What are the accounting entries in p2p cycle??
Answers were Sorted based on User's Feedback
Answer / skp
At the time of receipt
------------------------------
Receiving inventory a/c dr
to Inventory AP Acurral a/c
At the time of invoice
--------------------------------
Inventory AP Accural a/c dr]'
to Liability a/c
At the time of payment
-------------------------
Liability a/c dr
to Cash or Bank
At the time of Delivery of Materials in to Inventory
----------------------------------------------------
Materials A/c Dr
To Receiving Inventory A/c
Is This Answer Correct ? | 88 Yes | 19 No |
Answer / ramkee
When we recive goods:
Receiving inventory a/c dr
to Ap accrual a/c
when delivery to sub inventory:
material a/c dr
to receiving inventory a/c
when we record invoice:
Ap accrual a/c dr
to liability a/c
when we make payment:
liability a/c dr
to cash clearing a/c
when we clear payment in cash management:
cash clearing a/c dr
to cash a/c
Is This Answer Correct ? | 55 Yes | 7 No |
Answer / raghu
1. Creation of Requisition – No Accounting entries will come
2. Creation of Purchase Order – No Accounting entries will come
3. Receiving item
Receiving inventory a/c Dr
To Inventory AP Accrual a/c
4. Move the items from receiving point to sub inventory
Inventory a/c Dr
To Receiving Inventory a/c
5. Prepare purchase invoice
AP Accrual a/c Dr
To Liability a/c
6. At the time of payment – if reconciliation is there
Liability Account Dr
To Cash Clearing account
7. At the time of reconciliation
Cash Clearing Account Dr
To Cash Account
Is This Answer Correct ? | 31 Yes | 5 No |
Answer / kishore
At the time of receipt
------------------------------
Receiving inventory a/c dr
to Inventory AP Acurral a/c
At the time of invoice
--------------------------------
Inventory AP Accural a/c dr]'
to Liability a/c
At the time of payment
-------------------------
Liability a/c dr
to Cash or Bank
Is This Answer Correct ? | 31 Yes | 16 No |
Answer / ravi reddy
Accounting Entries for P2P cycle:
When-ever we are creating Po no entries will be created.
> Receipt : Inventory Receiving Account Dr to AP Accrual Account Cr.
> Invoice : AP Accrual account to Dr to Liability Account Dr.
> Payment : Liability Account Dr to Bank Clearing Account.
> when cleared in Bank : Bank clearing A/c to Bank A/c.
Is This Answer Correct ? | 16 Yes | 3 No |
Answer / r dhamu
System will not generate Entries for Requisition, Quotation and Purchase Order.
When we receive the Goods &Receipt
Inventory Receiving A/C Dr
Inventory AP Accural A/C Cr
When Goods Move to Inventory
Inventory Material Value A/C Dr
Inventory Receiving A/C Cr
When we enter the Invoice in AP Module
If we match with PO
AP Accrual A/C Dr
Liability A/C Cr
If we do not match with PO
Charge or Item Expense A/C Dr
Liability A/C Cr
When we issue the Payment for entered Invoice
Liability A/C Dr
Cash Clearing A/C Cr
When Reconcile or Clear the Payment
Cash Clearing A/C Dr
Cash A/C Cr
Is This Answer Correct ? | 8 Yes | 0 No |
Answer / raj
1) AT GRN (RECEIVING ITEMS).
Receiving Inventory A/C (Debit)
To Inventory AP Accrual (credit)
2)MOVE THE ITEMS INVENTORY TO SUB INVENTORY.
Material A/C (Debit)
To Receiving inventory (Credit)
3) AT THE TIME OF INVOICE
Inventory Ap Accrual A/C (Debit)
To Supplier Liability (Credit)
4) AT THE TIME OF PAYMENT
liability A/c (Debit)
To Cash clearing A/C (Credit)
5) AT CASH CLEARING IN (CM)
Cash clearing A/c (Debit)
To Cash Or Bank (Credit)
{ YOURS RAJ }
Is This Answer Correct ? | 6 Yes | 1 No |
Answer / sagar
At the time of receipt:
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Receiving inventory a/c dr
to
Inventory AP Acurral a/c
At the time of invoice
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Inventory AP Accural a/c dr
to
AP Liability a/c cr
At the time of payment
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
AP Liability a/c dr
to
Cash a/c cr
Is This Answer Correct ? | 4 Yes | 1 No |
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