In addition to using Company Setup to define what GL Accounts should be used for posting, GoldFinch also uses the Account Posting Setup to map Customer/Vendor Accounts and/or Items to GL Accounts. When a sale or purchase transaction is posted. The Account Posting Setup is used to define the following GL Accounts:
Sales
Sales Return
Sales Discount
COGS
Purchase
Purchase Return
Configure Account Posting Setup
The Account Posting Setup can be accessed from the Company Setup or the Item as a related list.
Depending on the transaction type, a GL Account must be set up on the Account Posting Setup record, or you will not be permitted to post.
When posting sale or purchase transactions, GoldFinch will use the following hierarchy to determine the GL Accounts to use while posting:
If the Item Posting Group on Item is blank:
GoldFinch will first look for an Accounting Posting Setup record with the Account Posting Group defined on the Customer or Vendor account and the Item entered on the transaction line.
If a record is not found with the above combinations, GoldFinch will look for an Accounting Posting Setup record with the Account Posting Group = <blank> and the Item entered on the transaction line.
If a record is not found with the above combinations, GoldFinch will look for an Accounting Posting Setup record with the Account Posting Group defined on the Customer or Vendor account and the Item = <blank>.
If a record is not found with the above 3 combinations, GoldFinch will look for an Accounting Posting Setup record with the Account Posting Group = <blank> and the Item = <blank>, which is the default for the entire company.
If the Item Posting Group on Item is not blank:
GoldFinch will first look for an Accounting Posting Setup record with the Account Posting Group defined on the Customer or Vendor account and the Item Posting Group of the item entered on the transaction line.
If a record is not found with the above combinations, GoldFinch will look for an Accounting Posting Setup record with the Account Posting Group = <blank> and the Item Posting Group of the item entered on the transaction line.
If a record is not found with the above combinations, GoldFinch will look for an Accounting Posting Setup record with the Account Posting Group defined on the Customer or Vendor account and the Item Posting Group = <blank>.
If a record is not found with the above 3 combinations, GoldFinch will look for an Accounting Posting Setup record with the Account Posting Group = <blank> and the Item Posting Group = <blank>.
On every Account Posting Setup record, you can set up the accounting posting setup by Item or by Item Posting Group, but not both.
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