Accounting Entries AP

Accounting Entries
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 direct invoices: Dr. Expense A/C specified (43902)

Cr. Account Payable Supplier account (25211)
On approving the debit/credit memos :Dr. Account Payable Supplier A/C (25211/25111)
Cr. Expense A/C specified (71001/43902)
On approving prepayments :Dr. Advances Suppliers A/C (16311)

Cr. Account Payable Supplier A/C (25211/25111)
On paying prepayments :-
STATUS : UNPAID
STATUS : AVAILABLE
Dr. Account Payable Supplier A/C (25211/25111)

Cr. Cash clearing/bank A/C (71005)
On application of prepayments to supplier invoices/employee expense reports:Dr. Account Payable Supplier A/C (25211/25111)
Cr. Advances Suppliers A/C (16311)
STATUS : FULLY APPLIED
On approval of payroll entries :Dr. Salaries A/C (42111)

Dr. HRA A/C (42113)
Dr. Allowances (specific) A/Cs (42113)
Cr. Payroll external payments clearing A/C (for statutory deduction eg PF,ESI etc) (71004)
Cr. Payroll external payments clearing A/C (for taxes eg income-tax, PT etc) (71004)
Cr. Employee advances adjustment clearing A/C (for advance recoveries eg festival advance) (71008)
Cr. Salaries Payable A/C (for the net salary payable) (25213)
On payroll payments :
Dr. Salaries Payable A/C (25213)
Cr. (relevant bank) Clearing A/C (71005)
Advance is given to an employee for site FESTIVAL ADVANCE in June 2000.

Dr. Prepayment A/C (16312)
Cr. Bank 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
Pay the above invoice.

Dr. Employee tax collections A/C (25231/25232)
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
On approving expense reports :Dr. Expense A/C (44402)

Cr. Account Payable Employee A/C (25235)
EMPLOYEE REFUND
Define the AP/AR Clearing A/C, as explained above in the expense report template for recording the refund due,
if any, from the employee.
IN AP MODULE
Prepayment Invoice Generated for the advance given to the Employee

Cr. Supplier (Employee) A/ C (25235)
Prepayment Made to the Employee

Dr. Supplier (Employee) A/ C (25235)
Cr. Bank A/C (71005)
100
100
On submission of Expense Reports by the Employee of RS 80.

Dr. Expense A/ C (44402)
Dr. AP/AR Clearing A/C (71003)
Cr. Supplier (Employee) A/ C (25235)
100
100
80
20
100
Application of Prepayment
Dr. Supplier (Employee) A/ C (25235)
100
100
IN AR MODULE
On receipt of the refund of Rs. 20 from the Employee

Dr. Cash Clearing/Bank A/C (71005)
Cr. AP/AR Clearing A/C (71003)
20
20
IN AP MODULE
Give an imprest amount to the Employee by entering a Prepayment Invoice

Dr. Prepayment A/C (Emp-PC)(16312)
Cr. Bank (71005)
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
Reimburse these expenses to the employee

Dr S.Creditors A/C (Emp-PC) (25235)
Cr. Bank (71005)
10,000
10,000
Deposit of the balance imprest amount at year-end.

-
Enter an invoice for the imprest amount
5,000
5,000
Dr.AP/AR Clearing A/C (71003)

Cr. S.Creditors (Emp-PC) A/C (25235)
-
10,000
10,000
Apply Prepayment to this invoice

Dr.S.Creditors (Emp-PC)
(25235)
Cr. Prepayment A/C (Emp-PC) (16312)
10,000
10,000
IN AR MODULE
Deposit of the balance in bank
Dr. Bank (22111)
10,000
10,000
Cr. AP/AR Clearing A/C (71005)

IN AP MODULE
Enter an Invoice
Dr.AP/AR Clearing A/C (71003)
Cr.S.Creditors A/C (Inter-Bank)(22115)
10000
10000
Enter a payment for the invoice

Dr.S.Creditors A/C(Inter-Bank)(22115)
Cr. Bank (Transferring Bank)(22111)
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
On entering invoices for investments:

Dr. Appropriate Investment A/C (15511)
Cr. S. Creditors (Investment) A/C (25224)
On payment for the investment:

Dr. S. Creditors (Investment)A/C (25224)
IN AR MODULE
On maturity of the investment, invoice entered for the customer:

Dr. Customer (Investment) A/C (14216)
10000
10000
Cr. Investment A/C (15511)

Cr. Interest Income (33112)
On receipt of the investment proceeds

Dr. Cash Clearing/Bank (71005)
Cr. Customer (Investment) A/C (14216)
On creation of invoices for Hire Purchase (HP) liability:

Dr. HP (Principal) (76001)
Dr. Interest on HP (48101)
Cr. HP payable A/C (25211)
On payment for the invoice:

