I/C Account Sets Screen

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About Account Sets

Adding Account Sets

About Deleting Account Sets

Assigning Inventory Valuation Methods to Items

About Overriding General Ledger Account Segments for Locations

Costing Methods Reference List

Open Inventory Control > I/C Setup > Account Sets.

Click this button to create a new account set..

Click this button to delete the account set currently in view.

Each account set is identified by a unique code of up to six numbers and letters.

To add a new account set, click Create New and type the code for the account set.

To edit an existing account set, type its code or click Image of Finder button. and select the account set.

Enter a description of the account set, using up to 60 characters.

The costing method is the method you use for determining the current value of your inventory and the cost of goods sold.

In Sage 300, all the items assigned to an account set use the same costing method—which can be one of the following:

  • Moving average
  • First-in, first-out (FIFO)
  • Last-in, first-out (LIFO)
  • Standard cost
  • Most recent cost
  • User-specified
  • Serial costing
  • Lot costing

If you store the same inventory item at more than one location, the program tracks and costs the item at each location (rather than costing all the items together).

For more information, see Costing Methods Reference List.

In the table, assign existing General Ledger accounts to associate with this account set.

Tip: To ensure that the account numbers you assign exist in General Ledger, click Image of Finder button. and select an account.

Assign G/L accounts to:

An asset account containing the total value of the inventory on hand (at actual cost). The account increases when you receive goods, and decreases when you ship goods.

The word "control" in the account name means that the account contains only totals, whereas the information stored by Inventory Control contains details on an item-by-item basis.

When you process all accounting entries correctly, the total cost of the inventory in the Inventory Control system equals the totals in the Inventory Control accounts in the general ledger..

A suspense account to which Inventory Control posts the "other side" of the accounting entries for inventory you receive (and for previous receipts you return to suppliers).

Inventory Control normally generates credit entries to this account for inventory you receive; therefore, the account can be thought of as the accrued amount payable for goods received into inventory. Inventory Control debits this account when you enter receipt returns.

As you post the related vendor invoices in Sage 300 Accounts Payable, offsetting journal entries (debits) related to the inventory purchased are generated against the Payables Clearing account to clear the balance that is left in this account from posting the inventory receipt.

The account to which you post inventory adjustments and write-offs. Entries to this account are normally expenses (debits); therefore, the account number you specify should be in the expenses or cost of goods sold section of your general ledger.

The account to which you post the variable and fixed costs of assembling items. The program credits this account with the variable and fixed cost of assembly. You may want to create manual entries in the general ledger to redistribute the assembly cost credit to accounts such as labor costs.

The account which you credit when you ship non-stock items, and debit when you enter shipment returns for non-stock items.

You can use non-stock items to handle specially ordered items which you do not stock in your inventory, and to handle service charges that appear on invoices.

This account is used for the additional cost amount in the Transfer screen.

This account is debited instead of Cost of Goods sold when shipping goods from Order Entry.

The Shipment Clearing account is required because the shipment and invoicing functions in Order Entry are separated. The COGS account is debited when you invoice the shipment.

This account is used if you specify an expense amount when you disassemble items that were previously assembled in Inventory Control.

The expense account that balances the change in inventory value when you adjust inventory quantities after making a physical inventory count.

This account is debited instead of the IC Control account or the Damaged Goods account in Order Entry returns sent to Accounts Receivable. The G/L transaction credits the clearing account instead of COGS and A/R Control.

The Credit/Debit Note Clearing account is required because the inventory return and credit note functions in Order Entry are separated, with one side of the transaction going through the Accounts Receivable program.

Select this option if you do not want to assign the account set to any inventory items.

If you make an account set inactive, you can no longer assign it to items. You also cannot save changes to items that use the inactive account set, unless you first assign the items to an active account set.

You would primarily make an account set inactive when you decide to delete an account set and want to ensure no further inventory records are assigned to it.

You can change the option from inactive to active at any time.

Displays the date the last change was made to the account set.

Overview

You use the I/C Account Sets screen to create account sets for your Inventory Control ledger.

Account sets are groups of general ledger accounts to which you post Inventory Control transactions. More...

You can use as many account sets as you need for your inventory items, but you must define at least one account set for your inventory items.

By creating more than one set of control accounts you can:

  • Maintain separate inventory control accounts for different types of inventory items.

    You can group items by the accounts to which you post item transactions in your general ledger. For example, you can use separate account sets for different item categories, for items assembled in different areas, or for items obtained from different suppliers.

  • Use different inventory valuation methods for different groups of items. Because you assign a costing method to each account set, you can group items by the costing method you use to valuing inventory and determining the cost of goods sold.

Important! Sales, returns, and COGS accounts are specified in categories—not in account sets.