Assigning item Global Ledger accounts

  1. Select Financials > Billing > Setup > Item Related Setup > Item Global Ledger Account.
  2. Click Create.
  3. Specify this information:
    Company
    Select a company number.
    Process Level
    Select a process level.
    Sales Major Class
    Select a sales major class code. Sales major classes are first set up in Inventory Control. Each ordered inventory and non-stock item in Item and Order Billing and Billing must belong to a sales class so that the system knows which Global Ledger accounts to debit and credit.
    Sales Minor Class
    Select a sales minor class code. Sales minor classes are first set up in Inventory Control. Each ordered inventory and non-stock item in Item and Order Billing and Billing must belong to a sales class so that the system knows which Global Ledger accounts to debit and credit.
  4. In the Accounts section, specify this information:
    Sales Account
    Select a sales account to be credited for ordered items.
    Cost Of Goods
    Select a cost of goods accounting to be debited for inventory and non-stock items.
    Cost Of Goods Offset
    Select a special order cost of good sold account to be debited for special orders.
    Cost Of Goods Variance
    Select a cost of goods variance to post for pre-bill dropship orders when there is a difference between the cost of an item in Item and Order Billing and Purchasing.
  5. In the Target Profit section, specify this information:
    Margin
    Specify a profit margin percentage for a sales class to place the profit hold code on order lines for items.
    Hold Code
    Select a hold code on order lines that do not exceed the profit margin.
  6. Click Save.