Overview
The Inventory Item Accounts Record defines the Rootstock Sub-Ledger Accounts associated with this item and are created from the associated Inventory Commodity Code but can be overridden for a given Inventory Item.
Application
The Inventory Item Accounts provide the Sub-Ledger Accounts to be assigned when transactions are processed for an item. For example, in the following screen capture, if a transaction were processed to issue a quantity of an item from inventory to a work order, the software sources the Inventory Sub-Ledger Account (1408-Inventory Consigned) and the Sub-Ledger Account for WIP (1420-Inventory WO WIP) and creates an Inventory Cost Transaction to Credit the Inventory Sub-Ledger Account and Debit the WIP Sub-Ledger Account.
Navigation
Inventory Item Accounts
Processing
This path takes the user to the List View of Inventory Item Accounts, where the individual item records can be viewed or edited.
Clicking ‘Edit’ to the left of the item brings you to where you may override the current values.
The Sub-Ledger Accounts are set from the Item’s Commodity Code values. These values can be overridden by checking the box before the account and selecting the appropriate Sub-Ledger Account from the drop-down list.
Header section
Fields
Division: The Division to which this record applies.
Commodity Code: This is the Commodity Code or Item group assigned to this item.
Item Description: User-defined description. This description is displayed throughout the Rootstock product in association with the item number.
Item: This is the Inventory item associated with this record.
Accounts tab
Fields
Account, Inventory: This Mfg Account is the Inventory/Asset account in which all inventory associated with this Inventory item will be charged. When defining this value, the selection must have a GL Type of Inventory.
NOTE When this field 'Account, Inventory' is manually overridden by the user, then the 'Inventory Account' field on the Inventory Item by Project - Accounts tab is updated to this overridden value.
Account, Inventory Scrap: This Mfg Account is the account charged when scrapping an item. When defining this value, the selection must have a GL Type of Cost of Goods Sold.
Account, WO Scrap: This Mfg Account is debited when items are scrapped off a Work Order.
Account, Negative Variance: The Account set here will be used as the Account to capture Negative Variance.
Account, PO Subcontract WIP: This Mfg Account is charged with any charges to a Subcontract Purchase Order. When components are issued to a Subcontract PO, this account is debited, and when the Purchase Order is received or scrapped, this account is credited.
Account, Non-Nettable Inventory: This Mfg account is charged when inventory is placed into a Non-Nettable Stock Location for an item. When defining this value, the selection must be one with a GL type of Non-Nettable.
NOTE When this field 'Account, Non-Nettable Inventory' is manually overridden by the user, then the 'Account, Non-Nettable Inventory' field on the Inventory Item by Project - Accounts tab is updated to this overridden value.
Account, Rework WO Variance: This is the Mfg account that will be used to record the Variance from the standard for a Rework Work Order. The Rework WO Variance will be computed by subtracting the Standard cost of the item produced from the Actual amount changed to the Work Order.
Account, Material Ohd Variance: This is the account debited if the actual Material Overhead amount exceeds the Standard Material Overhead amount. The account is credited if the Actual Material Overhead amount is less than the Standard Material Overhead amount.
Account, WIP: This Mfg Account is the account charged with any charges to a Work Order. When a charge is applied to a Work Order, this account is debited, and when the item produced on the Work Order is received or scrapped, this account is credited.
Account, WO/Subc PO Variance: This is the sub-ledger account debited or credited with the value of Work Order or Subcontract PO variances, calculated when the order is closed.
Account, Subcontract PO Variance: When specified, this sub-ledger account serves as an override to the 'Account, WO/Subc PO Variance' for Subcontract PO variances calculated at the time the Purchase Order is closed.
Account, Adjustment Clearing: This is the Account used against this Item for adjustment clearing.
Account, Inter-Div Transfer: This is the Mfg Acct debited on an Inter-Division Transfer shipment and credited on an Inter-Division Transfer receipt.
Account, PO Variance: This is the Account used against this Item for PO variance.
Account, Rework WIP: This is the Account used against this Item for Rework WIP.
Account, WIP Disassembly: This Mfg Account is the account charged when charges are applied to Disassembly Work Orders.
IMPORTANT The drop-down fields 'Account, PO Variance', 'Account, WO/Subc PO Variance', 'Account, Subcontract PO Variance', 'Account, Negative Variance', 'Account, Rework WO Variance', and 'Account, Material Ohd Variance' displays the Sub-Ledger Accounts based on the flag 'Variance Account Override' on the Company Master as mentioned below:
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If the flag is checked, the Sub-Ledger Accounts with the 'GL Type' as 'Inventory', 'Inventory Adjustment', or 'Variance' are available for selection.
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Otherwise, only the Sub-Ledger Accounts with the 'GL Type' as 'Variance' are available for selection.
SEE ALSO
Inventory Commodity Code
Inventory Item Master
