Vouchers Payable Account

You must enter a valid account number from the Chart of Accounts in this field in order to perform any purchasing functions. It is a temporary liability account credited for the material cost when goods are received and debited for the material cost when the vendor's invoice is vouchered and posted in Accounts Payable.

EXAMPLE:

Receive 5 units at $3 per.

Debit: Stockroom Inventory Account  $15.00

Credit: Vouchers Payable Account $15.00

PO Voucher is Generated and Posted in A/P

Debit: Vouchers Payable Acct  $15.00

Debit: Transportation-In Acct    $ 0.22

Credit: Accounts Payable  $15.22