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What is P2P cycle.
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Answer Posted / abhinav
Procure TO Pay Cycle Flow Chart of P2P Cycle
Stage 1 Purchase order creation - Accounting impact Nil,So no Journal entry Purchae Order Creation
Stage 2 Creation of Receipt Creation of Receipt
Inventory Receiving A/c Dr.
Accrual A/c Cr.
Stage 3 Inspection of Goods: Accounting impact Nil,So no Journal entry Inspection of Goods
Stage 4 Receiving Transactions:When Goods received in Inventory Goods Receiving Transactions
Expense A/C Dr.
Inventory Receiving A/c Cr.
Stage 5 Payable invoice when matched with PO. Payable invoice when matched with PO
Accrual A/C Dr.
Liability A/C Cr.
Stage 6 Payment made to Vendor: Payment made to Vendor
Liability A/c Dr.
Bank A/C Cr.
FINISH
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