Enabling Stock Ledger transactions:
Ensure All Inventory has a standard cost set against it, as without a standard cost, no postings will be created.
Ensure OnRent Go is connected to an accounting solution
To Enable Access To This Feature:
Navigate to System Setup > Roles.
Select your user role and click Edit.
Go to Actions.
Enable Ledger Transaction Integration Posting.
We Also Need To Enable Ledger Transactions Within Workplace:
Navigate to System Setup > Roles.
Select your user role and click Edit.
Under Workplace, enable Ledger Transactions.
Mapping your ledger transactions to the accounting solution:
Go to System Setup > Integrations > Select your accounting solution.
You will now see sections for Cost of Goods Sold Group Mappings and Stock Balance Sheet Group Mappings. From the Ledger drop-down in each section, select the correct ledgers to map your transactions accurately.
General Ledger (GL) Postings for Stock Transactions
GL transactions are generated when stock movements occur. This means these occur in Purchase orders and stock transactions.
Below are a few examples of when these Ledger transactions will take place:
Confirm Sales Invoice (in addition to revenue posting)
When an invoice is posted to GL:
Debit: Cost of Goods Sold (from product group GL template) → Qty invoiced × standard cost
Credit: Stock (from product group GL template) → Qty invoiced × standard cost
Note:
Multiple lines are possible based on product groups
If the standard cost is zero, no GL postings will be created.
Confirm Movement for a Sales Return
When a credit is posted to GL:
Debit: Stock (from product group GL template) → Qty credited × standard cost
Credit: Cost of Goods Sold → Qty credited × standard cost
Purchase Order Receipts
When goods are received:
Debit: Stock → Qty received × standard cost
Credit/Debit: Purchase Price Differences (integration settings) → (Order price – standard price)
Credit: Purchasing account (integration settings)
Manual Stock Transactions and Import Stock Items
Journal entries:
Debit/Credit: Stock (Debit for Buy/Find/Make; Credit for Write-off/Sell)
Debit/Credit: Stock Discrepancies (integration settings) (Debit for Write-off/Sell; Credit for Buy/Find/Make)
Amount = Qty × standard cost
If the standard cost is zero, no GL postings will be created.
Note: To enable GL postings for stock transactions, you must first set up Stock Balance Sheet Groups and Cost of Goods Sold Groups, and assign them to the appropriate General Ledger Template.
Post Ledger Transactions
To view and post these entries, ensure the following permissions are active for your role:
Action: Ledger Transaction Integration Posting
Workplace: Ledger Transaction
Go to Finance -> Ledger Transactions
An overview screen will open, where you can review and post ledger transactions individually or in batches.
