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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