on 2007 Aug 01 11:20 AM
Hi
can any one clear me
While posting customer invoice (FB70) why system asks for G/L account? As per accounting rules customer is debited and Customer reconciliation a/c is credited that ends double entry book keeping rule. Why one more G/L account on top of Recon a/c, which is posted automatically
thank you
Entry gets posted to Customer a/c through reconciliation account. You have to give a GL a/c for revenue.
Your entry would be
Customer (Reconciliation a/c) Dr
To Revenue Cr
Reconciliation is a fictious entry so you cannot consider as an entry to be entered by the user. This rule is derived from the fact that 'we cannot enter/post directly to RECON account'.
That is why system needs a GL account to make the account balance as zero. Manual entry could be:
Customer a/c Dr
To Domestic Sales a/c
(Sales invoiced posted)
Recon entry is automatically made once you post this entry since you have configured your RECON in the IMG.
assign points if useful
You must be a registered user to add a comment. If you've already registered, sign in. Otherwise, register and sign in.
Dear Rajiv,
your customer and reconciliation accounts both are same
if your debiting the customer means you are debiting to reco account
so system is asking there credit entry that is compulsory
for this you read the relation between sub ledger and main ledger
regards
You must be a registered user to add a comment. If you've already registered, sign in. Otherwise, register and sign in.
Generally FB70 is used for sale of non-production materials etc. The journal entry for sale is
customer a/c Dr
To Non-production material (or any other GL account)
When you made postings in the customer account, it was automatically posted to the recon account automatically. you need not post any entry directly to this account.
You must be a registered user to add a comment. If you've already registered, sign in. Otherwise, register and sign in.
User | Count |
---|---|
105 | |
8 | |
6 | |
6 | |
5 | |
5 | |
4 | |
3 | |
3 | |
3 |
You must be a registered user to add a comment. If you've already registered, sign in. Otherwise, register and sign in.