System

Acct Name Significance Requirement

Purchase Proce Variance Reqd only for Std Costing Optional

Invoice price variance is the difference between the

Invoice Price Variance
Inventory AP Accrual
purchase order price for an inventory item and the
actual invoice price multiplied by the quantity invoiced.
Usually it is a Expense account Mandatory
This account represents the uninvoiced receipts and is
usually part of your Accounts Payable Liabilities in the
balance sheet Mandatory

Sales revenue account. This gets defaulted at the item

Sales Account level when it is created Mandatory

Cost of Goods Sold Account cost of goods sold account. Mandatory

Deferred Costs of Goods Sold
Account Deferred COGS Mandatory
An asset account that tracks material cost. For average
Material costing, this account holds inventory and intransit
values. Mandatory
Material Overhead An asset account that tracks material overhead cost.
Mandatory
Resource An asset account that tracks resource cost.
Mandatory
An asset account that tracks resource and outside
Overhead
processing overheads. Mandatory
Outside processing An asset account that tracks outside processing cost.
Mandatory
The expense account used when tracking a non-asset
Expense
item. Mandatory
Under average costing with negative quantity balances,
Average Cost Variance this account represents the inventory valuation error
caused by issuing your inventory before your receipts. Optional
Account to book as the inventory items received in the
Receiving Inventory Account
dock Mandatory
Clearing Account
Cycle Count Adjustment general ledger account to charge for cycle count
adjustments. Mandatory
The Average Cost Variance account is charged only when
Cost Variance Account a transaction results in a negative amount in inventory
for one or more cost elements of an item. Optional
Enter the percentage variances of count quantity to on-
hand quantity beyond which Inventory considers a count
Hit/Miss Analysis entry a miss for hit/miss reporting.
GL String Comments
Not Reqd

00418.211120.0000.000.000.00000.0000

00418.234550.0000.000.000.00000.0000

This account doesnot have any use for the items we

00418.730010.0000.000.000.00000.0000 define
This account doesnot have any use for the items we
00418.890100.0000.000.000.00000.0000 define
This account doesnot have any use for the items we
00418.890100.0000.000.000.00000.0001 define

Not Applicable for our business purpose. Can be

same as the material valuation account
Not Applicable for our business purpose. Can be
same as the material valuation account
Not Applicable for our business purpose. Can be
same as the material valuation account
Not Applicable for our business purpose. Can be
same as the material valuation account

00418.141900.0000.000.000.00000.0000
00418.141900.0000.000.000.00000.0000

This account is used to account to balance the entry

and represents the inventory valuation error caused
by issuing inventory before receipts.