Balance of Allocation account
Hi Experts,
Im closing my last financial year, but I face to a problem: the allocation account has different balance, then the open goods returns and there was no open good receipt PO (I have checked backwards in database) . Where does this difference come from?
Please help , its urgent.
Thanks,Eszter
Edited by: Philip Eller on Jun 18, 2008 9:33 AM
Edited by: Philip Eller on Jul 2, 2008 12:37 PM*
Dear Eszter,
If you are using version 2005A, the AP Reserve Invoice also uses the Allocation Account. Hence:
Dr. Allocation Account
Cr. BP Accounts Payable
Upon Goods Receipt:
Dr. Stock
Cr. Allocation Account
In 2007A, this has been changed. AP Reserve Invoice transactions are now posting to Stock in Transit account.
I hope the above helps.
Regards,
Lorna Real
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Hi,
Normally, the allocation account should balance with all opened GRPOs and returns.
Actually, in order to verify if the Allocation Account balance is
corresponding to all opened GRPOs and returns, we create a user query.
This query will list the row total (without tax) for all the opened
rows of GRPOs and returns. This seems to work fine.
But we noticed that in OINM table, there is a field called 'Allocation' that could help us to know the theoritical value in the allocation account (by doing a SUM of this field).
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Same thing fort he 'OINM.OpenAlloc' field... this field is not affected when closing a GRPO or a return and it should be... no ?
What is the purpose of those fields ?
And since we can't trust the contents of those fields, one of our customer is asking us what is the best way to ensure that the Allocation Account balance is equal to what it should be ?
The purpose of my question is to have a tool that will allow our customers to validate that the allocation account is okay... !! We need a tool that will show if the allocation account balance is what it should be... you understand my point ? There is no report for the allocation account...
We have a tool to verify the inventory G/L accounts... It's called "the inventory audit report". With this tool, we can compare the Inventory G/L account balance with the real inventory transactions.
So, we need a tool that will indicate to the customer that the receivings not invoiced is balancing with the allocation G/L account balance. Are you following me ?
Regards,
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Yes I know all that.
So, I should use this query to verify if the ACTUAL balance fits with what it should be ? THere is no other way of doing that ?
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Hello,
This clearing account is used as an offsetting account to
the Stock account in Goods Receipt POs and A/P Credit Memos. The balance of this G/L account reflects the total amount of opens Goods Receipt POs and Goods Returns.
Allocation account can be defined under Define Item Groups, Item Level and Warehouses, also can be defined in Setup> GL Account Determination> Stock tab.
Which account to be used depends on which kind "Set GL account by" seleted in Item Master Data> Inventory tab.
Hope this helps.
Regards,
Maggie An
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