Summary Invoicing Overview - GL Interface Example

This simple example demonstrates the GL entries generated when an Accrual Invoice is posted and the GL entries generated by the Summary Invoice.

Example:

1000.00  =  Product Sales   (700.00=Product Cost)
20.00  =  Freight
71.40  =  GST
1091.40  =  Deferred Amount

GL Account Debit Credit Set Up Program
Post Accrual Invoice      
Summary Invoice Sales Accrual 1000.00   CC00/SI
Summary Invoice Sup. Charge 20.00   CC00/SI
Summary Invoice GST Accrual 71.40   IN05
Sales   1000.00 CC00/IN/GL
Freight   20.00 IN01
GST Payable   71.40 IN05
Inventory   700.00 CC00/IN/GL
Cost of Sales 700.00   CC00/IN/GL
       
Notes: Values that make up the Invoice
total are accrued; Inventory is reduced;
Sales statistics are updated; Tax
Remittance Report is updated.
     
       
Post Summary Invoice      
Account Receivable 1091.40   AR02
Summary Invoice Sales Accrual   1000.00 CC00/SI
Summary Invoice Supp.Charge Accrual   20.00 CC00/SI
Summary Invoice GST Accrual   71.40 IN05
       
Notes: Invoice is posted to Customer's
account; accruals are reversed.