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Lease-in Contract periodic posting

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Hi Experts,

Kindly let me know what accounting entries are made when periodic posting + transfer of a lease- in contract?

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Answers (2)

Answers (2)

rajnikant_verma
Explorer
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Hi,

entry should be as mentioned below for entries with  transfer.

periodic posting

   debit to expense gl account

    credit to vendor account

object transfer

    debit to clearing gl

     credit to clearing gl

Thanks

Rajnikant verma

bowen_cao
Contributor
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Hi

Periodic posting:

Dr     100  cost for object

Cr     -100  payable

Transfer posting

Dr       100 

Cr      -100  cost for object

Regards,

Bowen