Config Accounts with Anglo-Saxon and Continental

1. Logic of Retrieving Accounts

Transactions	Anglo-Saxon	Continental
1. Purchasing
Validate the goods receipt from Vendor	Dr Validation/ Cr Input	Dr Validation/ Cr Input
Record the Vendor bill from Vendor	Dr Input/ Cr Payable	Dr Expense/ Cr Payable
2. Transfer for Production
Transfer for Production	Dr Production/ Cr Valuation	Dr Production/ Cr Valuation
Received from Production	Dr Valuation/ Cr Production	Dr Valuation/ Cr Production
Other transfer (Config Accounts at location)	Dr Other/ Cr Valuation Dr Valuation/ Cr Other	Dr Other/ Cr Valuation Dr Valuation/ Cr Other
3. Selling
Validate the delivery to Customer	Dr Output/ Cr Valuation	Dr Output/ Cr Valuation
Issue the invoice to Customer	Dr Receivable/ Cr Income Dr Expense/ Cr Output	Dr Receivable/ Cr Income

 2. VAS Accounts config with Anglo-Saxon

Raw material

Transactions	Anglo-Saxon	Continental
1. Purchasing
Validate the goods receipt from Vendor	Dr 1520/ Cr 1510	Dr 1520/ Cr 1510
Record the Vendor bill from Vendor	Dr 1510/ Cr 331	Dr 6320/ Cr 331
2. Transfer for production
Transfer for production	Dr 6210/ Cr 1520	Dr 6210/ Cr 1520
3. Selling
Validate the delivery to Customer	Dr 1510/ Cr 1520	Dr 1510/ Cr 1520
Issue the invoice to Customer	Dr 131/ Cr 5118 Dr 6320/ Cr 1510	Dr 131/ Cr 5118

Finish goods

Transactions	Anglo-Saxon	Continental
1. Purchasing
Validate the goods receipt from Vendor	Dr 1551/ Cr 1510	Dr 1551/ Cr 1510
Record the Vendor bill from Vendor	Dr 1510/ Cr 331	Dr 6320/ Cr 331
2. Received from production
Received from production	Dr 1551/ Cr 1542	Dr 1551/ Cr 1542
3. Selling
Validate the delivery to Customer	Dr 1510/ Cr 1551	Dr 1510/ Cr 1551
Issue the invoice to Customer	Dr 131/ Cr 5112 Dr 6320/ Cr 1510	Dr 131/ Cr 5112

  3. VAS Accounts config with Continental

Raw material

Finished goods

Transactions	Anglo-Saxon	Continental
1. Purchasing
Validate the goods receipt from Vendor	Dr 1551/ Cr 1510	Dr 1551/ Cr 1510
Record the Vendor bill from Vendor	Dr 1510/ Cr 331	Dr 1510/ Cr 331
2. Received from production
Received from production	Dr 1551/ Cr 1542	Dr 1551/ Cr 1542
3. Selling
Validate the delivery to Customer	Dr 6320/ Cr 1551	Dr 6320/ Cr 1551
Issue the invoice to Customer	Dr 131/ Cr 5112 Dr 1510/ Cr 6320	Dr 131/ Cr 5112

VAS Accounting in a Manufacturing Company

1. Applications

2. Implementing Checklist

Initial Config

• Fiscal Localization Package (Accounting)
• Accounting method: Anglo-Saxon or Continental
• Automatic Accounting (Accounting)
• Correction method: Enable/disable Storno accounting
• Costing method (Accounting)
• Landed Costs (Inventory)
• Multi-step route (Inventory)
• Unarchive MTO route (Inventory)
  

Product Category

• Category for Finished goods
• Category for Raw material
• Category for Allocation cost

Products

• Can be sold/ can be purchased
• Sale price (or Sales Pricelist)
• Purchase price (or Purchase Pricelist)
• Assign route

Manufacturing

• Enable work center
• Create work order
• Config operating cost
• Config hourly cost for employee
• Create a BOM

Auto transfers

• Monthly Direct cost Transfer
• Monthly Income Transfer
• Monthly Expense Transfer

3. VAS Config with Anglo-Saxon

 

4. Encoding flow

• Create & confirm a sales order for the Finished goods
• • A Manufacturing Order for the Finished goods is automatically generated at confirmed state
  • A Purchase Order for the Raw materials is automatically generated at draft state
• Validate the Purchase Order
• Validate material Receipt the Materials
• • Stock Validation is generated
  • Check Journal Entries
• Create the vendor bill & validate
• • Check Journal Entries
• Plan the MO and tracking time at Work Floor
• Produce the Finished goods and overview the product costing
• • Material cost by each component
  • Operations cost with the operating cost and employee cost
  • Journal Entries from Valuation:
  • • For transfer material
    • For received finished goods
• Validate the delivery
• • Check validation amount
  • Check Journal
• Issue Invoice to the customer
• • Check Journal: 
  • • For Revenue
    • For Cost

Storno Accounting​

1. What is Storno Accounting

Storno Accounting is an accounting practice that allows businesses to reverse incorrect or mistaken entries in their financial records by recording transactions with negative amounts. This ensures that your financial records are accurate and reliable.

2. How it works?

Enable this feature from Accounting/Configuration/Setting

 Create a regular invoice and look at the Journal Items

Create a Credit Note of that invoice and look at the Journal Items