Accounts payable invoice and debit memo statuses
Accounts payable invoice and debit memo statuses
| Status | Meaning - Invoices | Meaning - Debit Memos |
|---|---|---|
| New, not confirmed | The invoice is created but not yet ready to pay. | The debit memo is created but not yet ready for you to credit toward an expense. |
| Awaiting Approval | Someone must approve the invoice amount before you proceed. | Someone must approve the debit memo amount before you proceed. |
| Unpaid | The invoice is approved, but you have not paid any of the amount due. | The debit memo is approved, but you have not applied any portion of it to expenses. |
| Void | The unpaid invoice is void. | The unpaid debit memo is void. |
| Partially paid | Your company paid some, but not all, of the invoice. | You applied some, but not all, of the debit memo to other expenses. |
| Paid in full | You have paid the invoice in full. | You applied the entire debit memo to expenses. |
Postings for accounts payable invoices
An Accounts Payable (AP) Records of money owed to creditors. invoice An itemized list of goods shipped, stating quantities, prices, fees, shipping charges, and so on, used to inform a customer of the amount they owe for the goods furnished. debits the Received Goods account (Also called general ledger account) 1. An accounting record that classifies and summarizes the increases and decreases of each asset, liability, and shareholder equity item. 2. The means for tracking users and keeping their actions separate in Made2Manage. A user logs into an account using his or her user name and pass- word. and credits the AP account. This sample ledger shows how AP transactions post for standard or weighted average costing
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A type of inventory cost accounting that bases costs on information from existing inventory items and purchase orders for those items.
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A type of inventory cost accounting that bases costs on existing inventory plus total estimated values, divided by the total quantity in exist- ing inventory plus the quantity moved to finished goods when the job order is complete. methods..
Weighted average calculates the variances for costs when items are received.
| Date | Transaction/Accounts | Debit | Credit |
|---|---|---|---|
| April | Accounts payable invoice | ||
| Received Goods | 44 | ||
| Accounts Payable | 44 |