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Process notes

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Process notes
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   When we enter transactions in Receivables , the accounting entries will get generated with respect to the following accounts. 1.  Accounting for invoice : Receivables A/C DR Revenue Account Cr 2. Credit memo : Revenue Dr Receivables A/C CR 3. Receipts : Cash A/C DR Receivables A/c CR When we enter transactions in Purchasing , the accounting entries will get generated with respect to the following accounts. 1. When Creating a receipt  : Inventory Receiving A/C DR Accrual Account CR 2.  At the time of Receiving transactions : Asset clearing A/c or Inventory valuation a/c DR Inventory Receiving A/c CR 3. When a Payables invoice matched with PO : Accrual A/C DR Liability A/c 4. when asset addition done : Asset A/c DR Asset Clearing A/c CR(Asset item) (OR) expense a/c DR inventory Valuation A/C(Inventory item) When we enter transactions in Payables , the accounting entries will get generated with respect to the following accounts. 1. Invoice : When we create accounting for an invoice, the accounting will be generated with respect to the following accounts. Item Expense A/C DR Liability A/C CR 2. Payment  : There are two stages in which the accounting may generate, based on the accounting option that we setup in Payables. > Direct Pay-No Clearance:  In this stage, there will be no clearance process separately and the cash account will get credited directly.  Liability A/C DR Cash A/C CR > Pay and Clear: In this stage, the payment and clearance process will have separate accounting entries. At the time of Payment :  Liability A/C DR Cash Clearing A/C CR At the time of Clearance :  Cash Clearing A/C DR Cash A/C CR When we enter transactions in Receivables , the accounting entries will get generated with respect to the following accounts.
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