sudiptasekhar

• May 23rd, 2006

 

when we receive the material after approve of purchase order 1 . when the Material Received at the Gate Receiving A/C Dr Material AP accrual A/C Cr2. When the Material delivered to The Inv Org Material A/c Dr Purchase Price Variance A/c Dr Receiving A/c Cr3. When the Invoice Is enterd into the Payable with Matching Of PO Material Ap Accrual A/c Dr Invoice Price Variance A/c Dr AP Liability A/c Cr

Shweta

• Jun 1st, 2006

 

Thanks

Durgesh Kumar

• Nov 20th, 2006

 

1. Material Receipt

Receiving Accural Dr

AP Accural Cr

2. On completion on inspection and accepting of goods

Inventory Dr

Receiving Accural Cr

The Above given 2 entries are in PO module

3. On entering Invoice in AP

AP Accural Dr

Accounts Payable Cr

4. On Making payment

Accounts Payable Dr

Cash/Bank Cr

durgesh3

 Profile Answers by durgesh3 

• Nov 20th, 2006

 

1. On Entry of PO ________ No accounting impact

2. On Materil Receipt

Receiving Accural Dr

AP Accural Cr

3. On Completion of Inspection and goods accepted

Inventory Dr

Receiving Accural Cr

The Above mentioned entries in PO Module

4. On entering invoice in AP

AP Accural Dr

Accounts Payable Cr

5. On Payment

Accounts Payable Dr'

Cash/Bank Cr

chvgupta2001

 Profile Answers by chvgupta2001 Questions by chvgupta2001

• May 6th, 2007

 

 When we raise the Purchase Order entry is

Material in transit a/c      Dr

     To AP Accrual A/c

When we match the Invoice with PO

AP Accruals A/c        Dr

       To AP Liability A/c
When Payment is made

AP Liability A/c       Dr

       To Cash Clearing A/c