Please let me know the various accounting entries in AP &
AR for a layman. Like invoice posting, payment, offset
entries, exchange fluctuation entries, i am preparing for
an interview. PLEASE HELP
Answers were Sorted based on User's Feedback
Answer / moses
AP
---
While recording/entering invoice:
-----------------------------
Charge a/c xxx dr
To Liability a/c xxx cr
While Making Payment for the invoice:
-------------------------------------
Liability a/c xxx dr
To Cash a/c xxx cr
Is This Answer Correct ? | 11 Yes | 0 No |
Answer / raj
Process Accounting Effect
1) PO creation( item/services, qty, need-by-date, terms,
price) N/A
2) Receipt creation Receiving a/c Dr
To AP accrual a/c Cr
3) Inspection completed and delivery Inventory a/c Dr
To Receiving a/c Cr
4) Invoice creation AP accrual a/c Dr
To Liability a/c Cr
5) a) Payment (if no clearing enabled) Liability a/c Dr
To Cash a/c Cr
b) Payment (if clearing enabled) Liability a/c Dr
To Cash Clearing Cr
Cash Clearing Dr
To Cash a/c Cr
Is This Answer Correct ? | 9 Yes | 0 No |
Answer / sailaja
Exchange fluctuation entries
DR. Accounts Receivables 10000 Euro
Cr Revenues 10000 E
Convert 1 Euro =.8 US $
DR. Accounts Receivables 8000 US $
Cr Revenues 8000 US $
Revalue 1 Euro =.81 US $
DR. Accounts Receivables 100 US $
Cr unrealised Gain 100 US $
Is This Answer Correct ? | 1 Yes | 0 No |
Answer / nossam mallikharjuna reddy
po creation no entry
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 receivinga/c
at the time of MATCH,PAYABLE CREATE
ap accural a/c -dr
to liability
at the time of invoice payment
liability a/c-dr
to cash clearing or bank clearing a/c
at the time of cash actual payment
cash clearing or bank clearing a/c-dr
to bank or cash a/c
at the time of deliveryto the sub invenentory
expense a/c -dr
to inventory validation a/c
AR JOURNAL ENTRIES
at the time of pick release
inventory staging a/c -dr
to inventory finished goodsa/c
at the time of ship confirm
cogs a/c -dr
toinventory organization a/c
at the time of receivables
receivable a/c-dr
to revenue a/c
to frieght a/c
to tax a/c
at the time of cash
cash a/c -dr
to receivablea/c
p-2-p for fa entries
purchase
inventoru receiving a/c-dr
to ap accural a/c
receiving
asset clearing a/c-dr
to inventory receiving a/c
payable
ap accural a/c -dr
to bank a/c
when adding asset
asset cost a/c -dr
to asset clearing a/c
whem run depreaciation
depreciation exp a/c -dr
to accumulated depreciation a/c
ap refund
cash a/c -dr
to liability
ar refund
liability a/c -dr
to cash a/c
Exchange fluctuation entries
DR. Accounts Receivables 10000 Euro
Cr Revenues 10000 E
Convert 1 Euro =.8 US $
DR. Accounts Receivables 8000 US $
Cr Revenues 8000 US $
Revalue 1 Euro =.81 US $
DR. Accounts Receivables 100 US $
Cr unrealised Gain 100 US $
Is This Answer Correct ? | 0 Yes | 0 No |
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