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what is accounting entries of p2p
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Answer / kondasani narsireddy
> when we are receiving the goods entry will come.
inv receiving a/c dr
to ap accural a/c cr
>goods moving to inventory.
item expense a/c dr
to inv receiving a/c cr
>when we are po match with invoice.
ap accural a/c dr
to laibility a/c cr
>to make a payment for invoice.
laibility a/c dr
to cash clearing a/c cr
>then reconciliation.
cash clearing a/c dr
to cask account a/c cr
| Is This Answer Correct ? | 4 Yes | 0 No |
Answer / mahesh babu
Whwn we gor p2p, mainly we can see 5 entires.
1. when we recive the goods from staging area?
Recieving Inv a/c dr
To AP Acrual a/c cr
2.whe we transfer the goods from recving to Sub Inv?
Inv a/c dr
To Rec Inv a/c Cr
3. When we record the Purchase Invoice ?
AP Acrual a/c dr
To liabilty a/c cr
4. when we make Payment?
Laibilty a/c dr
To Cash Clearing a/c cr
5. when we Reconsile payments?
Cash Clearing a/c dr
To Cash a/c cr
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / dj
Accounting for P2p can be classified into 3 types, accounting for Inventory items, accounting for Expenses, Accounting for Assets, below are the accounting entries.
1) For Inventory items
When you create a receipt
Receiving inventory account Debit
To Accrual account credit
When you run the receiving transaction processor job
Inventory Valuation account Debit
To Receiving inventory account
When invoice is matched to PO
Accrual/Ap accrual account Debit
To Liability account credit
When Payment is issued
Liability account Debit
Cash/Bank Clearing credit
When payment is cleared (reconcilation)
Cash/Bank clearing account Debit
To Bank/Cash account
When items are transferred from inventory to the department requesting the items
Expense account Debit
To Inventory valuation account
Here after all the account getting knocked off, what remains is
Expense account Debit
To Cash/Bank Account Credit
2) Accounting for Expenses
When creating a receipt
Receiving inventory account Debit
To Accrual/Ap accrual account credit
When the receiving transaction processor job is run
Expense Account Debit
To Receiving inventory account
When Invoice is matched to PO
Accrual/Ap accrual account debit
To Liability account credit
When Payment is issued (clearing)
Liability account Debit
Cash/Bank Account clearing credit
When Cleared from Bank (reconcilation)
Cash/Bank account clearing
Cash/Bank account
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / mallikharjuna reddy
when we make po there is entry reason is po is a event , but not a transaction.
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 receving a/c
at the time of payable create
ap accural a/c-dr
to liability a/c
at the time of invoice is paid
liability a/c-dr
to cash clearing a/c
at the time of cash actual payment
cash clearing a/c-dr
to cash a/c
then recouncialition
cash clearing a/c-dr
to cash a/c
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / suresh
Inventory receive a/c dr
to ap accural a/c cr
inventory validation a/c dr
to inventory receiving a/c cr
ap accural a/c dr
to laibulity a/c cr
laibility a/c dr
to bank clearing a/c cr
bank clearing a/c dr
bank a/c cr
exp a/c dr
to inventory validation a/c cr
t
| Is This Answer Correct ? | 2 Yes | 3 No |
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