can u tell me what clearing g/l accounts r needed at the time purchasing i.e while creating MIGO and MIRO. And plz explain me how are they are treated in the P&L and there offsetting activities as well.
Ratnakar Venkat replied
1.GR/IR B/S account
2. Raw material inventory B/S account
3.Simi finished/Finished materials inventory B/S account.
these are clearing accounts.
but you have to create P&L accounts .
1.Raw materials consumption
2.Simi finished/Finished materials consumption.