What is the Accrued Purchase Receipts Account?

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

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

AccruedPurchaseReceiptsAccount_Chart-1

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

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

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