Inventory Journal Entries
Users can check on the journal entries in different transactions by selecting the Journal tab.
STOCK ADJUSTMENT
The journal entry for stock adjustment depends if it is a stock adjustment IN or OUT.
Journal Entry (IN):
Dr Inventory (selected during the creation of product)
Cr Account (depending on the reason for adjustment)
Journal Entry (OUT):
Dr Account (depending on the reason for adjustment)
Cr Inventory (selected during the creation of product)
TRANSFER ORDER
The journal entry for transfer order will only be created if the transaction is “In Transit” status. Amount will depend on the fulfilled quantity.
Journal Entry:
Dr Inventory in Transit
Cr Inventory (selected during the creation of product)
The following journal entries are also created upon closing of Transfer Orders.
Journal Entry:
Dr Inventory (selected during the creation of product)
Cr Inventory in Transit
ITEM RECEIPT
The journal entry for item receipt will only be created if the transaction is “Received” status. Amount will depend on the actual received quantity.
Journal Entry:
Dr Inventory (selected during the creation of product)
Cr Inventory in Transit
Related Articles: Purchasing Journal Entries