1. P2P cycle with which accounts get effected at each
stage
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Answer Posted / deepak
For the ease of understanding I am taking an example of Inventory item for P2P Accounting
1) When a receipt is created for an inventory item.
Inventory receiving account Dr
To Accrual account
2) When the Receipt Transaction Processor job is run
Inventory Valuation account Dr
To Inventory Receiving account
3) When an invoice is matched to a PO
Accrual account Dr
To Liability account
4) When the payment is issued.
Liability account Dr
To Cash/Bank Clearing account (if Clearing is used)
5) When the payment is cleared
Cash/Bank Clearing account Dr
To Cash/Bank account
6) When inventory is transferred to the department using the item.
Expense account Dr
To Inventory Valuation account
After knocking of all the respective Debit & Credit accounts, what remains finally is the Expense account Dr to Cash/Bank account.
Regards
Deepak Jadhav
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