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P2p cycle explanations? And entry, if asset item received what is entry?

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P2p cycle explanations? And entry, if asset item received what is entry?..

Answer / ritwik

Step 1 : Requisition and approval
Step 2 : Request for Quote
Step 3 : Quotation receiving
Step 4 : Quotation Analysis
Step 5 : Requisition and approval
Step 6 : Auto-create PO and approval
Step 7 : Receipt
==============
Inventory Valuation A/c Dr.
To Accrual A/c
Step 8 : Invoice
==============
Accrual A/c----Dr
To Supplier Liability A/c----CR
Step 9 : Payment
================
Supplier Liability A/c----Dr
To Cash Clearing A/c---CR
Step 10 : Bank Reconciliation
Cash Clearing A/c---Dr
To Cash A/c---CR

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P2p cycle explanations? And entry, if asset item received what is entry?..

Answer / sudhakar

Requestion
Request for Quote
Quotation
Quotation Analysis
Inspection
Delivery = Receiving inventory A/c---Dr To Expense ---CR
PO
Receipt = Receipt confirmation A/c---Dr To Receiving Inventory A/c---CR
Invoice = Expense A/c----Dr To Supplier Liability A/c----CR
Payment = Supplier Liability A/c----Dr To Cash Clearing A/c---CR
Bank Clearance = Cash Clearing A/c---Dr To Cash A/c---CR


Final Entry = Expense A/c---Dr To Cash A/c---Cr

Is This Answer Correct ?    0 Yes 2 No

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