Dr. HP Payable A/C (25211)
On approval of PLA invoice

Dr. PLA A/C (16711)
Cr. Excise Authority A/C (25225)
On payment of PLA invoices

Dr. Excise Authority A/C (25225)
On automatic creation of credit memo for TDS

Dr. TDS Payable Clearing (with negative amount) (71009)
Cr. Accounts Payable Supplier A/C (with negative amount) (25211/25111)
On automatic creation of invoice favoring the tax authorities

Dr. TDS Payable Clearing (71009)
Cr. Accounts Payable -- TDS/Income-tax Authority A/C (25222)
On payment of the TDS: on the maturity Date

Dr. Accounts Payable TDS/Income-tax Authority (25222)
On Entering a Prepayment (Attach relevant TDS at the Header Level )

Cr. S.Creditors A/C (25211)
100
100
On approval of Prepayment
Dr.TDS payable Clearing A/C (71009)
(10)
Dr. TDS payable Clearing A/C (71009)

Cr. TDS Authorities A/C (25211)
10
(10)
On payment of Prepayment Voucher

Dr. S.Creditors A/C (25211)
100
100
Application of Prepayment
Dr.S.Creditors A/C (25211)
10
10
Entering of Invoice and approve

Dr.Expense A/C (43401)
90
90
On payment of TDS to TDS authorities on the due date

Dr.TDS Authorities A/C (25222)
10
100
100
On creation of a standard invoice for Advance Tax

Dr. Income-tax provision (net) (49001)
Cr. Accounts Payable TDS/Income-tax Authority (27101)
On payment of the advance tax:

Dr. Accounts Payable TDS/Income-tax Authority (27101)
On approval of BOE invoices

Dr. BOE/Customs Duty paid A/C (41106/41206)
Cr. Customs authority (25234)
100
100
On payment of Customs Duty

Dr. Customs authority (25234)
Cr. DEPB Unutilised (16815)
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 creation of a standard invoice for sales tax

Dr. Local Sales Tax payable A/C (43531/43532)
Cr. Accounts Payable Sales Tax Authority (25218/25217)

Dr. Accounts Payable Sales Tax Authority (25218/25217)
On creation of a standard invoice for purchase tax

Dr. Sales Tax: other expenses A/C (43531/43532)
Cr. Accounts Payable Tax Authority (25218/25217)

Dr. Accounts Payable Tax Authority (25218/25217)
On creation of a standard invoice for wealth tax

Dr. Wealth Tax: Provision (net) A/C (49002)
Cr. Accounts Payable Wealth Tax Authority (27102)
On payment of the wealth tax:

Dr. Accounts Payable Wealth Tax Authority (27102)
On invoice payments:
Dr. Accounts Payables Suppliers A/C, or (25211)
Dr. Account Payables Employee A/C (25235)
Bank Reconciliation
Dr Relevant Cash Clearing A/C (71005)
Cr Bank A/C (22111)

Accounting Entries AP

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Accounting Entries

On approving direct invoices: Dr. Expense A/C specified (43902)

On approving prepayments :Dr. Advances Suppliers A/C (16311)

Dr. Account Payable Supplier A/C (25211/25111)

STATUS : FULLY APPLIED

On approval of payroll entries :Dr. Salaries A/C (42111)

Advance is given to an employee for site FESTIVAL ADVANCE in June 2000.

Pay the above invoice.

On approving expense reports :Dr. Expense A/C (44402)

Prepayment Invoice Generated for the advance given to the Employee

Prepayment Made to the Employee

On submission of Expense Reports by the Employee of RS 80.

On receipt of the refund of Rs. 20 from the Employee

Give an imprest amount to the Employee by entering a Prepayment Invoice

Reimburse these expenses to the employee

Deposit of the balance imprest amount at year-end.

Enter an invoice for the imprest amount

Dr.AP/AR Clearing A/C (71003)

Apply Prepayment to this invoice

Deposit of the balance in bank

Dr. Bank (22111)

Cr. AP/AR Clearing A/C (71005)

Enter a payment for the invoice

On entering invoices for investments:

On payment for the investment:

On maturity of the investment, invoice entered for the customer:

Cr. Investment A/C (15511)

On receipt of the investment proceeds

On creation of invoices for Hire Purchase (HP) liability:

On payment for the invoice:

On approval of PLA invoice

On payment of PLA invoices

On automatic creation of credit memo for TDS

On automatic creation of invoice favoring the tax authorities

On payment of the TDS: on the maturity Date

On Entering a Prepayment (Attach relevant TDS at the Header Level )

Dr. TDS payable Clearing A/C (71009)

On payment of Prepayment Voucher

Entering of Invoice and approve

On payment of TDS to TDS authorities on the due date

On creation of a standard invoice for Advance Tax

On payment of the advance tax:

On approval of BOE invoices

On payment of Customs Duty

On creation of a standard invoice for sales tax

On payment of the advance tax:

On creation of a standard invoice for purchase tax

On payment of the advance tax:

On creation of a standard invoice for wealth tax

On payment of the wealth tax:

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