account entries
what are all the account entries in a normal P2P and O2C cycle
PO Raised – No
PO Raised – No Accounting entries (except encumbrances – if enabled)
Receipt of material –
Receiving A/c Dr (900 + 100)
Invoice AP Accrual A/c Cr (900 + 100)
Delivery to stores –
Material Account Dr (900 + 100)
Receiving A/c Cr (900 + 100)
AP Invoice –
Invoice AP Accrual A/c Dr (900 + 100)
AP Liability A/c Cr 1000
Pay Invoice –
AP Liability Dr 1000
Cash Clearing A/c Cr 1000
Reconcile Payment thru Cash Mgmt –
Cash Clearing A/c Dr 1000
Cash / Bank A/c Cr 1000
Sales Order raised – No Accounting entries
Sales Order shipped –
COGS A/c Dr
Material A/c Cr
AR Invoice raised –
AR A/c Dr
Revenue Cr
Tax A/c Cr
Customer Payments –
Remittance A/c Dr
AR A/c Cr
Receipt cleared through cash mgmt –
Cash / Bank Dr
Remittance A/c Cr