on 11-28-2011 1:27 PM
Hi All Expert,
I have created commission received, brokerage received, rent received as a REVENUE cost element. Is it correct ?
And for tracking a receipts do we need to create bank incoming check accounts as a cost element with category 11 ?
How do we treat this scenario ?
Regards,
Revati Joshi.
Moderator: Please, avoid asking basic questions
I have created commission received, brokerage received, rent received as a REVENUE cost element. Is it correct ?
Yes, these are revenues and should be created with cost element category 11
And for tracking a receipts do we need to create bank incoming check accounts as a cost element with category 11 ?
Ans:- Bank incoming clearing account is a balance sheet account and not a P&L account. You can create cost elemnts only for P&L accounts.
Rgds
Murali. N
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Dear Murali.
Thank you for quick reply.
If my Bank Accounts are not REVENUE cost element, then how can I track my receipts from customer against sales ?
My assumption was what ever sales it comes to bank accounts as a RECEIPTS and we can track that with profit Center attached to it.
My clients want to track the revenue. What is the simple flow of Profit Center accounting through which I can track my revenues ?
Brokerage, commission , rent received are the secondary incomes other than business which simply we can track. What about the income generates from actual business. My client want to track the same.
An overview guidance would be appreciable on the same.
Regards,
Revati Joshi.
P.S. :- *My client is into fabric manufacturing where they sales fabric finished goods. In this they want to see the revenue generated from sales. We dont have SD. In this case what approch should have to.*
You can't create cost element for your Balance sheet accounts.
Change the FSG(Field status group) of your Bank GL account(Using OBC4) and make profit center field as mandatory.
In the samw way please check the FSG of posting keys(40 and 50), here profit center field should be optional.
Rgds
Murali. N
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