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TC-13000 : FIN PO RCPT - Validate GL Impact of PO Item Receipt - Inventory/Assembly Item
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Process Area : F&A
Prerequisites
At least one Inventory/Assembly Item on the Purchase Order has been Received i.e. an Item Receipt has been created.
Steps To Execute
Role: Kimray Cost Accountant, Kimray Cost Superuser 1. Query up the Item Receipt in the Global Search. OR Query up the Purchase Order and click on the Related Records tab where the linked Item Receipt will be seen. 2. Click on GL Impact 3. Observe the GL Accounts, department and Amounts that are reflected
Expected Results
1. Accounting Entry is as follows: Debit Inventory (Asset Account from Item Master) Credit Accrued Purchases Debit/Credit Purchase Price Variance Inventory is valued at the current standard cost 2. If an Inventory Cost Template is assigned to the Item, Material Burden increases the value of the Inventory and the following entries are observed: Debit Inventory Credit Material Burden for Inventory and Assembly Items, the amount is based on the current standard cost. 2. The Department and Location on the Purchase Order will be sourced down to the Item Receipt record.