Accounting entries of purchased materials
Invoices, bills and materials arrive at the same time, referred to as "single goods arrive at the same time", and the accounting entries are:
Borrow: raw materials
Taxes payable-VAT payable (input tax)
Loans: bank deposits or notes payable, etc.
Invoices and bills have arrived, but materials have not arrived, which is referred to as "documents have not arrived". The accounting entries are:
Debit: materials in transit
Taxes payable-VAT payable (input tax)
Loans: bank deposits or notes payable, etc.
After the materials arrive and are accepted, the accounting entries are as follows:
Borrow: raw materials
Lending: materials in transit
Materials have arrived, invoices and bills have not arrived, which is referred to as "arrival" for short, and the accounting entries are:
Borrow: raw materials (tentative evaluation value)
Credit: accounts payable-estimated accounts payable
At the beginning of next month, the previous employment will be written off in red, and the accounting entries are:
Borrow: raw materials (estimated) (red-ink write-off)
Credit: accounts payable-estimated accounts payable (red-ink write-off)
After the invoice bill arrives, the accounting entries are:
Borrow: raw materials
Taxes payable-VAT payable (input tax)
Loans: bank deposits or notes payable, etc.
What are notes payable?
Notes payable refers to the written proof that an enterprise adopts the commercial bill settlement method in the process of commodity purchase and sale activities and project price settlement, the drawer issues the notes, and entrusts the payer to unconditionally pay a certain amount to the payee or bill holder on the specified date. Including commercial acceptance bills and bank acceptance bills.
In China, the longest payment period of a commercial bill is six months, so the bills payable are short-term bills payable. Notes payable are divided into interest-bearing notes payable and interest-free notes payable according to whether there is interest or not.