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On approving invoices matched to POs:Dr. Relevant charge A/C (defaults from the PO) (71001)
Cr. Account Payable Supplier A/C (25211/25111)
On approving the debit/credit memos :Dr. Account Payable Supplier A/C (25211/25111)
Cr. Expense A/C specified (71001/43902)
On paying prepayments :-
STATUS : UNPAID
STATUS : AVAILABLE
On application of prepayments to supplier invoices/employee expense reports:Dr. Account Payable Supplier A/C (25211/25111)
Cr. Advances Suppliers A/C (16311)
On payroll payments :
Dr. Salaries Payable A/C (25213)
Cr. (relevant bank) Clearing A/C (71005)
Salary invoices are imported from the payroll system in July 2000 for site GRP-1.
Dr. Salaries A/C (42111)
Dr. HRA A/C
(42113)
Dr. Allowances (specific) A/Cs
(42113)
Cr. Payroll external payments clearing A/C (71004)
Cr. Payroll external payments clearing A/C (71004)
Cr. Employee advances adjustment clearing A/C (71008)
Cr. Salaries payable A/C (25213)
5000
5000
1000
1000
(2.9.3) Enter an invoice in July 2000 for the income tax collected.
Dr. Payroll external payments clearing A/C (71004)
Cr. Employee tax collections A/C (25231/25232)
1000
1000
Apply the advance of June 2000 to the above invoice of July 2000
Dr. Employee Collections A/C (25223)
Cr. Prepayment A/C (16312)
80000
10000
10000
10000 (for PF)
5000 (for income-tax)
1000 (for part festival advance
recovered)
84000 (for net salary)
Enter an invoice in July 2000 for the part festival advance recovered
Dr. Employee advances adjustment-clearing A/C (71008)
Cr. Employee Collections A/C (25223)
2000
2000
5000
5000
Similar procedure as mentioned in 2.9.3 should be adopted for employee statutory collections.
AP/AR clearing account
This account is defined for the purpose of netting entries generated for related transactions in AP and AR module.
This account will be used in employee refunds, eg for unused advance given for travel, inter-bank transfers etc
IN AP MODULE
100
100
100
100
80
20
100
Application of Prepayment
Dr. Supplier (Employee) A/ C (25235)
Cr. Prepayment A/C (16312)
100
100
IN AR MODULE
20
20
IN AP MODULE
Enter an invoice for the total Amount on the basis of the expense sheet given by the Employee.
Dr.Respective Expense A/C (44402)
Cr. S.Creditors (Emp-PC) A/C (25235)
5,000
5,000
10,000
10,000
5,000
5,000
10,000
10,000
10,000
10,000
IN AR MODULE
10,000
10,000
Enter an Invoice
Dr.AP/AR Clearing A/C (71003)
Cr.S.Creditors A/C (Inter-Bank)(22115)
10000
10000
10000
10000
IN AR MODULE
Receive Amount
Dr. Cash Clearing/Bank (Receiving Bank) A/C (71005)
Cr. AP/ AR Clearing A/C (71003)
IN AP MODULE
10000
10000
100
100
On approval of Prepayment
Dr.TDS payable Clearing A/C (71009)
Cr. S.Creditors A/C (25211)
(10)
10
(10)
100
100
Application of Prepayment
Dr.S.Creditors A/C (25211)
Cr. Prepayment A/C (16311)
10
10
90
90
10
100
100
100
100
100
80
20
On approving invoices matched to POs/entered as direct invoices:Dr. Inventory AP Accrual A/C (71001)
Cr. Account Payables Supplier A/C (25219)
On invoice payments:
Dr. Accounts Payables Suppliers A/C, or (25211)
Dr. Account Payables Employee A/C (25235)
Cr. (relevant bank) Clearing A/C (71005)
Bank Reconciliation
Dr Relevant Cash Clearing A/C (71005)
Cr Bank A/C (22111)