Answer / psvnaidu

1)Whenever we buy item there is no journal Entry.

2)When we Receive Material into inventory Org
Material Value A/C ---- Dr
Inventory AP Accrual A/C --- Cr

3)When we are going for payment
Charge A/c --- Dr
Liability A/c --- Cr

Liability A/c --- Dr
Cash Clearing A/c --- Cr
4)In Cash Management

Cash Clearing A/c --- Dr
Cash A/c --- Cr

5)When we Making Sale
Cost of Goods A/c --- Dr
Material A/c --- Cr

Answer / moses

Tha basic rule is "What comes in is debit" and "what goes out is Credit"

While receiving the Material
----------------------------------------
Receiving Inventory a/c 100 dr
To Ap accrual a/c 100 cr


While stocking the Material in the inventory
---------------------------------------------------------------
Material a/c 100 dr
To Receiving Inventory a/c 100 cr


(Here the receiving inventory would be knocked off. the net entry would be
Material a/c 100 dr
to Ap accrual a/c 100 cr . Than means Material comes in and the payments has to be done)

While recording the invoice
-------------------------------------------
Charge a/c 100 dr
To Liability a/c 100 cr

During the payment of the invoice
-------------------------------------------
Liability a/c 100 dr
To Cash clearing a/c 100 cr

Cash clearing a/c 100 dr
To Cash a/c 100 cr
------------------------------------------------------------------------------------------------------------------
while making receivable invoice

Receivable a/c 100 dr
To Revenue a/c 100 cr

Answer / anuj

While recording the invoice
-------------------------------------------
Ap Accural a/c 100 dr
To Liability a/c 100 cr

rest like mosses

Answer / kan

Is it possible when you sale 1 pipe at Rs.150 and you book
Revenue a/c @ Rs.100.

Answer / kan

what about Sales Enrty one pipe sales at Rs.150

Answer / khan

In order mgmt :
Cost of Goods A/c --- Dr 100
Material A/c --- Cr 100

In AR :
Receivable a/c 100 dr
To Revenue a/c 100 cr

Answer / mohammed akramuddin

Furniture account dr 100
cash account cr 100



cash account dr 150
sales cr 150

Answer / hussain

One pipe purchase:

The Accounting depends on the receipt routing
Lets assume receipt routing is Inspection:

Material Inspection A/C 100
To Inventory AP Accrual A/C 100


Receiving Inventory A/C 100
To Material Inspection A/C 100


Material(Pipes) A/C 100
To Receiving Inventory A/C 100


One Pipe sales:

COG's(Pipes) A/C 100
To Material(Pipes)A/C 100

Tell me cash management mandatory setups

2 Answers   Genpact, IBM,

dear gurus i would like to know about Flex field qualifiers

4 Answers   Genesis,

What is write off in payables? When do we use?

2 Answers   Genesis,

what is the link between Ar and PO modules? waht is link between ap and po? what is link between gl and po? what is link between gl and ap? what is link between gl and ar? what is link between ap and ar?

1 Answers   Blue Star, KPIT,

what is commitment (Warranty invoice) in AR?

2 Answers   Ernst Young,

how many banks (bank a/c) created in on legal entity level

1 Answers   Path Infotech,

Do you track and record relationships between customers e.g. franchises, subsidiaries etc.?

0 Answers  

6. TDS accounting entry

1 Answers   ABC, Arihant,

payment types and payment methods.

0 Answers  

In Multi Org can you tell what is SHORT ENTITY ?

3 Answers   UST,

Period closing process Ap and GL?

1 Answers   Deloitte,

What is difference between debit memo and credit memo?

2 Answers