I am completely new to accounting system and I wanna to implement compiere to record all my company daily work.
I have setup a client, and then import all accounts by running Import File Loader and load the file "AccoutingUS.csv".
I have defined financial year, periods, and open them all. Then I following everything from Garden World example and create a fincancial report for "Balance Sheet"
I declare a product (Product_A) and declare the a price list for Product_A, the price is $19 each
Then I create a PO which is going to buy Products_A, qty is 173 piece, and then post it
Then I create a Material receipt, which is receive Product_A, qty is 173 piece as well. the details is generate from pressing "Generate Line from" button
and choose the PO that I just create. I post any those entries after that.
When I create a balance sheet report from "Performance Analysis < Fincancial Report", I found something which is strange.
From what I understand, the balance sheet may contain some entries like
1) Inventory = 19*173 = $3287
2) Total Asset = $3287
3) Account payables = $3287
4) Total Liabilities = $3287
However, from what I see in the report, there are entries like those
1)Product Asset = $3287
2)Inventory = $3287
3)Total Asset = $6574
4)Not Invoice Receipts = $3287
5)Account payables = $3287
6)Total Liabilities = $6574
Does anyone know why the accounting entries is double?
Redhuan D. Oon
Its not been doubled. The extra figures are pertaining to Not Invoiced Receipts as when u receive your goods you havent yet been issued an invoice, thus this gives u a snapshot detail that u have received and not invoice to pay yet.
To avoid this showing up in your accounts u can do a query to filter out the figures so that they dont accumulate in the totals.
Your Total Assets and Total Liabilities seems to be labeled wrongly. They should have been Trial Balance Totals instead.
Again my Accounting knowledge is middle class. If i m wrong, excuse it.