What are the accounting entries in p2p cycle??
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Answer Posted / ramkee
When we recive goods:
Receiving inventory a/c dr
to Ap accrual a/c
when delivery to sub inventory:
material a/c dr
to receiving inventory a/c
when we record invoice:
Ap accrual a/c dr
to liability a/c
when we make payment:
liability a/c dr
to cash clearing a/c
when we clear payment in cash management:
cash clearing a/c dr
to cash a/c
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