FLOW OF ACCOUNTING ENTRIES
(This is not an exhaustive document)
1 Receipt of MaterialDr. Receiving Inventory A/c.Dr. Receiving Inventory A/c.Dr. Receiving Inventory A/c.Dr. Receiving Inventory A/c.Dr. Vat Interim Receivable A/c.Cr. AP Accrual A/c.2PO InspectionNo Entries3On Claiming CENVATDr. Cenvat Receivable A/c.Dr. Cess On Cenvat Receivable A/c.Dr. S&HE Cess On Cenvat Rece. A/c.Cr. Receiving Inventory A/c.4Material Delivery to InventoryDr. Material Inventory A/c.Cr. Receiving Inventory A/c.5Claim VatDr. Vat Receivable A/c.Cr. Vat Interim Receivable A/c.6Receipt of Vendor's InvoiceDr. AP Accrual A/c.Cr. AP Liability A/c.Cr./Dr.Invoice Price Varience A/c.7Return to Receiving Point from InventoryDr. Receiving Inventory A/c.Cr. Inventory Valuation A/c.Cr. Input Tax8Return to Vendor from Receiving PointDr. AP Accrual A/c.Cr. Receiving Inventory A/c.9Payment Made to VendorDr. AP Liability A/c.Cr. Bank A/c.10Misc. ReceiptDr. Inventory Valuation A/c.Cr. User Specified A/c.11Misc. IssueDr. User Specified A/c.Cr. Inventory Valuation A/c.12Inventory Adjustment (Physical/Cycle Count)Dr./Cr. Inventory Valuation A/c.Cr./Dr. Inventory Adjustment A/c.13Issue to Job from InventoryDr. WIP Inventory A/c.