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Sep 06, 2007 at 11:44 AM

Material returned to vendor for some period



Pls see the scenario below :

Suppose I have received 100 tonnes of Raw material ' x ' .

Done the invoice verification and payment for this material.

Now in one month or so , the demand for this material was not there and I am returning this material back to vendor on loan basis on the condition that I will take back this material after 4 or 5 months .

Requirement is this , while returning this material , it should 'Credit Stock account ' and 'Debit Material on Loan Account (Special account )' .

Also while doing this transaction the stock should move from my balance sheet and it should show in vendor area or some where appropriate .

Now after 4 months , how I can take this material back ?

Now what is the better way to deal with this scenario .

Kindly advise.