Interested to Buy Any Domain ? << Click Here >> for more details...
1. P2P cycle with which accounts get effected at each
stage
- 2 Answers
- 10740 Views
- Apps Associates, Meru Cabs, Patni, I also Faced
- E-Mail Answers
Answer Posted / deepak
For the ease of understanding I am taking an example of Inventory item for P2P Accounting
1) When a receipt is created for an inventory item.
Inventory receiving account Dr
To Accrual account
2) When the Receipt Transaction Processor job is run
Inventory Valuation account Dr
To Inventory Receiving account
3) When an invoice is matched to a PO
Accrual account Dr
To Liability account
4) When the payment is issued.
Liability account Dr
To Cash/Bank Clearing account (if Clearing is used)
5) When the payment is cleared
Cash/Bank Clearing account Dr
To Cash/Bank account
6) When inventory is transferred to the department using the item.
Expense account Dr
To Inventory Valuation account
After knocking of all the respective Debit & Credit accounts, what remains finally is the Expense account Dr to Cash/Bank account.
Regards
Deepak Jadhav
| Is This Answer Correct ? | 5 Yes | 0 No |
Post New Answer View All Answers
Explain about Localization (IND & US ) in Oracle Apps ?
Please post the setups required to approve the payable invoice in AP.
How will account an advance of Rs.10000/- which is a permanent prepayment, can I make payment for this?
explain with examples what r the roles & Responsiblities of a functional consultant who reviews the Test Scripts, Test Cases and Test Execution Results of AP, FA and GL.
Difference between header level tax calculation and line level tax calculation
can we define 2 different currency revaluation at a time??
what is VAT claim process?
Hi I'm new in ERP - Oracle Application i appriciate if any one help me in this issue i need SQL to get badeget balance Acutal Balance Encumbrance Balance fund Avalable thanx ahmed
difference between 11i&r12
What is difference between primary and secondary ledger
how to do customization while doing oracle implementation. what is the role of functional consultant in customization?
What is automation of accounts payable activities (evaluated receipt settlement)?
What do you mean by controlling buyers workload?
Explain Customer Creation and Maintenance Process. Provide samples of customer master records with Payment Terms.
what is the meaning of purchase default and what are the types
