can u explaine what is the purchase life cycle and with entries?

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can u explaine what is the purchase life cycle and with entries?..

Answer / manish kumar trivedi

1. When PO is created :

---- No Entry -----

2. When GR is posted

Inventory Account dr (Transaction Key BSX in OBYC)
To GRIR account (T.Key WRX in T-code OBYC)

3. When Invoice is posted

GRIR account Dr.
Vendor account Cr.

4. Payment made to Vendor

Vendor A/c Dr
To Bank Clearing A/c Cr.

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can u explaine what is the purchase life cycle and with entries?..

Answer / mallikarjun

This is nothing but FI/MM Integration

1.Goods enquiery
Means that when the comp require some material that time
the MM people put enquiery for material.
2.Material quotation
Vendors ll send their purchase quotation to us for their
material based on that quotation we ll select one vendor
and then
3.Purchase order
MM people ll create purchase order and ll send it to
vendors
4. Goods received
Once we received good from the vendor then entry ll be
Inventory of Raw Material A/c dr(BSX)
TO GR/IR CLRG A/C(WRX)
5.INVOICE RECEIVED
Once we receive invoice from the vendor
GR/IR CLRG A/C DR
TO VENDOR A/C

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