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FLOW OF ACCOUNTING ENTRIES
(This is not an exhaustive document)
Sr.No. Transaction Accounting Entries
1 Receipt of Material Dr. Receiving Inventory A/c.
Dr. Receiving Inventory A/c.
Dr. Receiving Inventory A/c.
Dr. Receiving Inventory A/c.
Dr. Vat Interim Receivable A/c.
Cr. AP Accrual A/c.
2 PO Inspection No Entries
3 On Claiming CENVAT Dr. Cenvat Receivable A/c.Dr. Cess On
Cenvat Receivable A/c.
Dr. S&HE Cess On Cenvat Rece. A/c.
Cr. Receiving Inventory A/c.
4 Material Delivery to Inventory Dr. Material Inventory A/c.
Cr. Receiving Inventory A/c.
5 Claim Vat Dr. Vat Receivable A/c.
Cr. Vat Interim Receivable A/c.
6 Receipt of Vendor's Invoice Dr. AP Accrual A/c.
Cr. AP Liability A/c.
Cr./Dr.Invoice Price Varience A/c.
7 Return to Receiving Point from Inventory Dr. Receiving
Inventory A/c.
Cr. Inventory Valuation A/c.
Cr. Input Tax
8 Return to Vendor from Receiving Point Dr. AP Accrual A/c.
Cr. Receiving Inventory A/c.
9 Payment Made to Vendor Dr. AP Liability A/c.
Cr. Bank A/c.
10 Misc. Receipt Dr. Inventory Valuation A/c.
Cr. User Specified A/c.
11 Misc. Issue Dr. User Specified A/c.
Cr. Inventory Valuation A/c.
12 Inventory Adjustment (Physical/Cycle Count) Dr./Cr. Inventory
Valuation A/c.
Cr./Dr. Inventory Adjustment A/c.
13 Issue to Job from Inventory Dr. WIP Inventory A/c.
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Cr. Inventory Valuation A/c.
14 Component Return to Inventory Dr. Inventory Valuation
A/c.
Cr. WIP Inventory A/c.
15 Charge Labour Resource to Job Dr. WIP Resource A/c.
Cr. Resource Absorption A/c.
16 Charge Non Labour Resource to Job Dr. WIP Resource A/c.
Cr. Resource Absorption A/c.
17 Charge Overhead to Job Dr. WIP Overhead A/c.
Cr. Overhead Absorption A/c.
18 Charge OSP Charges to Job Dr. WIP OSP Charges A/c.
Cr. OSP Absorption A/c.
15 Completion of Job Dr. Inventory Valuation A/c.
Cr. WIP Inventory A/c.Cr. WIP Resource A/c.
Cr. WIP Overhead A/c.
Cr. WIP OSP Charges A/c.
16 Completed Job Return to Shop Floor Dr. WIP Inventory A/c.
Dr. WIP Resource A/c.
Dr. Overhead Absorption A/c.
Dr. WIP OSP Charges A/c.
Cr. Inventory Valuation A/c.
17 Scrap of Job From Shop floor Dr. Scrap A/c.
Cr. WIP Inventory A/c.
Cr. WIP Resource A/c.Cr. WIP Overhead A/c.
Cr. WIP OSP Charges A/c.
18 Sales oreder Shipment Dr. Cost Of Goods Sold A/c.
Cr. Inventory Valuation A/c.
19 Return From Customer (RMA) Dr. Inventory Valuation A/c.
Cr. Cost Of Goods Sold A/c.
20 Invoice Raised on Customer Dr. Receivables A/c
Cr. Revenue A/c.
21 Payment Received From Customer Dr. Bank A/c.
Cr. Receivable A/c.
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At what value
PO Rate * Qty
Excise Duty Amt.
Cess Amt.
S&HE Cess Amt.
Vat Amt.
Rate*Qty+All Taxes
Exicise DutyCess
S&HE Cess
Total Of Above
PO Rate * Qty
PO Rate * Qty
Vat Amt.
Vat Amt.
PO Price
Invoice Price
(PO Price - Inv. Price)
PO Price
PO Price
PO Price
PO Price
Amount Paid
User Input Value
User Input Value
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Procure to Pay Cycle
FLOW OF ACCOUNTING ENTRIES
Sr.No. Transaction Accounting Entries
1 Receipt of Material Dr. Receiving Inventory A/c.
Dr. Receiving Inventory A/c.Dr. Receiving Inventory A/c.
Dr. Receiving Inventory A/c.
Dr. Vat Interim Receivable A/c.
Cr. AP Accrual A/c.
2 PO Inspection No Entries
3 On Claiming CENVAT Dr. Cenvat Receivable A/c.
Dr. Cess On Cenvat Receivable A/c.
Dr. S&HE Cess On Cenvat Rece. A/c.
Cr. Receiving Inventory A/c.
4 Material Delivery to Inventory Dr. Material Inventory A/c.
Cr. Receiving Inventory A/c.
5 Claim Vat Dr. Vat Receivable A/c.
Cr. Vat Interim Receivable A/c.
6 Receipt of Vendor's Invoice Dr. AP Accrual A/c.
Cr. AP Liability A/c.
Cr./Dr.Invoice Price Varience A/c.
7 Payment Made to Vendor Dr. AP Liability A/c.
Cr. Bank A/c.
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At what value
PO Rate * Qty
Excise Duty Amt.Cess Amt.
S&HE Cess Amt.
Vat Amt.
Rate*Qty+All Taxes
Exicise Duty
Cess
S&HE Cess
Total Of Above
PO Rate * Qty
PO Rate * Qty
Vat Amt.
Vat Amt.
PO Price
Invoice Price
(PO Price - Inv. Price)
Amount Paid
