A quick review on accounting entries in Procure to Pay cycle.
Purchase Requisition creation: No entry
Purchase Order creation: No entry
Inventory Receipt:
Inventory A/c…………….Debit
AP Accrual A/C………Credit(This A/c We are giving in Financial Option)
At the time of Matching the Invoice with Purchase Order
AP Accrual A/c………….Debit
Supplier A/c…………..Credit
At the time of making payment to supplier
Supplier A/C…………… Debit
Bank A/c…………….Credit
QuickProc empowers procurement teams to spend less time managing processes and more time creating business value. By combining automation, intelligence, and visibility, the platform transforms procurement into a strategic function that drives efficiency, cost savings, and sustainable growth.
ReplyDeleteQuickProc