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 |
What is the difference between Electronic fund transfer and wire?
Give some examples of troubleshooting in support project with regard to AP,GL,FA
3 Answers Sierra Atlantica, Tech Mahindra,
Define Requition?
What is WHT in Financial Module and What would be tbe acc entry for the same?
what is soft close and hot close periods in assets?
What r the GAPS can we find out while Implementation?
Five main difference between Tally & ERP?
36 Answers Ashveera, Cogzidel, India Earthmoving Spares Corporation, KPMG, Marcer, National Techno, Vindian, Wipro,
While you are in implemenation what are the u issues faced? tell me what some issues?
what is the meaning of purchase default and what are the types
what is the difference between General Calendar and Inventory Calendar?
What is the procedure of: Analysis of invoice holds and getting them released in Accounts Payables.
2 Answers IBM, Oracle, TATA AIG,
on what basis u have prepared the AIM documents (explain in the detailed manner)