{"id":3586,"date":"2021-07-13T08:03:44","date_gmt":"2021-07-13T02:33:44","guid":{"rendered":"https:\/\/factech.co.in\/blog\/?post_type=ufaq&#038;p=3586"},"modified":"2021-07-13T08:03:44","modified_gmt":"2021-07-13T02:33:44","slug":"what-are-journal-entries-for-vendor-bill-and-payments","status":"publish","type":"ufaq","link":"https:\/\/factech.ai\/blog\/ufaqs\/what-are-journal-entries-for-vendor-bill-and-payments\/","title":{"rendered":"What are Journal Entries for Vendor Bill and Payments?"},"content":{"rendered":"<div  class=\"ewd-ufaq-faq-list ewd-ufaq-page-type-load_more ewd-ufaq-category-tabs- ewd-ufaq-faq-category-title-accordion\" id='ewd-ufaq-faq-list'>\n\n\t<input type='hidden' name='show_on_load' value='' id='ewd-ufaq-show-on-load' \/>\n<input type='hidden' name='include_category' value='' id='ewd-ufaq-include-category' \/>\n<input type='hidden' name='exclude_category' value='' id='ewd-ufaq-exclude-category' \/>\n<input type='hidden' name='orderby' value='date' id='ewd-ufaq-orderby' \/>\n<input type='hidden' name='order' value='desc' id='ewd-ufaq-order' \/>\n<input type='hidden' name='post_count' value='-1' id='ewd-ufaq-post-count' \/>\n<input type='hidden' name='current_url' value='\/blog\/wp-json\/wp\/v2\/ufaq\/3586' id='ewd-ufaq-current-url' \/>\n\t\n\t\n\t<div class='ewd-ufaq-faqs'>\n\n\t\t<div  class=\"ewd-ufaq-faq-div ewd-ufaq-faq-column-count-one ewd-ufaq-faq-responsive-columns- ewd-ufaq-faq-display-style-default\" id='ewd-ufaq-post-3586-Ayp78CGTwS' data-post_id='3586'>\n\n\t\t\n\t<div class='ewd-ufaq-faq-title '>\n\t\n\t<a class='ewd-ufaq-post-margin'  href='https:\/\/factech.ai\/blog\/ufaqs\/what-are-journal-entries-for-vendor-bill-and-payments\/' >\n\n\t\t<div class='ewd-ufaq-post-margin-symbol ewd-ufaq-square'>\n\t\t\t<span >A<\/span>\n\t\t<\/div>\n\n\t\t<div class='ewd-ufaq-faq-title-text'>\n\n\t\t\t<h4>\n\t\t\t\tWhat are Journal Entries for Vendor Bill and Payments?\t\t\t<\/h4>\n\n\t\t<\/div>\n\n\t\t<div class='ewd-ufaq-clear'><\/div>\n\n\t<\/a>\n\t\n<\/div>\n\t\n\t<div class='ewd-ufaq-faq-body' >\n\n\t\t\n\t\t\t\n\t\t\n\t\t\t<div class='ewd-ufaq-post-margin ewd-ufaq-faq-post'>\n\t<p>Vendors are normally treated as Sundry Creditors, which comes on the Liability side of the Balance sheet.<\/p>\n<p>To understand how the Journal entries are made in the case of Vendor for a Society or any Business Entity. Let&#8217;s take the below scenario.<\/p>\n<h3>Scenario 1: Vendor gives the bill to Business Entity of \u20b91360 including IGST of \u20b9360 with TDS of \u20b9100 on July 1st.<\/h3>\n<p>Journal Entry to be made on July 1st<\/p>\n<p><em>Expense A\/C\u00a0 Dr __________1000<\/em><\/p>\n<p><em>Input IGST A\/C\u00a0 Dr _________360<\/em><\/p>\n<p><em>\u00a0\u00a0\u00a0\u00a0 To TDS Payable A\/C Cr _______100<\/em><\/p>\n<p><em>\u00a0\u00a0\u00a0\u00a0 To Vendor A\/C Cr__________\u00a0\u00a0 1260<\/em><\/p>\n<p>&nbsp;<\/p>\n<h3>Scenario 2: Business pay to Vendor \u20b91260 as of July 15<\/h3>\n<p>Journal Entry to be made on July 15:<\/p>\n<p><em>\u00a0\u00a0\u00a0Vendor A\/C\u00a0 Dr __________1220<\/em><\/p>\n<p><em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0To Bank A\/C Cr\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 __________\u00a0\u00a0 1220<\/em><\/p>\n<p>&nbsp;<\/p>\n<p>Factech Accounting Service makes all these very convenient where Users can simply Record Vendor Bills and Payments in a UI and Journal Entries are automatically taken care of.