Answer / moses

AP
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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

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

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 $

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 $

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