Accounts Payable Journal Entries

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11/10/13

Accounts Payable Journal Entries | SAP FICO Docs

Accounts Payable Journal Entries
March 17, 2013

PURCHASE RELATED ACTIVITIES
Accounting entries get generated at the time of GR/IR, and
invoice verification.
At the time of GR/IR, the following entry gets generated.
Inventory a/c………….…………..Dr. xxx
To GR/IR a/c……………………………..xxx
On doing the Invoice verification, the following entry gets
generated and the liability is booked.
GR/IR a/c…………………………..Dr. xxx
To Vendor a/c……………………………xxx
At the time of invoice verification if there are differences
between GR value and IR and if stock is not available the
difference amount would go to price differences A/c.
1) PURCHASE – RAW MATERIAL
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Accounts Payable Journal Entries | SAP FICO Docs

At the time of Goods Receipt the following entry gets
generated (Ex. with notional figures).
For a P.O of Rs. 100(Basic 70 + Freight 10 ) (when
freight is borne by the company)
Inventory (Raw-material) a/c………………….Dr 80
To GR/IR Clearing a/c……………………………….70
To Freight clearing a/c………………………………10
On doing the Invoice Verification, the following entry gets
generated.
GR/IR Clearing a/c……..……………..Dr. 70
Freight Clearing a/c……………………Dr. 10
To Vendor a/c ……………………………….70
To Vendor a/c………….……………………10
2) PURCHASE – TRADED GOODS
In case of traded goods, the entries would be as below:
On receipt of the goods
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Accounts Payable Journal Entries | SAP FICO Docs

Inventory (Traded) a/c…………………………..Dr. xxx
To GR/IR Clearing a/c………………………………….xxx
On doing the Invoice Verification, the following entry is
generated.
GR/IR Clearing a/c……………………………Dr. xxx
To Vendor a/c…………………………………………..xxx
3) PURCHASE – CONSUMABLES
In case of Consumables, the entries would be as below:
On receipt of the Consumables
Inventory (Consumables) a/c…………………………..Dr.
xxx
To GR/IR Clearing a/c………………………………….xxx
On doing the Invoice Verification, the following entry is
generated.
GR/IR Clearing a/c……………………………Dr. xxx
To Vendor a/c…………………………………………..xxx
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Accounts Payable Journal Entries | SAP FICO Docs

4) PURCHASE – PACKING MATERIAL
In case of Packing Material, the entries would be as below:
On receipt of the Packing Material
Inventory (Packing Material)
a/c…………………………..Dr. xxx
To GR/IR Clearing a/c………………………………….xxx
On doing the Invoice Verification, the following entry is
generated.
GR/IR Clearing a/c……………………………Dr. xxx
To Vendor a/c…………………………………………..xxx
5) IMPORT PURCHASES
In case of Import Purchases, the process remains the same
but for the additional charges, which are included in the
cost of inventory.
The same is processed in MM module.
The following accounting entry gets generated on receipt of
goods.
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Accounts Payable Journal Entries | SAP FICO Docs

Inventory a/c……………………………..Dr. xxx
To GR/IR Clearing a/c………………………..xxx
To Freight Clearing…………………………..xxx
On doing the Invoice Verification, the following entry gets
generated.
GR/IR Clearing a/c………………………Dr. xxx
Freight Clearing a/c…………………….Dr. xxx
To Vendor a/c…………………………………xxx
To C&F Vendor……………………………….xxx
6) PURCHASE RETURNS
The transactions related to purchase returns are processed in
MM.
The entries that get generated on processing such
transactions are:
GR/IR a/c…………………………………..Dr. xxx
To Inventory a/c……………………………….xxx
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