Goods in Transit Location

[johnhugh]

Hi,

How would I have to set up Accpac to show goods that are currently being shipped from the supplier in a seperate location and GL account?
I know from other ERP products, which allow you to receipt goods into a transit location and stock clearing acocunt.
Once they are pysically received they are are then receipted into stock and stock account.

Accpac does not seem to allow this and neither does it have a goods in transit clearing acocunt.
Do I have to set up a bogus goods in transit location to receipt my goods in and then do a inventory transfer?

 

[ettienne]

Yes, most likely. But why? It does not make accounting sense.

 

[johnhugh]

Thanks for your reply ettienne.
I'm not an accountant but I can see it would make sense from a business point of view in wanting to show the goods that are in transit.

Pity Accpac can't do it. Pronto can for example.

 

[ettienne]

It makes no accounting sense... ownership passes when you receive the goods, not before. So from a business and accounting perspective you should only account for it once you receive the goods. What does the accountant say?

 

[johnhugh]

The accountant says she wanne see the goods which are coming in.

 

[ettienne]

That's not GAAP.

 

[johnhugh]

Thanks ettienne.

Would anyone know an add-on module for Accpac which somehow allows me to track items on POs which are currently in transit?
Would just make life much more easier for us.

 

[ettienne]

There is no such add on. There is something called commitment accounting used by mines, I'm not sure if that is where you want to go.
Why not simply do a report from PO for orders not received?

 

[johnhugh]

Thanks ettiene.

I do have created backorder reports already but they don't seem to get printed.
We are a mining company so I'll have a look at commitment accounting.