Hi ,
Can any one suggest me what are the journal entries that are reflected when we raise the requisition , generate purchase order and do the receiving.
Rgds
Santosh.A
Journal entries
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- Posts: 4
- Joined: Mon Dec 11, 2006 11:22 am
- Location: India
Hi, Santosh
for raising the Requisition or PO there are no entries available or generated in the system,
While receiving receipt the entry is
Inventory Receivable A/c Dr
To AP accrual A/c
When we receive the Goods, the Journal Entry will be
Inventory A/c Dr
To Inventory Receivable A/c
While we approve the invoice and create the accounting entry is
AP Accrual Liability A/c Dr
To AP Liability A/c
Finally when we make payment entry is
AP Liability A/c Dr
To cash/Bank clearance A/c (If CE is there, Other wise Credit goes to Bank A/c)
Regards
Sreedhar.D
Functional Consultant
for raising the Requisition or PO there are no entries available or generated in the system,
While receiving receipt the entry is
Inventory Receivable A/c Dr
To AP accrual A/c
When we receive the Goods, the Journal Entry will be
Inventory A/c Dr
To Inventory Receivable A/c
While we approve the invoice and create the accounting entry is
AP Accrual Liability A/c Dr
To AP Liability A/c
Finally when we make payment entry is
AP Liability A/c Dr
To cash/Bank clearance A/c (If CE is there, Other wise Credit goes to Bank A/c)
Regards
Sreedhar.D
Functional Consultant
-
- Posts: 6
- Joined: Tue May 15, 2007 3:34 am
- Location: India
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