On account credit memo in AR needs to refunded, How ? and
what are the steps required?
- 2 Answers
- 10938 Views
- I also Faced
- E-Mail Answers
Answer Posted / venkatesh k
There is direct funtionality in 11i. Using below woraround
(steps), we can refund.
olution Description
--------------------
The customer's refund must be processed through Accounts
Payable.
Explanation
-----------
The following documents the steps required to clear the
credit entry from
Accounts Receivable and to process a refund through
Accounts Payable.
REC and REV are account classes in the A/R data structure
and do not
necessarily correspond to the General Ledger account type.
1. You must create a credit memo for the returned goods, in
Accounts
Receivable, using the same Revenue and Receivable
accounts
referenced on the original invoice.
c. REC (A) 10 credit
REV (B) 10 debit
2. Create a debit memo to offset the credit memo
d. REC (A) 10 debit
REV (B) 10 credit
3. Then access Oracle Accounts Payable
4. Create an A/P check and reference the following
accounts:
e. Refunds Due Cust (B) 10 debit
Cash (C) 10 credit
The following are the G/L Distributions for this
example.
Note that all accounts are offset.
A B C
----------------- -------------- -----------
----
a. 10 ! b. 10 c. 10 ! a. 10 b.10 !
e.10
d. 10 ! c. 10 e. 10 ! d. 10
in R12, there was direct functinality avilable through non
credit card refund functiionality.
| Is This Answer Correct ? | 1 Yes | 0 No |
Post New Answer View All Answers
What are the inventory report to check inventory status.
Please post the setups required to approve the payable invoice in AP.
What is the Invoicing System in Oracle R12
What is Reporting of financial data in a project.
Explain about Localization (IND & US ) in Oracle Apps ?
What is the use of gl set of books name, while configure multiorg?
What is automation of accounts payable activities (evaluated receipt settlement)?
Substitute receipts and Unordered Receipts
what r issues faced in gl
What kind of budgets have you worked on?
I am currently working in reputed Org as a Oracle apps end user (AR). Learned R12 functional course, but no real time exp as in support or implementation project.Please guide. thank you.
1.what is the name of program to create invoice automatic from po.? 2.How to auto upload the bank statement? 3.PO tax has not flown to invoice . why? Debit memo not generated for return of goods.??
Recurring Problem Posting i have Journals for sep 2018 that i approved but they are not available to post even though the period is open in Oracle R12 Issues
Define the activities of the Configuration Manager (AP,GL,FA) in the team. Give examples
What is gap analysis, how do you defined. What are the pre-requisities?
