Posted by
Steve Ryan on
Sep 13, 2005; 4:33pm
URL: http://ofbiz.116.s1.nabble.com/OFBiz-Users-Payment-Application-Accounting-Question-tp135846p135848.html
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
>
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