Three way matching concept
What is meant by three way matching concept. Which is related to invoice, purchase order, voucher, vendor
3 Way matching means : - Matching the invoice with PO and GR at the same time,
2 Way matching means :- Matching the invoice with PO.
the above two are the matching concepts in AP process
Three Way Matching Means invoices ,Delivery and purchase all are same no any difference
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)
Golden rule of accounts
What is golden rule of accounts
Dr the Receiver and Cr the Giver >> (Name of individuals, company country etc)
De what comes in CR what goes out (furniture fixture (fixed assets))
Dr the expenses and losses and Cr the income and gains
Personal A/c : Debit the Receiver
Credit the Giver
Real A/c : What Comes in Debit
What Goes out Credit
Nominal A/c : Expenses & Losses are Debit
Incomes & Gains are Credit.
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