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.
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 | ||
For more in depth information regarding the APR account, check out our docs page.
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