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Hallo,
Are you aware what the entries for posting/booking of a purchase invoice for goods received are? E.g. we have goods received and we have a purchase invoice for these, let’s say we have a production company. I am almost at the end of the financial accounting book and I can’t recall if I’ve learned that somewhere, or maybe this is beyond the scope of the book, or is it studied in a later exam?
There are probably two accounts, one to enter an invoice and the other to enter the goods received. The point is to match the invoice with the goods received in one account, then there should be another account to match the same invoice with the supplier to whom the invoice should be paid. Do you know the entries of these a/cs, I would like to make sure it’s what I think, and I can’t find any info to read about it, maybe in later ACCA study materials, or other?
Thank you!
Hi I dont think that there is any entry when goods are received. The warehouse manager will record the recipt of the goods on a goods received note and a cpy of that will go to the purchasing department. Then when the invoice is received it is chacked against the goods received note and attached to it and sent to the accounting departnent for payment. it cant be the case that the goods are recorded in an accounting record when they are received – how does the warehouse manager know the value of that delievery?
but maybe i’m wrong. Does anyone else know for sure?
Biggles is correct 🙂
There is a page in the Course Notes that details the various documents that can exist.
Hi,
maybe the value of the delivery is known because there’s a track of purchasing order info and when goods are received they are compared with what has been ordered, this is one check, let’s say, and the second is when the invoice comes, as you say, and it is checked against what has been delivered, and then these paper docs are given to accounting dpt. for payment, something like that. But, this is not an accounting entry, I guess, you’re right, just something like offsetting, to match delivery with purchase order and invoice.
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