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I am looking at the inventory adjustment accounts and notice that these start with a "4" indicating a type of income account. How does this work without affecting the actual income accounts?
Good morning Stacey!
The system understands based on the setup of the account that it is an accrual account, and will disregard the item on cash based reports.
When setting up, or editing, and inventory adjustment account, you will see something like this:
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When an account is setup as this type, then it knows it isn't regular income, but an offset to inventory (similar to what cost of good sold would be). When looking at the income & expense report, anything reported under these types of accounts will only appear if the accrual report is selected, and they will group as an adjustment after net income.
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Both AgExpert Analyst and AgExpert Accounting behave in the same manner. You will not see this number anywhere else - GST returns, for example, will exclude these amounts.
Does this make sense, or do you have any questions about this? Just let me know!