Accrued Purchase Receipts Account

The Accrued Purchase Receipts account is created by Acctivate as a purchase suspense account. When you post an inventory receipt, Acctivate will utilize the Inventory and Purchases GL account specified on the Warehouse. Creating the Vendor Bill reconciles the balance in the Purchases account into Accounts Payable.

Warehouse Account Purchases

 

Example: To record the receipt of inventory, followed by Purchase Invoice being entered.

Account DR CR
Inventory Asset $750
Accrued Purchase Receipts $750
Inventory Receipt of goods, with or without a Purchase Order
Accrued Purchase Receipts $750
Accounts Payable $750
Vendor Purchase Invoice (Vendor Bill) for Inventory and Other Amounts

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Posted in Accounting, Inventory, Purchasing - Last modified on May 18, 2016Eva Rhees
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