This topic describes the general ledger journal entries that are created for Purchase Orders transactions.
Journal entries are created for Purchase Orders transactions in two stages:
- Posting or Day End processing creates inventory entries (or general ledger entries, if you do not use Inventory Control) from receipts and returns.
- Accounts Payable posting creates entries from invoices, returns, credit notes, and debit notes. (No general ledger entries are created for requisitions or purchase orders.)
Printing the G/L Transactions Report
If you use the option to create G/L transactions using the Create Batch icon in Purchase Orders, you can print the G/L Transactions report and check the entries before creating G/L batches.
Note: If you use the option to create G/L transactions during posting, transactions are created and the report information is deleted by posting or Day End Processing (depending on when you cost inventory). You must use the G/L Listing in General Ledger to see the information.
Taxes
Allocated taxes are posted to the same general ledger accounts as their corresponding item or additional cost details.
Recoverable and expensed taxes are posted to the accounts specified for the tax authorities in Tax Services.