IPV and PPV but where is the IPV?
Given the following scenario: Assuming a PO of 200, for an item of standard cost 175 , we get a matched invoiced 150+tax 10I understand the following broad accounting entries,
goods receipt = DR inventory(175) DR PPV(25), CR ACCRUAL(200)
get invoice = DR ACCRUAL(200), DR TAX(10), CR Liability (160), CR IPV(50)
Questions:
1. is the above broadly correct?
2. do I need to have inventory installed to have an IPV accounting entry i.e. If the PO item is not an inventory item is there an IPV accounting entry generated?
3. when is the IPV accounting entry generated and how can I see it? I can see a purchasing report on IPV but cannot find it when I create the entry on the validated payables invoice( although I am creating an invoice on a non-inventory item)
goods receipt = DR inventory(175) DR PPV(25), CR ACCRUAL(200)
get invoice = DR ACCRUAL(200), DR TAX(10), CR Liability (160), CR IPV(50)
Questions:
1. is the above broadly correct?
2. do I need to have inventory installed to have an IPV accounting entry i.e. If the PO item is not an inventory item is there an IPV accounting entry generated?
3. when is the IPV accounting entry generated and how can I see it? I can see a purchasing report on IPV but cannot find it when I create the entry on the validated payables invoice( although I am creating an invoice on a non-inventory item)
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