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  13. (Accounting) Receive goods without...

(Accounting) Receive goods without quality control, with landed costs (no cost check) and cost type Standard cost

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The following describes the accounting transactions that are created when you confirm the reception note for goods on an order having landed costs of airfreight and insurance that do not require a cost check. The cost type is Standard cost.

Prerequisites

Quantity received 100
Purchase price 14.00
Airfreight 5.00
Insurance 1.00
Item standard cost 20.00
Airfreight standard cost 4.00
Insurance standard cost 1.00
Item standard purchase price 15.00

Created transactions

Transaction type Description Amount
Debit		 Amount
Credit		 Calculation/Result/Additional info
The following transactions are created when the reception note is confirmed using the “Confirm purchase order reception note” menu item.
933 Goods received awaiting costs 1400.00  
Net purchase price * Received quantity

14.00 * 100 = 1400.00

This transaction increases (debits) the Goods received awaiting costs account using the net purchase price multiplied by the received quantity.
930 Reception from supplier   1400.00
Net purchase price * Received quantity

14.00 * 100 = 1400.00

This transaction is the purchase value that is normally credited on a Reception from supplier account in Financials.
901 Stock value 2000.00  
Item standard cost * Received quantity

20.00 * 100 = 2000.00

This transaction increases the stock value, using the item standard cost multiplied by the received quantity. Note: If “Cost per warehouse” is active then the Standard cost used will be that for the warehouse into which the goods are received.
933 Goods received awaiting costs   1400.00
Net purchase price * Received quantity

14.00 * 100 = 1400.00

This transaction decreases (credits) the Goods received awaiting costs account using the net purchase price multiplied by the received quantity.
932 Landed cost – Airfreight   500.00
5.00 * 100 = 500.00

This transaction increases (credits) the landed costs account for the airfreight using the standard landed cost of the airfreight.
964 Landed cost variance – Airfreight 100.00  
500 – 400 = 100.00

This transaction accounts for the variance between the actual cost of the airfreight and the standard landed cost of the airfreight.
932 Landed cost – Insurance   100.00
1.00 * 100 = 100.00

This transaction increases (credits) the landed costs account for the insurance using the actual cost of the insurance.
934 Purchase price difference/stored   100.00
1500 – 1400 = 100.00

This transaction accounts the difference between the standard purchase price and the actual net purchase price.
Note: If the goods are received using the “Receive replenishment line” menu item the following transactions are created.
933 Goods received awaiting costs 1400.00    
930 Reception from supplier   1400.00  
Once reception is complete the goods have to be booked into stock; during this routine the following transactions are created.
901 Stock value 2000.00    
933 Goods received awaiting costs   1400.00  
932 Landed cost – Airfreight   500.00  
964 Landed cost variance – Airfreight 100.00    
932 Landed cost – Insurance   100.00  
934 Purchase price difference/stored   100.00  

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