Subcontracting accounting entries at the time of GR reversal
Hello,
In Subcontracting procedure, when i required the one finsihed product,
then i send a two components for him 1)A1 2)A2
Finished material and materials A1 and A2 are mainatained in Standard price.
Through the MB1B i send the material provided to vendor next i did MIGO
in that case the Accounting entries are hitting are
1)Stock Account hitting by STD price of the component at time of posting.
2)Balance effect goes to Consumtion of raw material
is it correct?
At time of Reversal of the GR doc is it take the STD price of the componentsor avarage cummulative price based on the prvious std price.
Please guide me at the time of reversal how the accounting entries are hitting and at what base, the how PPV is calculated,
and if in between any price change then what are the accounting entries?
if anybody give me answer , iam greatful to him
Regards
sapman
Iam facing this problem from last one month, nobody is giving the hints
frien'd update please
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AnisPlease tell me same issue i am getting.
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I am working with the Process industry client. Here one raw material goes with chain of process. In one plant half of the process will carried out and the rest of the half process would be carried in another plant. the entire accounting entry would be as follow.
Plat A
While Purchasing the RAW material the account entries are
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To Goods in Transit a/c Cr
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To COGM a/c Cr
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Advance thanks for the help.
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DevaHi Ravi,
I have discussed with my user. The business requirement is they want the plant wise Balancesheet and Financial statement. If i do the stock transfer from one plant to another it is very difficult for me to get the balance sheet. What we are planning is while transfering one plant to another the FG invertory credit agaist Intra transfer account (One P&L account) then in the receiving end the intra transfer a/c debit to FG inventory so that i can get the trial balance.
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Subcontracting accounting entry
hello gurus
i have accounting problem regarding subcontracting process in gr accounting entry are created like that
pk g/l ac description amount
89 24350001 SEMI FINISH STOC A/C 10,000.00
96 13110100 GR/IR-Clearing - Ext 1,200.00-
91 50000050 CHANGE IN STOCK 10,000.00-
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99 24340000 RAW MATERIALS STK 4,800.00-
81 50000000 CONSUMPTION RAW 4,800.00
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k.chhikaraHi Krishnan,
As per the details given by u, 50000050 will be a P&L account and 24350001 will be a balance sheet account.
U can get more help from ur FI consultant
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