While receiving a Service or Product
1. Dr Inventory a/c
Cr Accounts payable a/c
Creation of Voucher
2. Dr Expenses a/c
Cr Inventory a/c
Creation of Payment entry
3. Dr Accounts Payable a/c
Cr Bank a/c
If any Purchase Returns
4. Dr Accounts Payable a/c
Cr Inventory/Expenses a/c
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While create receiving items
Receiving Inventory account A/C DR
Inv Ap Accrual A/C
While deleivering items to Sub Inventory
Material A/c Dr
Receiving INV A/c
While crat invoice in AP
Inventory ap accrual A/CDR
Accounts Paybles OR liability A/c
While making Payment
Liability A/c Dr
Cash clearing A/c
While reconsile payments
cash clearing A/C DR
Cash A/c
All the above entries are for P2P Cycle
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thirupathi
Answered On : Aug 11th, 2011
Purchaser a/c Dr.
To Supplier a/c
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Baljinder
Answered On : Aug 17th, 2011
Purchasing goods on credit
Inventory........Dr
Accounts payable....Cr
Paying to Accounts Payable
Accounts Payable.....Dr
Cash/Bank.......Cr
returning Material to supplier
Accounts Payable .....Dr
Inventory...........Cr
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Hari Prasad
Answered On : Sep 2nd, 2011
Invoice Raised :
Stock..............Dr
GRNI ............Cr
Invoice Processed :
GRNI..........Dr
Vendor..............Cr
Invoice Paid:
Vendor ..................Dr
Bank.............Cr
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syed
Answered On : Sep 9th, 2011
purchase a/c dr
To vendors a/c
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NAVEEN NEGI
Answered On : Sep 13th, 2011
Purchase A/C Dr
To Suppliers A/C
Suppliers A/C Dr
To Bank A/C
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albadar08@rediffmail.com
Answered On : Oct 1st, 2011
DR CR.
Goods A/C 00.00
Cash / Bank A/C 00.00
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Sandeep Kumar
Answered On : Nov 17th, 2011
Accounting entries for AP strats once Matching Process In PO has been Done
1.After Delivering Of Goods Our Inv Increases,So
Acc.Inv A/C.......Dr
To Acc Expenses A/C
Once Goods Sent Appropriate Department in Org At that time
Acc Expenses A/C ....Dr
To Acc Liability A/C
After this we will create the invoice at that time
Acc Liability A/C........Dr
To Liability A/c
Once we made the payment At that time
Liability A/C.........Dr
To Bank A/c
Once Payment Remitted in Bank At that time
Bank A/C........Dr
To Cash A/C
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Entries in Accounts payable process:
Inventry A/c Dr
To GR / IR A/c
(Being Goods received)
GR / IR A/c Dr
To Vendor A/c
(Being invoice received)
Vendor A/cDr
To Bank A/c
(Being payment made)
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shankar
Answered On : Aug 20th, 2012
dep a/c dr
to machinery account
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