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P2p cycle explanations? And entry, if asset item received what is entry?
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Answer Posted / ritwik
Step 1 : Requisition and approval
Step 2 : Request for Quote
Step 3 : Quotation receiving
Step 4 : Quotation Analysis
Step 5 : Requisition and approval
Step 6 : Auto-create PO and approval
Step 7 : Receipt
==============
Inventory Valuation A/c Dr.
To Accrual A/c
Step 8 : Invoice
==============
Accrual A/c----Dr
To Supplier Liability A/c----CR
Step 9 : Payment
================
Supplier Liability A/c----Dr
To Cash Clearing A/c---CR
Step 10 : Bank Reconciliation
Cash Clearing A/c---Dr
To Cash A/c---CR
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