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Why Doesn't the System Update the GL on Invoices Correctly



The accounting system requires a great deal of setup to work correctly from the very start.

If you are using the Inventory Management in Tradepoint you must tell the system that you want to update inventory information on Invoicing. This will also have the effect of checking any products that you have set to require inventory for sale to ensure that they have stock in the warehouse selected.  To ensure that this setting is selected, do the following:

  1. Click File then Company Setup.
  2. Select the appropriate company from the list and click on the divisions tab.
  3. Edit the appropriate division by double clicking on it or highlighting it and clicking edit.
  4. Go to the Accounting Preferences tab.
  5. Set the Check Inventory availability when adding products to Work Orders, Orders and Invoices. If this is not set, then inventory information will not be set correctly and your G/L will not be updated with this information automatically.

To ensure that Cost of Good Sold (COGS) is set, you must do the following:

  1. Open the Products window.
  2. Go to the Accounting Tab.
  3. Open up the existing accounting information if available. If not, click new.
  4. Set the approriate accounts for COGS, and Inventory Value Account (the recipricle of COGS).  You may also select the applicable taxes to the item.
  5. Click Save.
  6. Go to the Product Valuation tab under products and ensure that you have an up-to-date valuation set. If not, enter one.

At this point, you will successfully have Inventory management and COGS working correctly.

To ensure that your income accounts are updated correctly to reflect a sale, you must set the "Apply to Income Account" to the account that you want the product to update in your Accounting preferences for the specific product. To do so:

  1. Open Products.
  2. Find the Product that you wish to edit.
  3. Go to the Accounting Tab.
  4. Open the Accounting information for the item or click New to add a new accounting setting for the product if there isn't one already.
  5. Set the drop down to the applicable G/L account.

At this time you will see the applicable income recorded in the correct accounts.  For A/R and A/P you must set these in the Accounting Preferences for the current division (see above)

Why is there so much to setup with the accounting and why doesn't it tell me that something is wrong?

  1. Many companies put income from various products in different accounts based on the product. Thus we cannot assume one single account that you can setup once.
  2. Many companies do not use the inventory management system in Tradepoint because they either do not require it, or have a legacy system. As a result, we have to allow the system to not use the inventory management system.  As a result it isn't possible to warn the user that these items are not setup correctly because it is a valid setting to not use the inventory settings.

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