AP Accounting Entries

What are the different types of accounting entries available in AP?

sumathi.ch
Profile Answers by sumathi.ch Questions by sumathi.ch
Sep 4th, 2010
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Vinod

Oct 5th, 2012

As you know there are three types of items:

•Inventory Expense Item
a) Create Receipt
Inventory Receiving A/c Dr
Accrual A/c Cr
b) Receiving Transaction
Expense A/c Dr
Inventory Receiving A/c cr

•Inventory Item

a) Create Receipt
Inventory Receiving A/c Dr
Accrual A/c Cr
b) Delivery of items
Inventory Valuation A/c Dr
Inventory Receiving A/c cr

•Asset item

a) Create Receipt
Inventory Receiving A/c Dr
Accrual A/c Cr
b) Receiving Transaction
Asset clearing A/c Dr
Inventory Receiving A/c cr