This article provides some context and best practices around posting: Posting Inventory to Accounting, Best Practices Don't forget that once it is posted, it CANNOT be edited in MarginEdge.
Mapping Your Inventory Accounts
Before you can post your inventory to accounting in MarginEdge, you’ll have to map your inventory accounts, so we know which accounts to post inventory adjustments to in your accounting system.
Go to Accounting > Categories. On this screen, you will see your categories in MarginEdge and how they’ve been mapped to your chart of accounts. To the right of the “Accounting System Account” line you will see a column titled “Inventory accounts’. If you double click this field a drop-down menu will appear, allowing you to select the inventory account corresponding with the account in the “accounting system account” column.
Ready to Post!
To post an Inventory Adjustment to accounting, go Inventory > Inventory Summary and select the Starting Inventory and Ending Inventory you would like to post an adjustment for.
- Because we are not posting inventories but inventory adjustments to your accounting system, you will need to have at least 2 inventories in MarginEdge to post an adjustment to your accounting system
- Please note that only adjustments between end-of-period inventories can be posted to accounting.
Because we use the ending inventory of the previous period as the starting inventory value of the current period the dates of the starting inventory as seen on this screen will be one day after the date that/those inventory dates were counted. (so in the example pictured below, this restaurant took their inventory on the last day of their previous period [8/9] but it appears with the next day[8/10] as it is acting for these purposes as the starting inventory value of their next period).
Once you have selected a starting inventory and ending inventory, you can post the adjustment by pressing the "Post to Accounting" button.
Once "posted", Inventory Adjustments in MarginEdge are exported to the accounting system like invoices or sales entries, this can be set to export manually, or automatically by going to the Setup > Integrations page and clicking on your accounting system highlighted in green. Once here, you can set choose your desired settings.
Why can’t I post an inventory adjustment to accounting?
To post an Inventory Adjustment to accounting, you should have the following:
- You should have 2 inventories for it to be posted to accounting.
- Your inventory should be closed for it to be posted to accounting as an inventory adjustment journal entry
- Only end of period inventories can be posted to accounting
- When you post inventory to accounting in MarginEdge, we do not post the full value of your inventory; what we post is an inventory adjustment entry, which is a journal entry that records the difference between the cost of your last posted inventory and the cost of your current inventory.