General Posting Setup is used to define which accounts receivable and cost of goods sold general ledger accounts to use when selling a given Item (with a given General Business Posting Group) to a given Customer (with a given General Product Posting Group).
General Posting Setup is used to define which accounts payable general ledger account to use when buying a given Item (with a given General Business Posting Group) from a given Vendor (with a given General Product Posting Group).
The General Posting Setup is maintained using the General Posting Setup page.
I used search to navigate to the General Posting Setup page.
If we sell a RETAIL item to a DOMESTIC customer the 40140 Resale of Goods account should be used to record the sale.
If we sell a RETAIL item to a DOMESTIC customer the 50110 Cost of Materials account should be used to record the cost of goods sold.
Example of ledger entries generated when we sell a RETAIL item to a DOMESTIC customer.
If we buy a RETAIL item from a DOMESTIC vendor the 14140 Goods for Resale account should be used to record the purchase
Example of ledger entries generated when we buy a RETAIL item from a DOMESTIC vendor.
