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

Manju

• Jan 15th, 2024

While making the payments to the Vendor the accounting entries are the below
Vendor account credit, Accounts payable/GRIR debit
If Tax charged on invoice while making the payment the entries are,
Vendor account credit, GRIR account Dr and Sales tax debit

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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anybody can let me know the journal entries for401k? like it affects the BS or income statement?

Bobby

• Sep 17th, 2022

Hi, I have questions about 401k loan account. I see $ 19.75 in COA 401k account. I believed I paid short of $19.75 or overpaid so how do I make journal entry for this amount.

Teri

• Mar 9th, 2017

For Trinet you will need to run your 401k report first then subtract the employer contribution from each department on your cost center expense ( if you have departments). TriNet adds that employer 4...

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Donna Lewis

• Feb 8th, 2021

Ord # 112-3180029-6582614 Invoice says $54.29 but Shipment Total on Track Package page says $73.47. The discrepancy is the Gift Card Amount that was applied. I just need to know that $54.29 is the amount charged to my card please.

mumbai18

 Profile Answers by mumbai18 Questions by mumbai18

• Apr 14th, 2009

 The vendor has raised double bill against a single purchase order/work order with different dates but with similar bill no , which i traced with the help of tally data.

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What are the different ways of matching invoices?

Vikas

• Nov 22nd, 2019

Usually we have 3 way and 2 way matching invoices. 3 way matching is : Invoice, GR and PO, we match unit price, quantity, total price e.t.c 2 Way matching: for this we dont have any PO on the invoi...

Mylene McDermid

 Profile Answers by Mylene McDermid Questions by Mylene McDermid

• Sep 21st, 2011

To packing slip,
to purchase order
to quote

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For Non-PO invoices, who will determine the CC, GL, Profit Center, WBS elements imprinted on the invoice?

Vikas

• Nov 22nd, 2019

Thanks for the answer, but my question is, who writes the coding details on the invoices, that we process. I have often seen, the sometime the same coding details exists in the PO assignment tab, and which team enters in the PO.

Arshad Ayub

• Oct 27th, 2019

Based on parameters, GL coding matrix previously done the expense n cost will be hit to particular plants/cost centers

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I have usually come across the payment terms like N30, N90, V30, V60, V90 SPEC and SPET
N starts for Net.
V ?
and I have seen the terms on the PO screen as well as on Vendor screen i.e FK03, who determines and enters. for PO and Vendor data.
I have come across vendors complaining that the payments terms that they have selected

At the time of invoice processing, for some payment terms like V terms, we manually enter baseline date like adding 10 days to the invoice date, scan date of the invoice e.t.c while for the other terms like N, the system automatically pulls 10+ date of the invoice or scan date.

What is the role or purpose of this base line date? Does it helps in attaining the Net Due date?

Who creates and determines the vendor codes, to which the invoices are processed to, in the SAP?
What are the scenarios, where we need buyer intervention or approval is required to edit or delete the vendor code
Scenarios where vendor code is marked for deletion? If invoice processed to these types of codes, the invoice gets posted but the payment will not release right?

What is golden rule of accounts

Aruneshwari naik

• Jul 15th, 2019

Golden Roles of Accounting:
1) Personal Account:
Debit the receiver
Credit the giver

2) Real account:
Debit what comes in
Credit what goes out

3) Nominal account:
Debit all expenses and losses
Credit all gains and income

?kash Salve

• Apr 14th, 2019

Real Account-Credit what comes into the business and debit what goes out from the business
Nominal Account-Credit Income and gains and Debit Expenses and losses
Personal Account-Credit to giver and debit to receiver

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the prepaid expences comes in which account PERSONAL,REAL, OR NOMINAL

NIMMI

• Apr 9th, 2019

Real Account as it comes in Balance sheet under the Current Assets. The concerned prepaid expense will be deducted from the related expense in the profit & loss account in order to identify the actual expenses related to that year .

