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Please let me know the various accounting entries in AP &
AR for a layman. Like invoice posting, payment, offset
entries, exchange fluctuation entries, i am preparing for
an interview. PLEASE HELP
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Answer Posted / raj
Process Accounting Effect
1) PO creation( item/services, qty, need-by-date, terms,
price) N/A
2) Receipt creation Receiving a/c Dr
To AP accrual a/c Cr
3) Inspection completed and delivery Inventory a/c Dr
To Receiving a/c Cr
4) Invoice creation AP accrual a/c Dr
To Liability a/c Cr
5) a) Payment (if no clearing enabled) Liability a/c Dr
To Cash a/c Cr
b) Payment (if clearing enabled) Liability a/c Dr
To Cash Clearing Cr
Cash Clearing Dr
To Cash a/c Cr
| Is This Answer Correct ? | 9 Yes | 0 No |
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