Transaction

Type

Debit

Credit


Sales Orders

 

 

 


 

 

 

Sales Invoicing

Inventory (Cost)

Cost of Sales

Inventory

 

Inventory & Non Inv. (Price)

Accounts Receivable

Sales Income

 Work Orders                        


 

 

 

WO Material Issues

Inventory (Cost)

Work In Process (Asset)

Inventory

 

 

 

 

WO Labor

Labor (Cost)

Work In Process (Asset)

Absorbed Labor Expense

 

Setup (Cost)

Work In Process (Asset)

Absorbed Labor Expense

 

Overhead (Cost)

Work In Process (Asset)

Absorbed MFG Overhead Expense

WO Receipts

Inventory (Cost)

Inventory

Work In Process (Asset)

 

Job Close

 

Remaining WIP (Cost)

 

WIP Variance (Cost of Sales)

 

Work In Process (Asset)

Purchasing

 

 

 

Purchase Receipt

 Inventory & Non Inv.

 Inventory or Expense Account

 

Received Not Invoiced (Liability)

Purchase Invoice

Inventory & Non Inv.

Received Not Invoiced (Liability)

Accounts Payable

 

Purchase Price Variance

 

Inventory & Non Inv.

 

PO Variance (Cost of Sales)

 

Accounts Payable

 

Inventory Receipt Close

 

Inventory & Non Inv.

 

Received not Invoiced(Liability)

 

PO Variance (Cost of Sales)