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Answer Posted / 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
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