Knowledge Bytes Day3

Accounts payables

what corporate do?
Purchase raw materials or discrete assembly- make that as a input to their business to make finished goods and proceed sales

Raise commercial invoice and account it under liabilities and expenses.

Invoice is recorded with supplier name and how much corporate has to pay for..

less credit memo if any - for return goods or defects

less prepayments if any token advance

Apply taxes.. it can be vat, gst, state tax,county tax, city tax levy per country

less withhold tax-remit it to tax revenue department

Apply discounts-
It can be bank charges
It can be early payment to suppliers

Record final invoice has liability

Make a payment remittance with bank

payment mode
eft or cheques

Accounting entries..
liability to expense
cash clearing to liability
cash to cash clearing

Transfer to gl
hits 4 control accounts with respective totals

A single journal gives snapshot of it

Post to gl
Cash account will result in credit balance

Control account will offset each other- (cash clearing)

Liability will result outstanding balance to supplier

Total snapshot can be gathered from gl cube

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