Lakshmi priya

• May 31st, 2016

 

When invoice raised
Stock dr to GRNI cr
When invoice processed
GRNI dr to vendor cr
When invoice gets paid
Vendor dr to bank cr
When payment remitted in the bank
Bank dr to cash cr

Sagar Nayak

• Nov 1st, 2016

 

When the order made no accounting document is made
When the invoice raised form vendor site : Party A/c Dr
To Sales A.c Cr
from Party Site : Purchase A/c Dr
To Vendor A/c (If the invoice & goods received at same time)
If the invoice or goods not received at same time the the entry:
Inventory A/c Dr
To GR/IR A/c Cr (Only Invoice Received)
After the goods received, invoice verification will be made if its found perfect
the the entry will be : GR/IR A/c Dr
To Vendor or Accounts Payable Cr
If there is any difference like due to pricing then the entry will made with price difference:
GR/IR A/c Dr
Price Difference A/c Cr
Vendor or Accounts Payable Cr
Then If there is any material return then the entry will be :
From Party Site : Vendor or Accounts Payable Dr
To Return Outward/Sales Return A/c Cr
From Vendor Site : Purchase Return/ Return Inward A/c Dr
To Party A/c Cr
Finally at the Payment the entry will be :
If any Discount : Vendor or Accounts Payable Dr
Discount Received A/c Cr
Bank/Cash A/c Cr
If there is no discount : Vendor/ Accounts Payable Dr
Bank/Cash A/c Cr