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Former Member

Tracking stock in transit

Dear Expert,

I have scenario,

My company purchase goods from overseas. the moment its shipped my company want to capture as Goods in transit ( G/L acc).

After it arrive at the warehouse, need to do GR and captured to stk account.

How to handle thi requirement?

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5 Answers

  • Posted on May 31, 2012 at 08:00 AM

    Check below link for your requirement,

    Stock Transfer with Valuated Stock in Transit

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  • author's profile photo Former Member
    Former Member
    Posted on May 31, 2012 at 08:31 AM

    As the materials are procured on FOB terms, liability is yours once it is shipped from supplier port. Hence it is your liability, i.e. anything should happen to these goods on the way, you are still liable to pay to the supplier.

    Hence, even though goods are not physically with you, you need to account for it in your books. For this requirement actually a simple JV (of supplier value only) should be posted as liability and once goods are received, you should reverse this JV.

    Regards,

    Dakshesh

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    • Former Member Former Member

      Consult your Finance, they will tell you how to transact in that case, as it depends how you cover that, whether it is insured or not? whether that has to be booked as inventory loss or not? But in either case that will be FI transaction only.

      Regards,

      Dakshesh

  • author's profile photo Former Member
    Former Member
    Posted on Jun 01, 2012 at 08:01 AM

    However it is suggested to handle the GIT purely under financial accounting without complicating in MM module

    But another thought could be to have a storage location called "In transit" and do a GR to the storage location (may be under blocked status). In this case, system will post an accounting entry increasing the Stock account and keeping the liability in GRIR account. You may then do a transfer posting from sloc to sloc where there will be no accounting document. Later on you can do MIRO to book the vendor liability.

    Please see if this is workable.

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    • Former Member Former Member

      Hello,

      Use Movement type 103 for brining the stock under " in transit ( blocked )" storage locaiton, at then do 105 for brining stock in unrestricted.. But in 103, system will not generate any accounting entry..

      Thanks

  • author's profile photo Former Member
    Former Member
    Posted on Jun 01, 2012 at 08:13 AM

    Hi Balan,

    Please check below process matches to your requirement.

    ME21N - Create Stock Transfer order (STO)

    VL10B - Create Delivery

    VL02N - Post goods issue & Batch / qty. picking (Stock in Transit)

    VF01 - Create Billing Documents ( STN )

    VF02 - Display STN

    VF03 - Printout for STN

    GR- Outbound delivery

    IR- Invoice reciept

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  • Posted on Jun 04, 2012 at 09:37 AM

    Hi

    Create a storaglocation as In transit

    Do the GR in blocked stock in trasit locaiton (103 Movement) (No accounting will be hit for this )

    Using MMBE you can see the stock in transit

    now once the goods reached to your premises do the GR (105 movement )from blocked stock to unrestricted stock (Accounting will post)

    if loss in transit ,Say out of 100 only 98 received, then Do GR with 105 movement for 98 quantities and do 551movement (issue to scraping )for 2 quantity or if the liability is not with you then you can just revese the 103 movement for 2 quantity

    Regards

    Kunal

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    • Former Member Former Member

      Hi Mitra

      But as explained in this thread, there wont be any accounting document generated using Z97 since it is copied from 103. Instead you can think of creating Z97 by copying from 101 so that it can generate accounting entry. then you can reverse the same using movement type Z98 which can be copied from 102. Then again make a new entry using movement type 101

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