What journal entries are passed in the system from the time of good receipt until payment is made to the vendor?

In a simple business scenario, you will pass the following accounting entries from
the time of goods receipt until payment to vendor.

1. Transaction code MIGO
Material Account       debit
GR/IR Account           credit

2. Transaction code MIRO
GR/IR Account          Debit
Vendor Account       Credit

3. Transaction code F-28
Vendor Account debit
Bank Account credit


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s