If a transaction is posted and say our company bought the materials from a ven

If a transaction is posted and say our company bought the
materials from a vendor. Does the vendor get credited or
debited and does gr/ir get credited or debited in the
accounts? please let me know im sorta confused with this

Question Posted / vishnu1023

1 Answers
3737 Views
I also Faced
E-Mail Answers

If a transaction is posted and say our company bought the materials from a vendor. Does the vendor..

Answer / sapuser

Hi...The following would be the entry in Purchase cycle...
1. at time of creating purchase order - there is no accounting entry,
2. at the time of goods receipt
eg..raw material ac dr
to GR/IR ac Cr
3. at the time of Invoice receipt
gr/ir ac dr
to vendor ac Cr
4. at the time of payment
vendor ac dr
to out going ac/bank ac Cr

Is This Answer Correct ?

9 Yes

0 No

Post New Answer

More SAP FI-CO (Financial Accounting & Controlling) Interview Questions

How do you configure electronic bank statement?

0 Answers

List the reports in credit management? : fi- accounts receivable

0 Answers

How many normal and special peroids can be there in a fiscal year? How do you open and close periods?

0 Answers

What is SAP standard organisation structure?

7 Answers EDS, SAP Labs,

vendor wants the payments from different banks for each open item document through APP. Like one document from Icici Bank, another document from HDFC Bank. where you configure it? Is it Possible?

8 Answers Accenture,

What is the meaning of ADHOC P.O's Do we create Adhoc P.O's to our regular Vendors.What are the Tax aspects in this Issue.

0 Answers

assets how upload in LSMW

1 Answers Accenture,

how to delte g/l if transaction are updated. :- hi expertise how to delete the g/l a/c if the transaction are updated in. whether any possibility to delete. let me know. thanks in advance

0 Answers

what is controlling area, cost center, cost element,internal order & profit center?what does it control?what is relationship between each other?

5 Answers Art Technology and Software, Atlas Engineering, Cap Gemini, Infosys,

After creating a customer/vendor, how can we check that under which account group we have configured this customer/vendor?

0 Answers

Overview of G/L account :- Dear, what type of G/L account use in SAP.How to see all type of G/L account in sap those are used in a organization

0 Answers

While executing Item interest or interest on arrears system is showing the interest amount and session is also creating but it is not reflecting in GL account, how to configure it.

1 Answers

For more SAP FI-CO (Financial Accounting & Controlling) Interview Questions Click Here