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Basic Assignments
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Options & Settings
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Main Time Information
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Notes:
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Scratch paper notes: Subtotal, taxes, total, grand total, payment total, remaining amount WIP Scenarios: Invoice 1440 for $100.00 contains 2 parts worth $25/a part. Cost = $50.00 Normal: - 2 parts are in inventory with a cost of $25/a part. - Add to invoice and sell for $50/a part at a profit of $25/a part. No pmt is made. - On I.S.: o I.S. revenue goes up by $100 and COGS goes up by $50. Assuming no other expense net profit goes up by $50. o Invoice does not show up on I.S. because it is a WIP - On B.S.: o B.S. inventory goes down by 2 or $50 o B.S. a/r goes up by $100 o B.S. net profit goes up by $50 o B.S. WIP Inventory goes up by $50 o B.S. WIP Payments made will be a liability |