Financial Reporting Data

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1.0 Configure Item-Level Accounting Defaults

1. Open the Item Profile
   • Navigate to Stock > Item > Item List, filter by Item Group = Raw Materials, then click your material.
2. Edit and Select the Accounting Tab
   • Click Edit (or Actions > Edit) and choose Accounting.
3. Set Key Fields
   • Company: Select your legal entity (e.g. Charisma Industrial)
   • Default Expense Account: e.g. “COGS – Raw Materials”
   • Default Provisional Account: e.g. “Stock Received But Not Billed”
   • Default Buying Cost Center: Tag costs to a department
   • (Optional) Default Supplier / Default Price List / Default Discount Account

4. Save
   • Click Save. Future transactions for this item will use these defaults.

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2.0 Record Purchase Receipts with Cost

1. Create Purchase Receipt
   • From a submitted PO, click Create ▶️ Purchase Receipt.
2. Verify Basic Rate
   • Ensure Basic Rate matches vendor cost.
3. Submit
   • Click Save and Submit—this books raw material into inventory and posts AP.

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3.0 Generate Stock Value Report

1. Navigate
   • Go to Stock ▶️ Reports ▶️ Stock Value.
2. Filter
   • Item Group = Raw Materials
   • Warehouse (optional)
3. Run
   • Click Generate New Report to see:
     • Qty on Hand × Valuation Rate = Stock Value

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4.0 Review General Ledger Entries

1. Open General Ledger
   • Accounts ▶️ General Ledger
2. Filter
   • By Expense Account and Provisional Account used above
   • Set your Date Range
3. Analyze
   • Confirm Purchase Receipt and stock valuation entries are posted correctly

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5.0 Inspect COGS in Profit & Loss

1. Navigate - Accounts > Profit and Loss
2. Filter - Same Date Range as above
3. Verify - “COGS – Raw Materials” line matches total consumed raw material costs