Whenever we create any Transactions like Sales or Purchase invoices, we tend to wonder about the accounts this transaction will affect, since the accounts are directly not visible on the transaction screen. We can look for the Journal Entries which will be created in a General ledger to get the accounts which are affected while creating the Transactions. But where do they define/link these accounts to effect for a particular transaction? Actually, the control accounts for such transactions are maintained in Accounting code that helps in easy management of accounts.
Let’s explore it with an example, whenever we create an AR Invoice with the below specification:
Site: T91; Legislation: TRA
Customer: BPC-000001-> Accounting Code: EXPORT
Product: BSMSN00260-> Accounting Code: TRADING
Before we check the Journal Entry created for the Invoice we will like to discuss the Accounting Codes: As we see the Product is having the Accounting Code: “TRADING”, check the below screenshot the Modifier “Sales” has an Account “707000” assigned against it for type “PRODUCT”.
Similarly, the Customer is having Accounting code: “EXPORT”, and the modifier “Sales” has Account “414000” assigned to it.
Thus when we post this Invoice the GL Journal Entry created will affect the accounts mentioned above:
Hope This Helps.
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