This error occurs when the item group of an item has not got a receipt account specified and this error appears when posting the invoice for the purchase order containing the item without the receipt account specified in the item group. Procedure to fix it is:
Solution:
Go to the item and check its item group. Under the tab Purchase Ledger, there's a field ''Receipt" for which we need to provide the account number.
Hi - we're getting this error, "account for posting type inventory profit does not exist" during inventory calculation. The account does exist and is correctly set up. Our setup is very simple - there is only one item group "Service", all our items are Service items, all postings go to the one & only "Inventory" account, and it's balance should always be zero. It isn't....
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