Looking at the source, a purchase order generating an invoice tries these steps:
1. If a product's expense account is set, it uses that. (If not set but there's 
a default property, it'll use the property.)
2. If a product category's expense account is set, it uses that. (This is also 
a property which could have a default setting.)
3. Still not found: raises an exception
4. If a fiscal position is set, it could overwrite the account selected earlier.

When a picking gets done, the stock.moves do the following steps:
1. If the source location and the destination location have stock accounts it 
uses those.
2. If not, it tries the product's stock input account. (It's a property).
3. If not, it tires the product category's stock input account. (It's a 
property).
4. If not, raises an exception.
If the source and destination accounts are the same, it will not post 
accounting entries.




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http://www.openobject.com/forum/viewtopic.php?p=29656#29656

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