Journal Entries of AP, P2P cycle

What are all the journal entries of AP, P2P cycle?

Showing Answers 1 - 4 of 4 Answers

ranjith

  • Oct 3rd, 2017
 

At the time of recording an invoice

Purchase A/C Debit
To Accounts Payable A/C Credit

(This can also be recorded at a particular vendor level, in this case the vendor who has raised the invoice will be credited)

At the time of paying an invoice

Accounts Payable A/C Debit
To Cash or Bank A/C Credit

(This can also be recorded at a particular vendor level, in this case the vendor paid will be debited)

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manohar

  • Dec 22nd, 2017
 

Debit to Vendor A/c
Credit to Bank A/c

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Mahesh

  • May 15th, 2018
 

For goods receiveing
Inventory a/c Dr..
To GR/IR a/c..
For invoice posting or process
GR/IR a/c Dr..
To vendor a/c...
For payment
Vendor a/c Dr...
To cash/bank a/c...

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praveen

  • Dec 5th, 2018
 

Inventory to GRIR
GRIR to vendor
Vendor to PIT (payment in transit account - Payment run)
PIT to Bank

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