Hi All all of You
How we manage Materials variance Account(For item )
When we create Goods receipt Purchase order then three gournal ledger hit.
1.materials & consumable Debit A/c
2.good received not invoiced Credit A/c
3.materials variance Debit A/c
what is the role of Materials varience G/L
in witch time materials variance G/L will be Credit after Goods receipt ???
And same materials & consumable G/L will be Credit after Goods receipt ???
Because at the time of invoice only good received not invoiced G/L Debit and vendor account Credit
Can we take materials & consumable as a individual raw materials A/c .for total information of raw materials(Price)????