Answer Posted / moses

Tha basic rule is "What comes in is debit" and "what goes out is Credit"

While receiving the Material
----------------------------------------
Receiving Inventory a/c 100 dr
To Ap accrual a/c 100 cr


While stocking the Material in the inventory
---------------------------------------------------------------
Material a/c 100 dr
To Receiving Inventory a/c 100 cr


(Here the receiving inventory would be knocked off. the net entry would be
Material a/c 100 dr
to Ap accrual a/c 100 cr . Than means Material comes in and the payments has to be done)

While recording the invoice
-------------------------------------------
Charge a/c 100 dr
To Liability a/c 100 cr

During the payment of the invoice
-------------------------------------------
Liability a/c 100 dr
To Cash clearing a/c 100 cr

Cash clearing a/c 100 dr
To Cash a/c 100 cr
------------------------------------------------------------------------------------------------------------------
while making receivable invoice

Receivable a/c 100 dr
To Revenue a/c 100 cr

payment types and payment methods.

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