The cookies is used to store the user consent for the cookies in the category "Necessary". This cookie is set by GDPR Cookie Consent plugin. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". The cookie is used to store the user consent for the cookies in the category "Analytics". These cookies ensure basic functionalities and security features of the website, anonymously. Necessary cookies are absolutely essential for the website to function properly. For more step-by-step instructions on how to perform specific tasks in Microsoft Dynamics NAV, see our collection of How-To blogs. Do you have questions about other functionality in Dynamics NAV? Contact ArcherPoint we’ll be happy to help you find the answers. Another explanation is more technical in that, depending on your setup, you can just get the General Ledger Postings for the A/P side of the transaction, then later with the Adjust Cost-Item Entries Program get the Inventory side of the transaction. With the purchases account, it is then easy to compare actual to budget. One explanation that was given to us is that some companies budget for inventory purchases. Then we are still left with the question, “Why?” We are still left with no satisfactory answer. The first thing to do is to understand how this works in Dynamics NAV and set up your Posting Groups appropriately.
The net effect of these postings is that the Inventory and Accounts Payable Accounts are debited for the actual amount. The Purchases and Direct Cost Applied accounts should net to zero. Cr Direct Cost Applied Account for the Actual Invoice Amount.Dr Inventory Account for the Actual Invoice Amount (or Standard Cost if using Standard cost Method).Cr Accounts Payable Account for the Actual Invoice Amount.
Dr Purchases Account for the Actual Invoice Amount.When we look at the General Posting Setup in Dynamics NAV 2013 (see below), we see that there is a column for the Purchases Account and the Direct Cost Applied Account.įigure 1 - General Posting Setup in Dynamics NAV 2013 When a purchase receipt is invoiced (vouchered) in NAV, we get the following General Ledger entries: When working on new Dynamics NAV implementations (and for that matter, existing NAV solutions), we get a lot of questions about the Purchases and Direct Cost Applied Accounts-namely, what are they used for? We were trained in accounting that, when an inventory purchase receipt is invoiced (vouchered), we would debit the Inventory Account and credit the Accounts Payable Account and be done with it.
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