What will accrue in Payables?
Answers were Sorted based on User's Feedback
Till invoice is created, liability is recorded in Exp AP Accrual account or Inv AP Accrual Account. When invoice is matched against a PO/Receipt, AP Accrual is relieved and Liability will get accrued in Payables. Once invoice is paid, liability is relieved.
Hence in invoice, the accounting entries would be
AP Accrual A/C - Dr (Expense A/C in case of Expense Reports)
Liability A/C - Cr
During Payment,
Liability A/C - Dr
Bank/Cash A/C - Cr
Is This Answer Correct ? | 2 Yes | 0 No |
Answer / prasad
Accrue in Payables means When any Goods/Services enter in the Organisation, Its becomes a liability to pay to the vendor. Therefore The payment for the same called is accrual which is payable in near future.
Is This Answer Correct ? | 0 Yes | 0 No |
Answer / mandhala
Accrued Revenue: Revenue is recognized before cash is
received.
Is This Answer Correct ? | 6 Yes | 8 No |
What are the matching Po options in AP Invoice Workbench and what is the different b\w them?
As a functional consultant how much knowledge i should have about tools used in oracle apps r12.
How to support projects life cycles details?
What is Cross Journal?
how to transfer the retained earning amount from curret year to next year? what is the path in apps financial
what is the tax levels in AP?
What is project accounting in oracle.
What are the steps and control checks in posting journal entries ?
what is legacy system
some tabs in payable option and financial option?
What is Supplier & Supplier site
What are the steps involved in connecting reporting set of books to primany set of books. How to translate from Functional to Reporting currncy every month or daily?