Misc Gain/Loss

Added a Default Account field for Misc item's Gain/Loss and defaulted it to 5900-01.

You can see this under Misc module of Default Accounts.

Now, let us take a look how Misc Gain/Loss is handled in Purchasing.

Enable the ‘Enable AP Clearing’ option in Company Preferences > Purchases tab.

Receive a miscellaneous item for 11.56.

Process PR to Bill. Change the cost from 11.56 to 9.56. Notice that the Misc Gain/Loss is credited with 2.00, which means that there is a gain. If the cost is increased from 11.56 to 13.56, then 2.00 will be debited to the Misc Gain/Loss account, which also means a loss.

Reference: Task 1004