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New product line - Sales , Purchase and inventory

  • 12 January 2021
  • 2 replies
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  • erin
  • Jr Varsity II
  • 103 replies

Hi All

Currently , we have a new product line and we wouldl like to differentiate the sales , purchase and inventory with existing product line so that can reflected in financial report for different product line.

Not sure which method is good for differentiate?

Differentiate by sub account

or

Differentiate by new account code , which mean we create a new account code for sales, purchase and inventory. 

40000 vs 40001

57300 vs  57301

14720 vs 14721

Which method that you suggested? what the reason that you suggest the method?

 

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Best answer by vkumar 12 January 2021, 11:38

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Hi @erin

Both Sub account and separate GL account gives you ability to break the sales, purchase for each Product line. If you dont want to see too many GL accounts created, you may just opt to use sub accounts. On Financial report, you can get break up of numbers by sub account. 

Hope this helps,

Regards,

VijayKumarU
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Hi Vkumar

Thank you for your reply.

By the way , do you know what is the posting class?

as The account code posting for inventory is controlled by posting class. If i add in new account code for new product line which mean i need to add new posting class , however i no idea on this

Not sure if you can give an example to explain how the posting class work?

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