Answer / kondasani narsireddy

> when we are receiving the goods entry will come.
inv receiving a/c dr
to ap accural a/c cr
>goods moving to inventory.
item expense a/c dr
to inv receiving a/c cr
>when we are po match with invoice.
ap accural a/c dr
to laibility a/c cr
>to make a payment for invoice.
laibility a/c dr
to cash clearing a/c cr
>then reconciliation.
cash clearing a/c dr
to cask account a/c cr

Answer / mahesh babu

Whwn we gor p2p, mainly we can see 5 entires.

1. when we recive the goods from staging area?

Recieving Inv a/c dr

To AP Acrual a/c cr

2.whe we transfer the goods from recving to Sub Inv?

Inv a/c dr

To Rec Inv a/c Cr

3. When we record the Purchase Invoice ?

AP Acrual a/c dr

To liabilty a/c cr

4. when we make Payment?

Laibilty a/c dr

To Cash Clearing a/c cr

5. when we Reconsile payments?

Cash Clearing a/c dr

To Cash a/c cr

Answer / dj

Accounting for P2p can be classified into 3 types, accounting for Inventory items, accounting for Expenses, Accounting for Assets, below are the accounting entries.

1) For Inventory items

When you create a receipt

Receiving inventory account Debit
To Accrual account credit

When you run the receiving transaction processor job

Inventory Valuation account Debit
To Receiving inventory account

When invoice is matched to PO

Accrual/Ap accrual account Debit
To Liability account credit

When Payment is issued

Liability account Debit
Cash/Bank Clearing credit

When payment is cleared (reconcilation)

Cash/Bank clearing account Debit
To Bank/Cash account

When items are transferred from inventory to the department requesting the items

Expense account Debit
To Inventory valuation account

Here after all the account getting knocked off, what remains is

Expense account Debit
To Cash/Bank Account Credit

2) Accounting for Expenses

When creating a receipt

Receiving inventory account Debit
To Accrual/Ap accrual account credit

When the receiving transaction processor job is run
Expense Account Debit
To Receiving inventory account

When Invoice is matched to PO

Accrual/Ap accrual account debit
To Liability account credit

When Payment is issued (clearing)

Liability account Debit
Cash/Bank Account clearing credit

When Cleared from Bank (reconcilation)

Cash/Bank account clearing

Cash/Bank account

Answer / mallikharjuna reddy

when we make po there is entry reason is po is a event , but not a transaction.

at the time of receipt.

inventory receiving a/c-dr

to ap accural a/c

at the time receiving goods

inventory validation a/c-dr

to inventory receving a/c

at the time of payable create

ap accural a/c-dr
to liability a/c
at the time of invoice is paid

liability a/c-dr

to cash clearing a/c

at the time of cash actual payment

cash clearing a/c-dr
to cash a/c

then recouncialition

cash clearing a/c-dr

to cash a/c

Answer / suresh

Inventory receive a/c dr
to ap accural a/c cr
inventory validation a/c dr
to inventory receiving a/c cr
ap accural a/c dr
to laibulity a/c cr
laibility a/c dr
to bank clearing a/c cr
bank clearing a/c dr
bank a/c cr
exp a/c dr
to inventory validation a/c cr
t

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