How to make accounting entries that have not received invoices after payment
When an enterprise purchases goods and the goods have arrived at the warehouse but the invoice has not yet been received, it needs to estimate the receipt of the goods, which is generally accounted through the accounts payable account. What about the relevant accounting entries?
Accounting entries of invoices not received after payment
1. Goods warehousing: (valuation warehousing)
Debit: goods in stock
Credit: Accounts payable - XX unit
2. When the invoice is received in the next month
Debit: Accounts payable - XX unit
Credit: inventory goods
Debit: goods in stock
Tax payable - VAT payable (input tax)
Credit: bank deposits, cash on hand
What are inventory items?
Inventory goods refer to the products that have completed all the production processes and been accepted and warehoused, meet the standard specifications and technical conditions, can be delivered to the ordering unit according to the conditions specified in the contract, or can be sold as goods, and various goods that have been accepted and warehoused after outsourcing or subcontracting for sale.
What are accounts payable?
Accounts payable refer to the amount payable by an enterprise for its business activities such as purchasing materials, commodities or accepting labor supply. Accounts payable shall generally be recognized when the main risks and rewards related to the ownership of the purchased materials have been transferred, or the purchased labor services have been accepted.
What is the tax payable?
Tax payable refers to various taxes and fees payable by an enterprise based on the business income and profits achieved within a certain period, and in accordance with the current tax law, using a certain tax calculation method. Including: value-added tax, consumption tax, urban maintenance and construction tax, resource tax, enterprise income tax, land value-added tax, property tax, vehicle and ship tax, land use tax, education surcharge, stamp tax. The ending credit balance of this account reflects the unpaid taxes of the enterprise; If the ending balance is debit balance, it reflects the tax overpaid or not deducted by the enterprise.