Purchase Clearing Reports in Sage 100

Purchase Clearing Reports in Sage 100

It is Important to reconcile the purchases clearing account BEFORE closing the period.

Purchases Clearing Account

Each product line in Inventory Management is assigned a purchases clearing account. The purchases clearing account is a liability holding account. It is credited when goods are received into inventory whether the goods are received in Purchase Order or Inventory Management.

• This account contains the value of inventory received but not invoiced.
• When the invoice for goods is updated, the purchases clearing account is debited and the accounts payable account is credited, thus, clearing out the purchases clearing account.

Purchases Clearing Report

Use the Purchases Clearing Report on the Period End menu to simplify month-end reconciliation of the purchases clearing account balance with open amounts on purchase orders.

• The report can be sorted by purchase order number, product line, vendor number, and item code.
• You can optionally select to include all or only specific item types, which include Inventory Items, Miscellaneous Items, and Special items.
• Additionally, you can define a selection criteria based on such fields as the purchase order number, vendor number, order date, item code, product line, and inventory account number.

Purchases Clearing in Open PO Format

Use the Purchase Clearing in Open PO Format report on the Period End menu to print the total purchases clearing amount, including any special and miscellaneous item amounts. If printed for all orders, the total purchases clearing amount should match the Purchases Clearing account balance.

• The report can be sorted by purchase order number, vendor number, required/ expired date, and vendor purchase name.
• Additionally, you can select to include or exclude orders on hold, print comments, and define a selection criteria.
• An asterisk (*) prints next to each line item included in the purchases clearing amount.

Are you interested in learning about Purchase Clearing Reports  in Sage 100? Accounting Business Solutions by JCS offers Sage 100 training classes, including Purchase Clearing Reports in Sage 100.  Call us today at 800-475-1047 or email us at solutions@jcscomputer.com today to get started.