[OFBiz] Users - Payment Application & Accounting Question

[Gan Chun Yee]

May I know how can I apply payment received on the
invoice? Must it require Billing Account ID?

Besides, How can it generate Journal Entry when
payment is received or shipment is shipped?

I suppose when an order is placed, a shipment created
and then the following journal entries should be
generated:

1. Debit (i think, not sure whether is credit or
debit) Cost Of Goods Sold
2. Debit Account Receivable
3. Credit Sales

Here is my Accounts Setting for Product "Tiny Chrome
Widget [ID:WG-5569]"

1. 500000 COST OF GOODS SOLD (Cost Of Goods Sold)
2. 120000 ACCOUNTS RECEIVABLE (Inventory)
3. 400000 SALES (Sales)

Besides, how can I view the journal entry ?

Hope someone can help me out.

Regards,
Gan

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[Steve Ryan]

Not an OfBiz expert, but your journal entry at time of
sale / shipment should be:

Debit - Accounts Receivable
Credit - Sales

Debit - Cost of Goods Sold
Credit - Inventory

The Accounts Receivable and Cost of Goods Sold
transaction amounts should not be the same - unless
you have very, very thin margins.

Hope this helps.


--- Gan Chun Yee <[hidden email]> wrote:

> May I know how can I apply payment received on the
> invoice? Must it require Billing Account ID?
>
> Besides, How can it generate Journal Entry when
> payment is received or shipment is shipped?
>
> I suppose when an order is placed, a shipment
> created
> and then the following journal entries should be
> generated:
>
> 1. Debit (i think, not sure whether is credit or
> debit) Cost Of Goods Sold
> 2. Debit Account Receivable
> 3. Credit Sales
>
> Here is my Accounts Setting for Product "Tiny Chrome
> Widget [ID:WG-5569]"
>
> 1. 500000 COST OF GOODS SOLD (Cost Of Goods Sold)
> 2. 120000 ACCOUNTS RECEIVABLE (Inventory)
> 3. 400000 SALES (Sales)
>
> Besides, how can I view the journal entry ?
>
> Hope someone can help me out.
>
> Regards,
> Gan
>
> __________________________________________________
> Do You Yahoo!?
> Tired of spam?  Yahoo! Mail has the best spam
> protection around
> http://mail.yahoo.com 
>  
> _______________________________________________
> Users mailing list
> [hidden email]
> http://lists.ofbiz.org/mailman/listinfo/users
>

               
__________________________________
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[David E. Jones]

All of this stuff you are looking for is in the accountingext  
component. Check out the link that Si sent earlier to find out for  
about that, or look at the copious discussion on the topic in this  
and the dev mailing lists. You are correct, it is not in the OFBiz  
trunk as of yet.

-David


On Sep 13, 2005, at 9:20 AM, Gan Chun Yee wrote:

> May I know how can I apply payment received on the
> invoice? Must it require Billing Account ID?
>
> Besides, How can it generate Journal Entry when
> payment is received or shipment is shipped?
>
> I suppose when an order is placed, a shipment created
> and then the following journal entries should be
> generated:
>
> 1. Debit (i think, not sure whether is credit or
> debit) Cost Of Goods Sold
> 2. Debit Account Receivable
> 3. Credit Sales
>
> Here is my Accounts Setting for Product "Tiny Chrome
> Widget [ID:WG-5569]"
>
> 1. 500000 COST OF GOODS SOLD (Cost Of Goods Sold)
> 2. 120000 ACCOUNTS RECEIVABLE (Inventory)
> 3. 400000 SALES (Sales)
>
> Besides, how can I view the journal entry ?
>
> Hope someone can help me out.
>
> Regards,
> Gan
>
> __________________________________________________
> Do You Yahoo!?
> Tired of spam?  Yahoo! Mail has the best spam protection around
> http://mail.yahoo.com
>
> _______________________________________________
> Users mailing list
> [hidden email]
> http://lists.ofbiz.org/mailman/listinfo/users
>

 
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