Answer / uma ulisi

Invoice Price variance is the difference between the
Purchase Order Price and Price entered in AP Invoice for
PO Matched Invoices. The difference is Debited or credited
to Invoice Price Variance Account

Ex :

Po price =10 qty=10
Receipt and Invoice price =11 qty=10

When received material

Receiving Material A/C dr 110
AP Accrual A/C cr 110

When we matched the invoice with receipt,

The Accounting entry is,

AP Accrual A/C dr 100
Invoice price variance A/c dr 10
Liability A/c cr 110

Is this Accounting entry is correct or Vice versa.

Answer / srikrishna

HI All,

How can we fix /correct the AP Accrual A/C? In the above scenario there is 10 (USD/INR) balance in AP Accrual A/C and how can fix that. In our system we have restricted MJE in GL, so help me to fix this variance

Answer / sree

The Invoice price variance arise when there is difference
between the line amount and the distribution amount

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