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Accounting Entries at Each Stage

The document outlines accounting entries for purchase order receipt and invoice. It details debits and credits to purchase order, receiving inspection, asset clearing, and reserve for encumbrance accounts at receipt and invoice times. It also notes an entry when an asset is created to clear the inspection account and credit the asset account.

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hiitarun
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66 views5 pages

Accounting Entries at Each Stage

The document outlines accounting entries for purchase order receipt and invoice. It details debits and credits to purchase order, receiving inspection, asset clearing, and reserve for encumbrance accounts at receipt and invoice times. It also notes an entry when an asset is created to clear the inspection account and credit the asset account.

Uploaded by

hiitarun
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Entries at the time of Receipt

as per setup
PO Charge Account Debit Manual
Receiving Insepection A/C Credit 15920
Purchase Order A/C(Charge) Debit
Reserve for EncumbranceA/C Credit 24210
Entries at the time of Invoice
Entires once interfaced to PA
When Asset has been created
Asset Clearing Account (Inspection Account) Debit
Asset Account Credit

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