<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"XsTKhvTogl\"><p><a href=\"https:\/\/factech.ai\/blog\/ufaqs\/how-to-add-new-group\/\">How to add new group?<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" style=\"position: absolute\" title=\"&#8220;How to add new group?&#8221; &#8212; Facility Technology\" src=\"https:\/\/factech.ai\/blog\/ufaqs\/how-to-add-new-group\/embed\/#?secret=4Nqmh7EaZm#?secret=XsTKhvTogl\" width=\"600\" height=\"338\"><\/iframe><\/p>\n<p>&nbsp;<\/p>\n<\/div>\n\t\t\n\t\t\t<div class='ewd-ufaq-faq-custom-fields'>\n\n\t\n<\/div>\n\t\t\n\t\t\t\n\t\t\n\t\t\t\n\t\t\n\t\t\t\n\t\t\n\t\t\t\n\t\t\n\t\t\t<div class='ewd-ufaq-permalink'>\n\t\n\t<a href='https:\/\/factech.ai\/blog\/ufaqs\/what-are-journal-entries-for-vendor-bill-and-payments\/'>\n\t\t\n\t\tPermalink\t\t <div class='ewd-ufaq-permalink-image'><\/div> \t\n\t<\/a>\n\n<\/div>\n\t\t\n\t\t\t\t<div id=\"respond\" class=\"comment-respond\">\n\t\t<h3 id=\"reply-title\" class=\"comment-reply-title\">Leave a Reply <small><a rel=\"nofollow\" id=\"cancel-comment-reply-link\" href=\"\/blog\/wp-json\/wp\/v2\/ufaq\/3586#respond\" style=\"display:none;\">Cancel reply<\/a><\/small><\/h3><p class=\"must-log-in\">You must be <a href=\"https:\/\/factech.ai\/blog\/wp-login.php?redirect_to=https%3A%2F%2Ffactech.ai%2Fblog%2Fufaqs%2Fwhat-are-journal-entries-for-vendor-bill-and-payments%2F\">logged in<\/a> to post a comment.<\/p>\t<\/div><!-- #respond -->\n\t\n\t\t\n\t\t\t<div class='ewd-ufaq-back-to-top'>\n\t\n\t<a class='ewd-ufaq-back-to-top-link'>\n\t\tBack to Top\t<\/a>\n\n<\/div>\n\t\t\n\t<\/div>\n\n<\/div>\n\t<\/div>\n\n\t\n<\/div>","protected":false},"excerpt":{"rendered":"<p>A What are Journal Entries for Vendor Bill and Payments? Vendors are normally treated as Sundry Creditors, which comes on the Liability side of the Balance sheet. To understand how the Journal entries are made in the case of Vendor for a Society or any Business Entity. Let&#8217;s take the below scenario. Scenario 1: Vendor<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"closed","template":"","ufaq-category":[631,1632],"ufaq-tag":[1634,1635,1636,1637,1633],"ufaq_folder":[],"class_list":["post-3586","ufaq","type-ufaq","status-publish","hentry","ufaq-category-accounting-erp","ufaq-category-vendor","ufaq-tag-how-to-record-vendor-bills-and-payment-transactions","ufaq-tag-isociety-manager-vendor-accounting","ufaq-tag-society-accounting-for-vendor","ufaq-tag-tally-entries-for-vendor-bills-and-payment","ufaq-tag-vendor-bill-and-payment-accounting-in-society"],"aioseo_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What are Journal Entries for Vendor Bill and Payments? - Facility Technology<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/factech.ai\/blog\/\/ufaqs\/what-are-journal-entries-for-vendor-bill-and-payments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What are Journal Entries for Vendor Bill and Payments? - Facility Technology\" \/>\n<meta property=\"og:description\" content=\"A What are Journal Entries for Vendor Bill and Payments? 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