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Icici Bank - Vendor 1 Standard Invoice 1: DR. CR

The document outlines transactions between ICICI Bank, two vendors, and a friend/dealer. 1) A standard invoice is created for Vendor 1 for Rs. 200,000, increasing the AP Liability. 2) A credit memo is created for Vendor 1 for Rs. 50,000, decreasing the AP Liability. 3) A standard invoice is created for Vendor 2 for Rs. 50,000, again increasing the AP Liability. 4) Payments are made to reduce the AP Liability and close out transactions.

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Manish Sharma
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68 views3 pages

Icici Bank - Vendor 1 Standard Invoice 1: DR. CR

The document outlines transactions between ICICI Bank, two vendors, and a friend/dealer. 1) A standard invoice is created for Vendor 1 for Rs. 200,000, increasing the AP Liability. 2) A credit memo is created for Vendor 1 for Rs. 50,000, decreasing the AP Liability. 3) A standard invoice is created for Vendor 2 for Rs. 50,000, again increasing the AP Liability. 4) Payments are made to reduce the AP Liability and close out transactions.

Uploaded by

Manish Sharma
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLS, PDF, TXT or read online on Scribd
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ICICI BANK - VENDOR 1 Standard Invoice 1 FD A/c To AP Liability ICICI BANK - VENDOR 1 CREDIT MEMO 1 AP Liability To Misc Clearing

A/c Payment 1 AP Liability To Cash/Bank Friend / Dealer - VENDOR 2 Standard Invoice 2 Misc Clearing A/c To AP Liability Payment 2 AP Liability To Cash/Bank

DR.

CR.

<----200000 200000

<----50000 50000

<----150000 150000

<----50000 50000

<----50000 50000

2nd option with Refund setup


1) 2) 3) 4) 5) 6)

When FD gets Matured then create a Credit Memo Create a Standard Invoice for Vendor 1

>>>>>

Take a Refund into the required Bank A/c against the Credit Memo Create a Credit Memo for Vendor 1

>>>>>

Group Standard Invoice 1 & Credit Memo 1 & Pay

Create a Standard Invoice for Vendor 2

Liability will remain erected till the Payment is done Whenever funds are available Pay to Friend / Dealer

2nd option with Refund setup


Create a standard Invoice against dealer in AP with amount 150000 Make Payment of this invoice Create a advance receipt in AR against the same dealer Claim refund against the same receipt System automatically create a standard invoice in AP Make payment the same

ICICI BANK - VENDOR 1 CREDIT MEMO 2 AP Liability To FD A/c Refund 1 Cash/Bank To AP Liability 200000 200000 200000 200000

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