Tag: gl impact

No GL Impact for Item Receipt

Issue – For the Item Receipt there is no GL impact showing. The corresponding purchase order has a rate specified. Solution – Check the inventory valuation report. If the Item Receipt shows zero value in both GL Impact and Inventory Valuation Report is that the Purchase Order Item Rate field was originally populated with zero… Continue reading No GL Impact for Item Receipt

You cannot change the GL impact for intercompany inventory transfer lines

Updating an Intercompany sales order which is paired with an intercompany purchase order will throw the following error:You cannot change the GL impact for intercompany inventory transfer lines As of NetSuite standards, we couldn’t make a GL-impact change on the Intercompany Sales Order that was created from an Intercompany Purchase Order. Any modification made to… Continue reading You cannot change the GL impact for intercompany inventory transfer lines

PART 3.5 – Cost of Goods Sold (COGS) GL Impact

COGS are not expense accounts, but they function like an expense. These are the costs directly associated with the sale of goods or services. This includes the cost of the product for resale, raw materials, packaging, etc. General selling expenses, such as salaries, rent, utilities, and advertising expenses, are not considered part of the cost… Continue reading PART 3.5 – Cost of Goods Sold (COGS) GL Impact

PART 3.4 – Bank Transaction GL Impact

Bank deposits are when the payment received from the customer is deposited into a bank account. This will increase the bank’s funds and decrease the undeposited fund accounts. Writing checks occurs when businesses issue checks as payment for items they purchase or any type of payables. The GL impact will show a decrease in the amount of… Continue reading PART 3.4 – Bank Transaction GL Impact

PART 3.3 – Customer Transaction GL Impact

Customer payments are the amounts received from customers in exchange for goods or services sold. To record the payments received that are not yet deposited to the bank, GL impact will show an increase in undeposited funds and a decrease in assets (account receivable).  Here’s how to record payments that are deposited directly into the bank.… Continue reading PART 3.3 – Customer Transaction GL Impact

PART 3.1 – Common Sales Transaction GL Impact

Sales orders are non-posting transactions that record the items or services a business plans to sell to the customer.   Order fulfillment is the process of fulfilling the sales order of a customer. Example: To fulfill the order, the business will have to pull out some items from its inventory, which will result in a decrease in assets… Continue reading PART 3.1 – Common Sales Transaction GL Impact

PART 3.2 – Vendor/Purchase Transaction GL Impact

Purchase orders are non-posting transactions that are sent to a vendor to keep track of items that are expected to be delivered. They include the associated price and quantity.  2. Item receipts are used to match against an open purchase order when items have been received. The GL impact will show an increase in the asset account… Continue reading PART 3.2 – Vendor/Purchase Transaction GL Impact

PART 3 – General Ledger Impact and Transactions

This section will explain the fields displayed on the GL Impact page and the types of transactions that generate GL Impact. GL Impact Page Fields  Accounting Book: This field will show up only if the Multi-Book accounting feature is enabled and provides the ability to maintain multiple sets of accounting records. For example, a company that… Continue reading PART 3 – General Ledger Impact and Transactions