ranjith

• Oct 3rd, 2017

 

At the time of recording an invoice

Purchase A/C Debit
To Accounts Payable A/C Credit

(This can also be recorded at a particular vendor level, in this case the vendor who has raised the invoice will be credited)

At the time of paying an invoice

Accounts Payable A/C Debit
To Cash or Bank A/C Credit

(This can also be recorded at a particular vendor level, in this case the vendor paid will be debited)

manohar

• Dec 22nd, 2017

 

Debit to Vendor A/c
Credit to Bank A/c

Mahesh

• May 15th, 2018

 

For goods receiveing
Inventory a/c Dr..
To GR/IR a/c..
For invoice posting or process
GR/IR a/c Dr..
To vendor a/c...
For payment
Vendor a/c Dr...
To cash/bank a/c...

praveen

• Dec 5th, 2018

 

Inventory to GRIR
GRIR to vendor
Vendor to PIT (payment in transit account - Payment run)
PIT to Bank

Manju

• Jan 14th, 2024

 

While making the payments to the Vendor the accounting entries are the below
Vendor account credit, Accounts payable/GRIR debit
If Tax charged on invoice while making the payment the entries are,
Vendor account credit, GRIR account Dr and Sales tax debit