1. STARTING POINT à ACCOUNT POSTING SETTING
You must setup at SYSTEM --> Accounts Posting Setting to map the control accounts for posting. See Example below, where Stock Posting Method = Closing Stock Posting:-
Note: Stock Control Account and Closing P&L Stock A/c are set under "Product Account Group":
In the second tab (OTHERS), look for the Landed Cost Postings:-
Where L43100 is Landed Cost Credit Account, E48000 is the Purchase master Control Account and R99900 is the GL code for P&L Closing Stock.
In INVENTORY, go to Product Account Group to ensure the Stock A/c is mapped properly for Stock A/c, Purchase A/c and Closing P&L Stock A/c.
2. PURCHASE TRANSACTION (EXAMPLE)
Assuming we purchase a product at $1,000 with $200 freight expense as Landed Cost:-
On posting of this purchase, the double entries are:-
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