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100 tins of oil bought at ₹120, 60 sold at ₹180, GST at 5%. Amounts are an example.
Stock In Hand
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Stock Received But Not Billed
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Cost of Goods Sold
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Debtors
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Creditors
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Sales
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Input Tax GST
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Output Tax GST
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Bank Accounts
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Submit the first document.
Gross profit so far ₹0
Stock Received But Not Billed
A holding account. The receipt credits it, the supplier’s bill debits it. A balance here means goods arrived and the bill has not been booked yet, or the two disagree.
Cost of Goods Sold
With perpetual inventory, it is posted when stock leaves, at its valuation rate. Turn perpetual inventory off and the whole purchase lands here when the bill is booked.
Left out to keep it readable
With perpetual inventory on, it debits Stock In Hand and credits Stock Received But Not Billed at the receipt’s value. The supplier’s Purchase Invoice then clears Stock Received But Not Billed and credits the supplier.
With perpetual inventory, when stock leaves: the Delivery Note (or a Sales Invoice that updates stock) debits Cost of Goods Sold at the valuation rate and credits Stock In Hand.
Receipts and deliveries post nothing to the ledger, and the Purchase Invoice debits the item’s expense account (by default Cost of Goods Sold) with the whole purchase.
Yes. “Enable Perpetual Inventory” on the Company is ticked by default.
We set up ERPNext’s accounts and stock settings so every document posts where your accountant expects it. Talk to a consultant.
or write to info@acube.co
Kochi (Kadavanthra & Infopark) · Thiruvananthapuram · across India & overseas · In business since 2011