Create Part Account Definition – A summary of the activity

This activity allows you to create a part account definition. You can define an part account based on a part account group and a finance book or a part and a finance book. The part accounts could be assigned for composite purposes, as a result of which provisions to define the following accounts are available: Stock account, Work in Progress (WIP) account, Stock with Repair Agency account, Material Lost in Transit account, Purchase Price Variance account and Stock Adjustment account. You can also view the consolidated details of the part account definition.

• Stock account – defined to value the stocks present in a warehouse, based on the part account group or a specific part.

• Work in Progress account – defined to value the resources present midway between the raw material and the finished goods.

• Stock with Repair Agency account – defined to value the stock that has been sent  and lying with the repair agency.

• Material Lost in Transit account – defined to value the materials lost during transportation or shipment.

• Purchase Price Variance account – defined to value the variation between the amount quoted in the purchase order and the Standard Cost applicable for the Part.. This is relevant only if the Standard Costing is used a method of Inventory valuation.

• Stock Adjustment account – defined to value the variations encountered during stock adjustments.

This activity also allows you to define a purchase TCD account. You can define a TCD account based on setting certain parameters. The details of the TCD account code can also be viewed.

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