Answer Posted / ashraf momtaz

The Accounting Entries in P2P cycle when we receive the goods.

A.Inventory Item:
-----------------

1.When we receive the goods(for staging areas)

Receiving Inventory A/c Dr
Inventory AP Accural A/c Cr

2.When we transfer the goods (to sub-inventory)

Inventory A/c Dr
Receiving Inventory A/c Cr

3.When We create AP Invoice matched to Purchase Order

Inventory AP Accrual A/c Dr
Liability A/c Cr

4.(a)When we make the payment and follows Reconciliation...

Liability A/c Dr
Cash Clearing A/c Cr

(b)When payment is cleared....

Cash Clearing A/c Dr
Cash A/c Cr


OR

4. When we make the payment and we are not following
Reconciliation.......

Liability A/c Dr
Cash A/c Cr

And the Final When issued to Dept........

Expencse A/c Dr
Invemtory A/c Cr
=================================================

B.Expense Item:
---------------
1.When we receive the goods(for staging areas)

Receiving Inventory A/c Dr
Inventory AP Accural A/c Cr

2.When we transfer the goods (to sub-inventory)

Expense A/c Dr
Receiving Inventory A/c Cr

3.When We create AP Invoice matched to Purchase Order

Inventory AP Accrual A/c Dr
Liability A/c Cr

4.(a)When we make the payment and follows Reconciliation...

Liability A/c Dr
Cash Clearing A/c Cr

(b)When payment is cleared....

Cash Clearing A/c Dr
Cash A/c Cr


OR

4. When we make the payment and we are not following
Reconciliation.......

Liability A/c Dr
Cash A/c Cr

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