What is the full cycle of both AP & AR?

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Question Posted / addie_84

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What is the full cycle of both AP & AR?..

Answer / murali.t

accounts payable

purchase requisiton-purchase order-goods receipt-invoice
verification -payment to vendor

accounts receivable
sales order, delivery - billing document - posting to
account - payment from customer

Is This Answer Correct ?

90 Yes

5 No

What is the full cycle of both AP & AR?..

Answer / pratik pandey

1) When Purchase Order is created
====NO ENTRY====
2)When GR is Posted
Inventory a/c dr.
To GR/IR a/c
3)When Invoice is Posted
GR/IR a/c dr.
TO Vendor
4)Payment made to Vendor
Vendor a/c dr.
To Bank

1)When Sales Order Created
====NO ENTRY===
2)PGI Time
Cost Of Goods Sold a/c dr.
To Inventory a/c
3)Billing doc.released to accounting
Customer a/c dr.
To Sales Revenue
4)Payment Received
Bank a/c dr.
To Customer

Is This Answer Correct ?

25 Yes

3 No

What is the full cycle of both AP & AR?..

Answer / lakshmi

ap life cycle means procure to pay process its start with

purchase requistion
purchase oreder
goods reciept
invoice receipt
paymet to vendor.

ar life cycle start with

inquiry
qutation
saled order
delivey noet
goods issue
order invoice
debit/ credit memo(if need)