Journal entries-accounts payable process
What are the journal entries that will be passing from the goods received till the payment made to an supplier?
dep a/c dr
to machinery account
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)
To Bank A/c
(Being payment made)
Flow of account receivables
What is total flow of account receivables?
Receiving the order from the customer->Quoate Approval->Create the Sales Order->Delivering the goods as per the SO->Create the Invoices->Receive Payments from customer.
Flow of Accounts receivable should be in proportion to Accounts payable i.e. in terms of ration 2:1
What is the difference between payments-liquidation(disbursements) & dividend warrants liquidation? Both of these products comes under cash management services
Payments: The partial or complete discharge of an obligation by its settlement in the form of transfer of funds. Liquidation: The winding up of a business or a firm by its members or its creditors.
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