Materials in transit are defined as deliveries for which payment documents have been accepted, but in fact the material has not yet arrived. Accepted documents are accepted for accounting regardless of whether they have been paid for or not.
Materials are considered to be in transit if they have not been received at the warehouse by the end of the month, but the company already has ownership rights to it. Such materials will be accounted for $10$, but they will not have a receipt in the warehouse. Next month, such materials will be reversed upon actual receipt.
Postings for accounting for goods in transit or uninvoiced deliveries (have the same view as regular ones):
- Dt $10$ – Kt $60$ – at their actual cost;
- Dr $19$ – Kr $60$ – VAT included on input price
Upon receipt of materials (actually):
- Dt $10$ – Ct $60$ (RESTERED)
- Dr $10$ – Kr $60$ – at actual cost
- Dt $68$ – Cr $19$ – VAT included
- Dt $60$ – Cr $51$ – payment made to the supplier
Finished works on a similar topic
- Coursework Accounting for materials in transit 420 rub.
- Abstract Accounting for materials in transit RUB 230.
- Test work Accounting for materials in transit 220 rub.
Receive completed work or advice from a specialist on your educational project Find out the cost
The same situation applies to uninvoiced supplies. Uninvoiced inventories are considered to be inventories received by the enterprise, but for which there are no settlement documents. It should be noted that goods received but not paid for are not considered uninvoiced deliveries.
Note 1
Practice shows cases when at the end of the month stocks have arrived at the warehouse, but there are no payment documents for their payment. Another situation is that the inventory has been paid for, ownership of it has been transferred, but it has not yet arrived at the warehouse. In the first case, these are uninvoiced deliveries, in the second, goods are on the way. This system is used when the goods are in transit for a long time. And documents issued on the last days of the month will be reflected in this way.
Reflection of goods receipt at the “virtual” warehouse
After sending an order for a product to the supplier, he informs that he will be able to deliver the product by a certain date, or sends an electronic invoice to our address. To reflect the fact of receipt of an electronic invoice or the date of receipt of goods, we reflect in the system the arrival at the “virtual” warehouse.
