Answer / ashraf momtaz

The Accounting Entries in P2P cycle when we receive the goods.

A.Inventory Item:
-----------------

1.When we receive the goods(for staging areas)

Receiving Inventory A/c Dr
Inventory AP Accural A/c Cr

2.When we transfer the goods (to sub-inventory)

Inventory A/c Dr
Receiving Inventory A/c Cr

3.When We create AP Invoice matched to Purchase Order

Inventory AP Accrual A/c Dr
Liability A/c Cr

4.(a)When we make the payment and follows Reconciliation...

Liability A/c Dr
Cash Clearing A/c Cr

(b)When payment is cleared....

Cash Clearing A/c Dr
Cash A/c Cr


OR

4. When we make the payment and we are not following
Reconciliation.......

Liability A/c Dr
Cash A/c Cr

And the Final When issued to Dept........

Expencse A/c Dr
Invemtory A/c Cr
=================================================

B.Expense Item:
---------------
1.When we receive the goods(for staging areas)

Receiving Inventory A/c Dr
Inventory AP Accural A/c Cr

2.When we transfer the goods (to sub-inventory)

Expense A/c Dr
Receiving Inventory A/c Cr

3.When We create AP Invoice matched to Purchase Order

Inventory AP Accrual A/c Dr
Liability A/c Cr

4.(a)When we make the payment and follows Reconciliation...

Liability A/c Dr
Cash Clearing A/c Cr

(b)When payment is cleared....

Cash Clearing A/c Dr
Cash A/c Cr


OR

4. When we make the payment and we are not following
Reconciliation.......

Liability A/c Dr
Cash A/c Cr

Answer / satishmkumar

The Accounting Entries in P2P cycle when we receive the goods.

1.When we receive the goods(for staging areas)

Receiving Inventory A/c Dr
Inventory AP Accural A/c Cr

2.When we transfer the goods (to sub-inventory)

Inventory A/c Dr
Receiving Inventory A/c Cr

3.When We create Purchase Order

Inventory AP Accrual A/c Dr
Liability A/c Cr

4.(a)When we make the payment and follows Reconciliation...

Liability A/c Dr
Cash Clearing A/c Cr

(b)When payment is cleared....

Cash Clearing A/c Dr
Cash A/c Cr


OR

4. When we make the payment and we are not following
Reconciliation.......

Liability A/c Dr
Cash A/c Cr

And the Final entry is........

Inventory A/c Dr
Cash A/c Cr

Answer / arvind n

At the time of receipt-Receiving inventory a/c dr
To Inventory AP Acurral a/c

At the time of invoice - Inventory AP Accural a/c dr
To Liability a/c

At the time of payment - Liability a/c dr
To Cash or Bank

Answer / mahmoud maher

Receipt
DR: Goods under inspection
CR: AP Inventory Accrual

Deliver:
DR: Inventory
CR: Goods under inspection

AP Invoices
DR: AP Inventory Accrual
CR: Liability

Payment
DR: Liability
CR: Cash Clearing

CM Clearing
DR: Cash Clearing
CR: Cash

Answer / venki

At the time receiving:
Inventory material receiving Ac
To AP Accrual Ac

At the time invoice creation:
Item Expense Ac
To Liability Ac

At the time of matching with PO:
AP Accrual Ac
To Liability Ac

At the time of payment:
Liability Ac
To Cash Clearing Ac

At the time reconciliation:
Cash Clearing Ac
To Cash Ac

Answer / sadhik

At the time of receipt-Receiving inventory a/c dr
To receiving a/c cr

from purchansing
Receiving a/c dr
AP Accural a/c cr

At the time of invoice - Inventory AP Accural a/c dr
To Liability a/c

At the time of payment - Liability a/c dr
To Cash or Bank

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