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      What is the Accrued Purchase Receipts Account?

      The Accrued Purchase Receipts account is created by Acctivate as a purchase suspense account

      Warehouse Inventory Systems manage warehouse & inventory transactions accurately and accommodate specific situations, including that of receipts for accrued purchases.

      The Accrued Purchase Receipts account is created by Acctivate as a purchase suspense account. When you post an inventory receipt, Acctivate will utilize the Inventory and Purchases GL account specified on the Warehouse. Creating the Vendor Bill reconciles the balance in the Purchases account into Accounts Payable.

      Warehouse Account Purchases
       

      Example: To record the receipt of inventory, followed by Purchase Invoice being entered.

      Account DR CR
      Inventory Asset $750  
      Accrued Purchase Receipts   $750
      Inventory Receipt of goods, with or without a Purchase Order
      Accrued Purchase Receipts $750  
      Accounts Payable   $750
      Vendor Purchase Invoice (Vendor Bill) for Inventory and Other Amounts

       

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