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Your Expected Asset and Expected Liability accounts are off-set balance sheet accounts.  They represent the value of your purchases orders that are Sent / Committed and not yet received.

Enter and save a purchase order:

No journal

Set a purchase order to status of Sent

Dr

Expected Asset

Cr

Expected Liability

These accounts can be verified by running the Purchase Orders Outstanding report for all POs with a status of Committed.


Your Delivered Asset and Delivered Liability accounts represent the value of all stock that has been received / booked into a warehouse but the invoice from the supplier has not yet been processed.  Most Jiwa users use the Inventory control account as their Delivered Asset account

Receive goods into stock by GRN or Shipment Bookin

Reverse the purchase order journal:

Dr

Expected Liability

Cr

Expected Asset

 

Post the journal for the delivered stock:

Dr

Delivered Asset / Inventory

Cr

Delivered Liability

These accounts can be verified by running the Goods Received Notes Uninvoiced report AND the Inventory Booked In But Not Invoiced report in the Landed Cost menu if you use shipments.


Enter the invoice from the supplier

Reverse the GRN/Bookin journal:

Dr

Delivered Liability

Cr

Delivered Asset / Inventory

 

Post the journal for the invoiced stock:

Dr

Inventory

Cr

Trade Creditors

 

Your Inventory account can be verified by running the Inventory Reconciliation report.  This report adds up the cost of all your stock in your warehouses and compares it to the value in the Inventory general ledger account.