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December 26, 2015

12/26/2015 01:03:00 AM
Accounting Entries - Payables


Accounting Events
1 An accounting event is a Payables transaction that has accounting impact. After an accounting event completes, you can create accounting entries for it by creating accounting entries for the category or document class that includes the event.
2 The following is the complete list of the accounting events in Payables, listed by document class.


Invoices
1 invoice
2 invoice adjustment
3 invoice cancellation
4 prepayment application
5 prepayment unapplication
6 Cancellation
7 Credit/Debit Memo
8 Mixed
9 Prepayment


Payments
1 payment
2 (future dated) payment maturity
3 payment adjustment
4 payment cancellation
5 payment clearing
6 payment unclearing
7 After Clearing
8 Payment is voided

Accounting Entries
Invoice Entry
DR Expenses
CR  Accounts Payables
Credit/Debit Memo Entry
Dr   Accounts Payables
CR  Expenses
Mixed Invoice Entry
Negative Amount
DR  Accounts Payables
CR  Expenses
Positive Amount
DR  Expenses
CR Accounts Payables
Prepayment Entry
DR Prepaid Expenses
Cr Accounts Payables
withholding tax entry
DR  Withholding Tax
Cr Accounts Payables
Invoice cancellation
DR  Accounts Payables
CR Expenses
Payment
DR Accounts Payables
CR Cash
If it is used for cash clearing then
DR Accounts Payables(with sep lines of each inv)
CR Cash Clearing
After Clearing
DR Cash Clearing
CR Cash
when payment is voided
DR Cash Clearing
CR Accounts Payables

When payment is issued
DR    AP Liability
CR    Future Dated Payment a/c
On payment maturity
DR    Future Dated Payment a/c
CR    Cash Clearing a/c
payment reconciliation or clearing in Cash Mgmt
DR    Cash Clearing a/c
CR    Cash a/c
Future Dated payment
DR  Bank Charges a/c
CR  cash a/c