Answer / prasad chowdary

In P2P, JVs will get created @ Receipt entry level.

1) when received material/MRN is generated:

Receiving A/c Dr
To AP Accrual A/c

2) When material issued to Inventory:

Charge A/c Dr
To Receiving A/c

3) When Invoice is entered:

AP Accrual A/c Dr
Tax A/c Dr (If any)
To Liability A/c

4) When Making Payment:

Liability A/c Dr
To Cash Clearing A/c

5) When Receonciling Payment:

Cash Clearing A/c Dr
To Cash A/c

Tnx
Prasad

Answer / aravind reddy

IN PTP CYCLE TOTAL FOUR MODULES GETS EFFECTED THEY ARE
PURCHASING,INVENTORY,ACCOUNTS PAYABLE,CASH MANAGEMENT.

WHEN PO RAISED
PO CHARGE ACCOUNT DR
TO RESERVE FOR ENCUMBERNCE

WHEN ITEM IS RECIEVED
IETM A\C DR
TO AP ACCURAL A\C

WHEN INVOICE RAISED
EXPENCES\AP ACCURED A\C DR
TO AP LIABILITY

WHEN INVOICE VALIDATED
RESERVE FOR ENCUMBERENCE A\C DR
TO PO CHARGE A\C

WHEN PAYMENT IS BOOKED
AP LIABILITY A\C DR
TO CASH\BANKCLEARING C

WHEN PAYMENT IS MADE
CASH\BANK A\C DR
CASH\BANK CLEARING A\C

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