Purchased equipment from Company, $9,000. Paid $1,500 down and the balance was placed on account. Payments will be $375.00 per month for twenty months. The first payment is due 4/1.

How would I enter this in a journal entry?

Imran Ahmad

• Aug 24th, 2017

Equipement A/C Dr 9000
To cash A/C 1500
To S.Creditor A/C 7500
(Being equipement purchased and paid rs 1500 and rest in his A/C.)

Yogeesha

• Jul 21st, 2017

When Purchase the Equipment.
Asset Account Dr 9000
To Bank A/C 1500
To Supplier A/c 7500

When making balance payment
Supplier A/c Dr 375
To Bank Account 375

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What is Vendor Account Reconciliation?

Logesh

• Aug 28th, 2017

Concept:
The VAR is a report to know the fund details which has been given to the vendor from company.
Usually the Reconciliation involved minimum two accounts. Ex, Company account and Vendor account.
Note: The Reconciliation account should ends with "0"

Seraj Ali

• Nov 28th, 2016

Matching of our companys cash book to the vendor statement. And adjustment balancing amount.

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senthy

• Oct 11th, 2017

Inter-company Settlement is a process in JDE Finance GL module which we ensure that each company net balance is equal to zero. (Debit=Credit).

xyz

• Oct 11th, 2017

XYZ Ltd US has a payable of $100,000 and has a receivable of $150,000 from XYZ Ltd India, in this case XYZ Ltd US is in a net receivable position of $50,000 from XYZ Ltd India.

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What are the scenarios where we use Sub debits/credits in AP.

Correct me if I am wrong - for Freight, if amount short paid e.t.c what are the main scenarios.
Why actually would we go for Sub

Satya Nand

• Nov 4th, 2017

Hello,

Basically the concept of Sub debit and credit apply to adjust the price difference where quantity is not included.

This can be placed only after the fist document has been keyed into the SAP.

kavita

• Jul 4th, 2017

Subsequent credit is used to show price difference. Credit is for quantity difference.

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raghunath.bhat  

 Profile Answers by raghunath.bhat Questions by raghunath.bhat

• Member Since Jul-2008 | Jul 1st, 2008

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Accounts payable process means by checking the payable invoices (purchase) and then send it to payment and lastly settlement of payment.

manohar

• Dec 22nd, 2017

Accounts Payable Means Process Start With Purchasing and End with Payment, Its should be Payment Terms As Per Purchase Order, While Process the Payment only select the Due date of the Invoices and Pro...

Mohammed Hussain

• Oct 3rd, 2017

Account payable process starts with purchasing and end with payments to vendors

Improve Answer

What is a tolerance limit with respect to invoice processing?

Sanjay yadav

• Jan 12th, 2018

Tolerance also include Tax amount mention on PO or its calculated Based on amount excluding tax and freight amount

Naresh NG

 Profile Answers by Naresh NG Questions by Naresh NG

• Jan 15th, 2010

Limit up to which small differences in an invoice are accepted by the invoice recipient without any further verification being necessary. Naresh NG

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We know the difference between PO and Non PO invoice, but how can we identify the critical vendor invoice in SAP.

RAHUL

• Jan 9th, 2018

For PO we have a purchase order number.
For Non-PO we don't have any PO number for that.

Vikas

• Mar 6th, 2017

Critical vendors I believe are the vendors who are directly or indirectly related to Government like Tax invoices which are paid quarterly, monthly and yearly. Critical vendors in short are the vendors whose payment in delay will effect some entity.

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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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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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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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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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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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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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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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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 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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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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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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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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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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