An inventory item cannot be purchased directly for a project. It is necessary to charge its cost to the inventory common project. After the inventory item is issued via an inventory issue transaction, Vision reclassifies the charge and moves it from the inventory common project to the charge project.
The inventory common project is used in the following ways:
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When you process Quantity Adjustments and Cost Adjustments transactions, journal entries are made that use the inventory common project to direct accounting entries to your general ledger. This happens only if the
Skip GL option is cleared for that line in the Items grid.
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When you process Inventory Issue transactions, unit transactions are made that use the inventory common project to direct accounting entries to the general ledger.
You cannot edit an inventory item's grid row on the Cost Distribution tab of its Line Item Detail dialog box for purchase orders, purchase requisitions, and requests for price quote. The inventory common project is used in the project fields.
Create the Project
During Inventory setup, it is necessary to create an inventory common project. After you create the inventory common project, you select it in the
Inventory Common field in
. The inventory common project is used only in the Inventory application.
When you create a new Project Info Center record for the inventory common project, you only need to complete the required (yellow) fields. Use a descriptive
Project Name or a name beginning with zzz to make it easy to identify the project in lookup lists.
Perform these steps to set up the Inventory Common project record:
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Select the
Available to Accounting users option on the General tab for each company for which the project is used in Inventory.
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Specify a
Charge Type of
Overhead on the Accounting tab.
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If you use the Multicurrency feature, enter a
Billing Currency and a
Project Currency on the Accounting tab.
If your Vision database is set up to create phases and tasks, your inventory common project can have a phase and a task.