Variance Accounts are coming into Invoice.
Posted: Mon Apr 25, 2011 12:25 pm
Hi,
We are matching invoice with Receipt and applying the tax at the time of Invoice creation.
The Accounting entries are,
Ex: Receipt amount 1000
Inventory Receiving a/c Dr 1000
AP Accrual A/C Cr 1000
Invoice (we have 2 type of Taxes 1% and 3% and separate tax accounts): 1040
Ap accrual A/c Dr 1000
<b>Tax variance A/c Dr 10 (we need tax Account here)
Tax variance A/c Dr 30 (we need tax Account here)</b>
Liabilty A/c Cr 1040
The variance account is coming from Receiving Options.
Please share your valuable suggestions on this issue.
We are matching invoice with Receipt and applying the tax at the time of Invoice creation.
The Accounting entries are,
Ex: Receipt amount 1000
Inventory Receiving a/c Dr 1000
AP Accrual A/C Cr 1000
Invoice (we have 2 type of Taxes 1% and 3% and separate tax accounts): 1040
Ap accrual A/c Dr 1000
<b>Tax variance A/c Dr 10 (we need tax Account here)
Tax variance A/c Dr 30 (we need tax Account here)</b>
Liabilty A/c Cr 1040
The variance account is coming from Receiving Options.
Please share your valuable suggestions on this issue.