P2P Accounting Entries for Fixed Asset Item
Posted: Mon Dec 03, 2012 10:58 am
Hi,
Fixed Asset Item - Only Purchasing Flag enabled for Item.
---- Assign Asset clearing Account in Expense tab.
We have two Accounting Options for Expense items Accrue at <b>Receipt or Period End</b>
If it is at the time of <b>Receipt :</b>
Receiving :
Receiving Inventory A/C Dr
Expense AP Accrual A/C Cr
Invoice Matching:
Expense AP Accrual A/C Dr
Liability A/c Cr
Here my doubt is Either System creates Accounting entries for Deliver or not?
<b>Deliver :
Asset Clearing A/C Dr
Receiving Inventory A/C Cr</b>
Please let me know your views.
Thanks & Regards,
Anjireddy
Fixed Asset Item - Only Purchasing Flag enabled for Item.
---- Assign Asset clearing Account in Expense tab.
We have two Accounting Options for Expense items Accrue at <b>Receipt or Period End</b>
If it is at the time of <b>Receipt :</b>
Receiving :
Receiving Inventory A/C Dr
Expense AP Accrual A/C Cr
Invoice Matching:
Expense AP Accrual A/C Dr
Liability A/c Cr
Here my doubt is Either System creates Accounting entries for Deliver or not?
<b>Deliver :
Asset Clearing A/C Dr
Receiving Inventory A/C Cr</b>
Please let me know your views.
Thanks & Regards,
Anjireddy