India Journal Entries in Accounts Receivables and Accruals?

[Inderpal Singh]

Hi There,

What all journal entries we post in AR and when accruals are booked. What does it means to be a "Invoice Received" in the next month. Does it means that we have received the payment.

 

[Okorite_Isaac_Briggs]

"Invoice received" in your systems means the Accounts Payable (accrual) has been completed. Double entry will be Expense account/AP. It means your company has a current liability to pay.

 

[Inderpal Singh]

Many Thanks