ERPstuff - Oracle EBS Community

Hello Gurus,

I have Oracle Purchasing, Oracle Payables, Oracle Inventory and Oracle GL installed for 11i.

My question is how to account the inventory in GL. Here are the steps i want you guys to clarify

1.When inventory bought thru payables invoice (Dr Inventory Asset Account e.g. Postage Stamps Cr Liability account.

2. Payment for the stock = (Dr Liability Account Cr Bank account)

Now when i have started using the stock i want the system to do the folowing;

1. Dr Cost of goods sold account Cr Inventory Asset Account (Postage Stamps) i.e. as there's a reduction in stock and so too will the balance sheet needs this reflection.

2. Can anyone please guide why when doing a miscellaneous receipt in inventory i only get to debit the material account and not being able to debit the actual asset accounts as i have many items in my stock and they all have their asset natural accounts and the same when doing a miscellaneous issue.

Pliz guide.

Zhondi.

The COGS account will be hit when you do the "Ship Confirmation" in Order management - shipping execution.

I am not aware of the second question

Ritz

Hi
Do you follow any costing methods? If yes pl specify.coz the Variance a/c also need to be defined accordingly(depending upon the costing-Standard costing or Average costing)

SKEB

We use average costing and we deal in Finished goods.

Thus we keep items in inventory for resale and there's no order sales as customers just come in at the counter and buy the items i.e. Cash Sales.

There's no any counter automation installed for selling these items.

How can we update the reduction in inventory (In GL balances) when we sell these items because each item has its own Inventory Asset account type not one as is defined by the sytem (Material account) as we need to report the stock we have in the balance sheet as monetary values.

Pliz Help!!!

I hope i understand what you saying, any way if you do miscellaneous receipt in inventory while the item setup as inventory item and not an fixed asset item the material account will be Dr because the you need to receive it to your stores and exceed the inventory value with the item's Qty received value.
but if you talking about fixed asset item there are some setup changes in item attributes to able to het the fixed asset account that you defended in the item attribute but i think you have to use purchase module not miscellaneous receipt.
Will chick it over and get back to you.

Dear
Its not Possible to Sale in Inventory Module u should have Order Managment
Module if not then u can Customize a new Sales form from their u can make Cash Sales.