What are the Accounting Entries in P2P.in Oracle Financial
terminology ?
Answers were Sorted based on User's Feedback
Answer / ashraf momtaz
The Accounting Entries in P2P cycle when we receive the goods.
A.Inventory Item:
-----------------
1.When we receive the goods(for staging areas)
Receiving Inventory A/c Dr
Inventory AP Accural A/c Cr
2.When we transfer the goods (to sub-inventory)
Inventory A/c Dr
Receiving Inventory A/c Cr
3.When We create AP Invoice matched to Purchase Order
Inventory AP Accrual A/c Dr
Liability A/c Cr
4.(a)When we make the payment and follows Reconciliation...
Liability A/c Dr
Cash Clearing A/c Cr
(b)When payment is cleared....
Cash Clearing A/c Dr
Cash A/c Cr
OR
4. When we make the payment and we are not following
Reconciliation.......
Liability A/c Dr
Cash A/c Cr
And the Final When issued to Dept........
Expencse A/c Dr
Invemtory A/c Cr
=================================================
B.Expense Item:
---------------
1.When we receive the goods(for staging areas)
Receiving Inventory A/c Dr
Inventory AP Accural A/c Cr
2.When we transfer the goods (to sub-inventory)
Expense A/c Dr
Receiving Inventory A/c Cr
3.When We create AP Invoice matched to Purchase Order
Inventory AP Accrual A/c Dr
Liability A/c Cr
4.(a)When we make the payment and follows Reconciliation...
Liability A/c Dr
Cash Clearing A/c Cr
(b)When payment is cleared....
Cash Clearing A/c Dr
Cash A/c Cr
OR
4. When we make the payment and we are not following
Reconciliation.......
Liability A/c Dr
Cash A/c Cr
Is This Answer Correct ? | 10 Yes | 0 No |
Answer / satishmkumar
The Accounting Entries in P2P cycle when we receive the goods.
1.When we receive the goods(for staging areas)
Receiving Inventory A/c Dr
Inventory AP Accural A/c Cr
2.When we transfer the goods (to sub-inventory)
Inventory A/c Dr
Receiving Inventory A/c Cr
3.When We create Purchase Order
Inventory AP Accrual A/c Dr
Liability A/c Cr
4.(a)When we make the payment and follows Reconciliation...
Liability A/c Dr
Cash Clearing A/c Cr
(b)When payment is cleared....
Cash Clearing A/c Dr
Cash A/c Cr
OR
4. When we make the payment and we are not following
Reconciliation.......
Liability A/c Dr
Cash A/c Cr
And the Final entry is........
Inventory A/c Dr
Cash A/c Cr
Is This Answer Correct ? | 8 Yes | 4 No |
Answer / arvind n
At the time of receipt-Receiving inventory a/c dr
To Inventory AP Acurral a/c
At the time of invoice - Inventory AP Accural a/c dr
To Liability a/c
At the time of payment - Liability a/c dr
To Cash or Bank
Is This Answer Correct ? | 9 Yes | 9 No |
Receipt
DR: Goods under inspection
CR: AP Inventory Accrual
Deliver:
DR: Inventory
CR: Goods under inspection
AP Invoices
DR: AP Inventory Accrual
CR: Liability
Payment
DR: Liability
CR: Cash Clearing
CM Clearing
DR: Cash Clearing
CR: Cash
Is This Answer Correct ? | 2 Yes | 2 No |
Answer / venki
At the time receiving:
Inventory material receiving Ac
To AP Accrual Ac
At the time invoice creation:
Item Expense Ac
To Liability Ac
At the time of matching with PO:
AP Accrual Ac
To Liability Ac
At the time of payment:
Liability Ac
To Cash Clearing Ac
At the time reconciliation:
Cash Clearing Ac
To Cash Ac
Is This Answer Correct ? | 1 Yes | 1 No |
Answer / sadhik
At the time of receipt-Receiving inventory a/c dr
To receiving a/c cr
from purchansing
Receiving a/c dr
AP Accural a/c cr
At the time of invoice - Inventory AP Accural a/c dr
To Liability a/c
At the time of payment - Liability a/c dr
To Cash or Bank
Is This Answer Correct ? | 2 Yes | 3 No |
Can any one please share the answer for "What is the Journal Approval Process in Oracle Apps General Ledger"?
What are the types of journal categories available in the AP?
7. what is reconciliation
What are mandatory steps for payable module before entering transaction ?
as a functional consultant what was your role in implementation project and supporting project?
What is meant by receipt routing?
What is Mo security profile and Mo operating unit? Why use this profile option ?
ERS Invoice means?
I am traying to access oracle functiona/ technical interview questions asked by the consultancy "infosys", but i cant find anything when i go the to the links, i need the oracle erp techno functiona questions pls, Thanks, in advance Tovia
What is the period end process in AR.What is the reports required for peeriod process
there is something called "pragma" ?what is it ?on which context it is used ?
what is invoice price variance