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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. |
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| 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. |
