Provision Entry for GRN done but Bill not passed

Material Received and GRN Done by Store but Bill not passed by A/c Department

I wnat what is the provision Entry for Bill Passing?

Replies (4)
Quick Summary
This discussion addresses the accounting entry required when a Goods Receipt Note (GRN) has been processed by stores, but the supplier's bill has not yet been passed by the accounts department. Participants explore the concept of a provision entry to recognise the liability for raw materials or expenses. The advice leans towards waiting for the accounts department to process the bill, unless there are specific issues. It's also noted that year-end provision entries are a common practice.

That means liability for expenses/ raw material booked.
Why You want provision entry...??
Is there any reason...???

Better to wait for passing the bill by A/c dept. In case any issues or problem in bill or Supplier or anything...
Get in touch with accounts dept
Provision entry can always be passed at the year end..

Yes I want Year ending provision

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