Journal Entries for Invoice Posting & for Payments

What are the journal entries for invoice posting & for payments activities?

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Santosh Kumar Prusty

  • Jun 20th, 2017

When we Sell
Debit customer account
Credit Inventory Account

When we receive fund from customer
Debit Bank/Cash Account
Credit Customer account

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  • May 15th, 2018

For invoice posting
GR/IR a/c Dr..
To vendor a/c
For payment...
Vendor a/c Dr..
To cash/bank a/c
Plz correct me if there is any mistake

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  • Dec 5th, 2018

Actually at end while we do the payment run it does not hit the bank directly
vendor to PIT account (payment in transit account
PIT to bank account

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