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Accounting in Standard Invoice
Posted: Sat Oct 10, 2009 3:30 am
by Racle11i
Hi,
Can anyone tell me ,
1. What is the accounting created ,while we create standard Invoice in AP ?
2. Can Anyone Explain P to P cycle in AP along with Accounting ?
Many thanks
Best Regards
Posted: Mon Oct 12, 2009 5:50 am
by oteixeira
Hello.
A very common example of how the system accounts for an invoice is:
DR Cost
DR Tax
CR Liability
However, ths depends of a few things. If the supplier is subject to Wittholding Tax, the accounting will be:
DR Cost
DR Tax
CR Liab
CR W Tax
and, if you have the system set up to issue the W Tax invoice at the approval time, the system will:
DR W Tax
CR Liability (Tax Authority)
Hope this helps.
Octavio
Posted: Mon Oct 12, 2009 6:09 am
by Racle11i
Hi Octavio,
Thanks for the reply that will help,
if you know about Accounting involved in P to P cycle..
if so please do let me know
Many thanks
Best Regards
Posted: Mon Oct 12, 2009 6:27 am
by oteixeira
Hello.
Can you please explain what do you mean 'by P to P cycle'?
Octavio
Posted: Mon Oct 12, 2009 7:09 am
by Racle11i
Hi Octavio,
thanks for the Reply,
P 2 p --> Procure to Pay Cycle in AP
Any idea about Accounting associated with Procure to Pay cycle ?
Best Ragards
Posted: Mon Oct 12, 2009 7:10 am
by oteixeira
Hello.
Sorry but i have no knowledge of Procure to Pay.
Regards,
Octavio
Posted: Tue Oct 13, 2009 4:44 am
by hiszaki
Hi Racle
You can see this link may be useful for you:
topic.asp?TOPIC_ID=1861
Thanks
Hisham
Posted: Tue Oct 13, 2009 5:41 am
by admin
Please check the following,
topic.asp?TOPIC_ID=5799
Download Accounting document,
topic.asp?TOPIC_ID=5830
Posted: Tue Oct 13, 2009 9:47 am
by Racle11i
Thank you all for sharing info and links..
Posted: Tue Oct 13, 2009 10:30 am
by harikumarc1981@rediffmail
[quote]Hi Racle
You can see this link may be useful for you:
topic.asp?TOPIC_ID=1861
Thanks
Hisham
<i><div align="right">Originally posted by hiszaki
Posted: Tue Oct 13, 2009 11:12 am
by Racle11i
Thank you all and Appreciating your efforts towards answers..
Best Regards