Sage Accpac Accounting Entries

The following is the simplified double entries generated by Sage Accpac ERP:

Receiving of RM and PM (PO Receipt)

DR.         Inventory Control A/C (IC Account Set)
CR.         Payable Clearing A/C (IC Account Set)

Received Supplier Invoice (PO Invoice)

DR.         Payable Clearing A/C (IC Account Set)
CR.         Creditors A/C (AP Account Set)

Completion of production (Receiving of FG)

DR.         Inventory Control A/C (IC Account Set)
CR.         Payable Clearing A/C (IC Account Set)

RM & PM consumption (IC Shipment)

DR          Payable Clearing A/C (IC Category)
CR           Inventory Control A/C (IC Account Set)

Delivery Order (OE Shipment)

DR.         Shipment Clearing A/C (IC Account Set)
CR.         Inventory Control A/C (IC Account Set)

Invoice customer (OE Invoice)

DR.         Cost of good sold (IC Category) – Cost
CR.         Shipment Clearing A/C (IC Account Set) – Cost

DR.         Debtors A/C (AR Account Set) – Selling Price
CR.         Revenue A/C (IC Category) – Selling Price

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