when we make po there is entry reason is po is a event , but not a transac

what is accounting entries of p2p

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Answer Posted / mallikharjuna reddy

when we make po there is entry reason is po is a event , but not a transaction.

at the time of receipt.

inventory receiving a/c-dr

to ap accural a/c

at the time receiving goods

inventory validation a/c-dr

to inventory receving a/c

at the time of payable create

ap accural a/c-dr
to liability a/c
at the time of invoice is paid

liability a/c-dr

to cash clearing a/c

at the time of cash actual payment

cash clearing a/c-dr
to cash a/c

then recouncialition

cash clearing a/c-dr

to cash a/c

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