Procure to Pay accounting Entries (P2P)

 

P2P ENTIRES:

When we receive the Goods in the staging area the accounting entry would be (GRN):

Receiving Inventory --- Dr-----It will pick from receiving options.

Ap Accrual --- Cr---It will pick from Purchasing Options.

When we are moving the Goods from Staging area to Sub-Inv (Recv Trans):

Material A/C --- Dr-----It will pick from Inventory Options

Receiving Inv --- Cr----It will pick from Receiving Options

While Creating Invoice:

Ap Accrual --- Dr

Liability ---- Cr-----It will pick from supplier Liability

While Making Payment:

Liability – Dr

Cash Clearing – Cr-----It will pick from Bank

Reconciliation:

 Cash Clearing --- Dr

Cash – Cr