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Credit :
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Pay by which banks or cash
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Debit / Credit :
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The payment exchange difference amount
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Goods received, journal will be generated automatically
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Debit :
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Stock value increases
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Credit :
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Contingent Liability journal is created, it is due to the goods payment has not been paid yet which affect the company liability value possibly.
(On the other side, if you view ‘Contingent Liability’ account code in Ledger, you can know how much goods value in company has not been paid yet.)
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3. After goods received or goods partial received, ‘Payment Order’ will be generated
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‘Payment Order’ verify/posting
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Credit :
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Accounts Payable
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Credit :
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Offset the Deposit Payment
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Debit :
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Offset the Contingent Liability
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‘Payment Order’ payment
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Debit :
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Accounts Payable
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Credit :
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Pay by which banks or cash
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Debit / Credit :
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The payment exchange difference amount
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Sales Journal: There are three parts that the system will generate journal automatically.
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After open a ‘Sales Order’
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1. ‘Deposit Invoice’ will be generated possibly, and the verification action of ‘Deposit Invoice’ will trigger the following journal generation:
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‘Deposit Invoice’ verify/posting
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Debit :
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Accounts Receivable
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Credit :
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Deposit Receive
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‘Deposit Invoice’ payment from customer
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Credit :
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Accounts Receivable
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Debit :
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Receive to which banks or cash
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Debit / Credit :
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The payment exchange difference amount
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2. After above deposit transaction, and then goods delivery
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Goods delivery, journal will be generated automatically
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Credit :
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Stock value decreases
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Debit :
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Contingent Asset journal is created, it is due to the goods payment has not been received yet which affect the company asset value possibly.
(On the other side, if you view ‘Contingent Asset’ account code in Ledger, you can know how much goods value in company has not been received yet.)
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3. After goods delivery or goods partial delivery, ‘Invoice’ will be generated
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‘Invoice’ verify/posting
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Debit :
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Accounts Receivable
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Debit :
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Offset the Deposit Receive
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Credit :
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The amount of invoice
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Credit :
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Offset the Contingent Asset
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Debit :
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The cost of the delivered goods
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‘Invoice’get payment
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Credit :
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Accounts Receivable
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Debit :
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Receive to banks or cash
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Debit / Credit :
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The payment exchange difference amount
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