Overview:
The Purchase Order Receipt window allows you to record the receipt of materials ordered through the Purchase Order module.
When you post a Purchase Order Receipt batch and distribute the receipts, PENTA:
- Updates the receipt history for purchase order line items and allows for three-way matching to occur (committed, received, and invoiced) when you enter an invoice in the Invoice and Credit Memo Entry window.
- Updates the appropriate warehouse/location for inventory-related purchase orders.
- Generates the appropriate accounting entries for inventory receipts as well as receipts of inventory directly to job cost.
- Makes the following accounting entries during the receipt distribution process:
- Inventory
Debit: Inventory Account
Credit: Purchase Order Receipt Accrual
- Non-Inventory (if the system is setup to accrue cost during the PO receipt distribution process)
Debit Job Cost Account (Job Type Information window based on Cost Type and Costcode entered on the Purchase Order cost distribution).
Credit Receipt Liability Account (System Configuration window).
- Credit Rec. Sales Tax Liability Account (System Configuration window).
Note: If you interfaced Purchase Order Receipt records and System Option 341 (PO Receipts IF-Auto Distrib) is set to N, you can use this window to review your records before distributing them.
Benefits:
- Provides an accurate record of all financial transactions
- Aids in compiling key financial statements
- Provides the ability to authorize general ledger accounts for one, some, or all organizational units
- Provides subledger requirements and ensures the ledger is always in balance with the subledger details
Roles:
- Accounting Manager
- CFO
Additional Content
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Location:
- Financial & Accounting > Setup > Accounts > Chart of Accounts
Video: