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P2P cycle with which accounts get effected at each stage

Question Posted / kunal.tex


P2P cycle with which accounts get effected at each stage..

Answer / vanisri

1 Creation of Requisition
No Accounting

2 Creation of Purchase Order
No Accounting

3 Receipt
Receiving A/c
AP Accrual A/c

4 Devlivery
Raw Material Sub Inventory A/c
PPV A/c
Receiving A/c

5 Invoice matching with PO
AP Accrual Liability A/c
Invoice Price Variance A/c
AP Liability A/c

6 On making Payment
Liability A/c
Cash

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