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Track GIT (Goods-in-transit) in Finance

Hi All,

Request your help on the below requirement regarding GIT (Goods-In-Transit)

We purchase goods from other countries and once the goods are reached port or in transit, we wanted to have an entry with GR like:

Dr. GIT (Goods-in-transit)

Cr. GR.IR Clearing

And when the goods are actually reached in our plant physically, we would like to have an entry like:

Dr. Inventory

Cr. GIT

Our existing scenario is direct post to inventory account and no GIT. Current entry is:

Dr. Inventory

Cr. GR/IR.

Can you pls advice how is possible and technical settings for this pls.

Thank you

Chandu

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1 Answer

  • author's profile photo Former Member
    Former Member
    Posted on Mar 14, 2014 at 02:13 AM

    Hi Gopi,

    You have to define Port as a virtual plant and when you receive goods at Port, and you do GR, entry would be

    GIT...Dr

    To GR/IR Clearing

    and when you transfer goods from Port to your actual plant, there would be a plant to plant entry and the entry would be

    Inventory ...Dr,

    to GIT A/c

    For this you need to use Valuation grouping code in OBYC and assign your GIT GL against BSX for the PORT plant and use Inventory account against BSX for the actual plant.

    You will need two Valuation grouping code(VGC)

    0001(VGC) - Port Plant > BSX> GIT

    0002(VGC) - Actual Plant > BSX>Inventory

    Regards,

    Kavita

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