Raghubabu

• Jan 23rd, 2019

Personal a/c

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Samanth Boyapati

• Feb 27th, 2019

Invoice is commercial document issued by vendor to the account payable team of the buyer demanding payment for the goods services delivered Invoice Details : invoice date, Invoice number,, PO numbe...

Amrit

• Oct 4th, 2018

A invoice is a commercial document which is raised by seller to buyer. Basically this word invoice is used for request for payment from seller to buyer, not immediate payment.

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

praveen

• Dec 5th, 2018

Mahesh
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

Mahesh

• 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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Vinod kumar Reddy

• Nov 23rd, 2018

Interest on capital is the expense to the company, Company has to pay to the interest on the capital invested by owner.
Accounting Treatment:
interest on Capital a/c DR
To proprietor/Owner a/c
Interest on capital will be charged to P/L on debit side.

amrit

• Oct 4th, 2018

Basically Interest on Capital is an expense for the company. It is noted that the company and the business person both are distinct.

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What is a Non-PO Invoice?

amrit

• Oct 4th, 2018

When we received any invoice without any P.O number it is called NON PO based invoice.The NON PO based invoice can processed by G L code(Cost centre or Profit centre).

Mahesh

• May 15th, 2018

If we receive any invoice copy without po number we consider that has a non po. In this case we need to find out vendor number and gl account number

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What do you mean by THREE WAY MATCHING CONCEPT for the following aspectsVoucher & receiverPurchase order, Receiver & invoiceReceiver, Invoice & VoucherInvoice, Purchase order & Voucher

amrit

• Oct 4th, 2018

The three way matching concept of a document is basically Purchase Order, Supplier Invoice and Goods Receipt Note.

manohar

• Dec 22nd, 2017

Three way Matching Concept Is Matching the PO, Invoice and GRN.

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If Auditor advise you to do pass wrong entry for show revenue more what will you do ?? in the case of crisis in the company if we not show revenue more to investors company would be close so how you will take decision??

Yogesh

• Aug 10th, 2018

In the above case one can take proper approval from the management and ensure that the said entry should have proper supporting with all the necessary autorizations.

MURUGAN A

• Jul 21st, 2018

In this case we can proceed the entry

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I want to know every journal entry in Accounts Payable process in a courier company?

Sushant mahakul

• May 3rd, 2018

In courier company the journal entries will be based on their business transactions. so know the golden rule and apply to each transaction and make entries. You can ask specific transaction entries.

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sachin mundhe

• Apr 17th, 2018

Which state stamp duty applicable on Bank guarantee? If Bank guarantee issued from Maharashtra to Karnataka, then Maharashtra stamp duty applicable for Karnataka?

adeeb

• Oct 18th, 2007

Bank Guarantee is the guarantee of payment by bank on behalf of the customer of the bank to the drawee in whose name the guarantee has been issued.

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Mohd.

• Feb 26th, 2018

Basically P2P cycle to be followed as below: -
1. Material requirement planning
2. Vendor selection
3. Request for quotation
4. Purchase requisition
5. Purchase order
6. Goods receipt note
7. Goods receipt with invoice
8. Invoice verification
9. Payment to vendors

sadhna

• Oct 14th, 2017

1)Identification of Material required
2) Vendor/Quotation selection
3) Purchase requisition to Purchase order
4) Goods receipt note
5) Invoicing
6) Payment to supplier
7) Payment reconciliation.

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What are the journal entries that will be passing from the Goods received till the payment made to an supplier?

Anitha reddy

• Jan 31st, 2018

Inventory account DR
To, Grin account.

Grin account DR
To, vendor account.

Vendor account DR
To, bank/cash account

Shaz

• Nov 3rd, 2017

Invoice receipt.
Inventory AC Dr
To GR/IR ac.

Goods receipt.
GR/IR Ac Dr
To Supplier/ Vendor Ac.

Paying Invoice.
Supplier/Vendor Ac
To Bank Ac.

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