In SAP P2P Process,
When Post MIGO the Accounting Entry will be generated as
Stock A/c Dr.
To GR-IR Clearing A/c Cr.
When Post MIRO the Accounting Entry will be generated as
GR-IR Clearing A/c Dr.
To Vendor A/c Cr.
But My question is, Where to reflect the Purchase A/c. Because when I Purchase on that time Stock is increase so that the Stock will be Debited but what is for Purchase A/c, because of Purchase A/c Balance is to be needed for Profit & Loss A/c.
Dear Experts Please suggest,
What is the Accounting Entry or Effect of Purchase A/c in this Process or Where should treated the Purchase A/c.