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Evo-ERP and DBA Classic >> Accounting >> UT-K-G, IN-F & GL ACCOUNTS
http://www.istechforum.com/YaBB.pl?num=1115746824

Message started by alphadave on 05/10/05 at 09:40:24

Title: UT-K-G, IN-F & GL ACCOUNTS
Post by alphadave on 05/10/05 at 09:40:24

To correct the book values in IN-F I ran UT-K-G. This corrected the wrong value in inventory and printed a report that gave the GL account and the amount of the change. Do we need to make a journal entry of that amount to the GL account and if so what would be the balancing transaction?

Title: Re: UT-K-G, IN-F & GL ACCOUNTS
Post by David Waldmann on 05/10/05 at 12:35:11

Theoretically, yes. You make a journal entry to the asset GL account and an expense account under your cost of goods. We use our "Absorbed Labor & Burden" account. SInce you should also compare the IN-F report to the corresponding GL accounts, we just run UT-K-G first and then go to IN-F and compare to GL.

You may want to see the thread entitled balance sheet vs. inventory value as well.