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  • Morbhat Steps (Sudan System) : Step - 1

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    msalahscribd
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    The document describes a two-step process for the Sudan System of accounting. Step 1 involves creating an invoice to record goods in transit, applying future dated payment checks to the invoice, and clearing the checks once matured. Step 2 involves creating an invoice to match a receipt, issuing a check to pay the supplier, and recording expense invoices. The process uses journal entries to record transactions between various accounts like GIT, banks, suppliers, and payments.

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    LC R12

    Original Title

    LC

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    The document describes a two-step process for the Sudan System of accounting. Step 1 involves creating an invoice to record goods in transit, applying future dated payment checks to the invoice, and clearing the checks once matured. Step 2 involves creating an invoice to match a receipt, issuing a check to pay the supplier, and recording expense invoices. The process uses journal entries to record transactions between various accounts like GIT, banks, suppliers, and payments.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    16 views12 pages

    Morbhat Steps (Sudan System) : Step - 1

    Uploaded by

    msalahscribd
    The document describes a two-step process for the Sudan System of accounting. Step 1 involves creating an invoice to record goods in transit, applying future dated payment checks to the invoice, and clearing the checks once matured. Step 2 involves creating an invoice to match a receipt, issuing a check to pay the supplier, and recording expense invoices. The process uses journal entries to record transactions between various accounts like GIT, banks, suppliers, and payments.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    of 12

    Morbhat Steps (Sudan System)

    Step -1
    1- Create standard invoice.

    DR\ GIT(Good in transit) CR\ Khartoum Bank Morabhat (Morabhat)

    NOTE : be aware to assign the invoice line distribution to the matched LC number .

    2- Payment (Create Future date payment Checks)

    Applying this checks on the standard invoice

    After Saving

    Final Screen

    After that, press action button , check create account and press ok.

    DR\ Khartoum bank morabhat(Morabhat) CR\ future date payment When the matured date of check comes, you have to run request from AP responsibility (Update Matured bills payable status )

    This request will allow you to clear the check from cash management. Resulting journal DR\ future date payment CR\ cash clear Clear the check from cash management

    DR\Cash Clear CR\ Bank

    Step-2
    1- Create standard invoice to match with receipt.

    DR\ AP inventory Accrual CR\ Supplier

    NOTE: be aware to assign the invoice line distribution to the matched LC number.

    2- Payment (Create check).

    DR\ Supplier CR\ Morbhat (Bank)--(GIT Account)

    NOTE: For expense invoices

    DR\ GIT CR\ supplier

    Dont forget to assign line distribution to the matched LC number.

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