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can u explaine what is the purchase life cycle and with entries?
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Answer Posted / md. siraj
Purchase life cycle is use in case of Inventory transactions are capture through PtoP cycle.
The PtoP Cycle & Purchase entries are like
Pur requestion -> pur order-> goods receipt-> invoice receipt-> outgoing payment
JVs
No entries for P. Req & P. ord, becouse of that we don't have a any ownership / rights on that goods, so we are not generate the Journal Entries.
goods receipt-> Inventory raw material a/c Dr
To GRIR clearing a/c Cr
invoice receipt-> GRIR clearing a/c Dr
To Vendor a/c Cr
outgoing payment-> Vendor a/c Dr
To Cash/Bank a/c Cr
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