tell me the procedure of purchase (need to explain from
Purchase requisition till payment), and tell me when and
what entries do you pass?
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Answer Posted / dinesh lakhotiya
This part belongs to integration between SAP FI-MM.
While doing this, there is no authority to handle raw
materials to FI people. Similarly, MM people does'nt have
access to make payment to vendors.
The process workflow is as folows:
1) Purchase requisition
2) Quotations
3) Purchase order
4) When goods receipt in the company -
At this time, the entry would be:
Inventory Raw Material a/c ...... Dr.
To Goods Invoice/Invoice receipts a/c
5) When the bill is passed - The entry would be:
Goods Invoice/Invoice receipts a/c .... Dr.
To Vendor a/c
6) Payment made to vendor -
Part I:
Advance payment made-
Vendor a/c ...... Dr.
To Cash/Bank a/c
Part II:
Final Settlement - The entry at this instance would be
the same as PART I but the amount to be paid would be
reduce to that extent..
| Is This Answer Correct ? | 7 Yes | 1 No |
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