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What is the Entry in Oracle Apps AP,AR,GL for following
Transations
1.One Pipe purchase at Rs.100
2.One Pipe Sales At Rs.150
Which account Afected ,What is the journal entry
What is the entry at respective module
how many modules are afected through above transation
- 8 Answers
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Answer Posted / moses
Tha basic rule is "What comes in is debit" and "what goes out is Credit"
While receiving the Material
----------------------------------------
Receiving Inventory a/c 100 dr
To Ap accrual a/c 100 cr
While stocking the Material in the inventory
---------------------------------------------------------------
Material a/c 100 dr
To Receiving Inventory a/c 100 cr
(Here the receiving inventory would be knocked off. the net entry would be
Material a/c 100 dr
to Ap accrual a/c 100 cr . Than means Material comes in and the payments has to be done)
While recording the invoice
-------------------------------------------
Charge a/c 100 dr
To Liability a/c 100 cr
During the payment of the invoice
-------------------------------------------
Liability a/c 100 dr
To Cash clearing a/c 100 cr
Cash clearing a/c 100 dr
To Cash a/c 100 cr
------------------------------------------------------------------------------------------------------------------
while making receivable invoice
Receivable a/c 100 dr
To Revenue a/c 100 cr
| Is This Answer Correct ? | 6 Yes | 2 No |
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