What is purchase Cycle-Give journal entries.How FI effected(
FI-MM Integration)
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Answer Posted / jhansi priyanjali
the purchase cycle or procurement cycle encompasses all the activities starting from purchase requistion, rfq, purchase order, goods movement, goods receipt, invoicing, invoice verification,payment to vendor, and ending with updating of vendor account balances.
1) inventory received
Inventory receipt a/c Dr( BSX )
to GR/IR a/c WRX
2) Invoice received
GR/IR a/c Dr wrx
to vendor a/c
Payment
Vendor A/c Dr
to bank a/c
3) consumption
Raw material consumption A/c Dr GBB- VBR
to Raw material A/c bsx
3)production receipt
Inventory finished goods A/c Dr BSX
to increase/decrease stock a/c GBB- AUF , ZOF
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