Advance paid to Employee 1000$. Employee incurred expenses of 800$ and he returned 200$. What is the Accounting Entry?
- 3 Answers
- 9147 Views
- Polaris, I also Faced
- E-Mail Answers
Answer Posted / saurabh parwal
1) AP Prepayment
Advance Dr. 1000
Liability Cr. 1000
Liabilty Dr. 1000
Bank Cr. 1000
2) AP Invoice:
Expense Dr. 800
Liability Cr. 800
3) AP Prepayment to Invoice application
Liability Dr. 800
Advance Cr. 800
4) AP Dummy Invoice
Clearing Account Dr. 200
Liability Cr. 200
5) AP Prepayment Application (to close the original prepayment)
Liability Account Dr. 200
Advance Account Cr. 200
6) AP credit memo
Liability Dr. 200
Clearing Account Cr. 200
7) AP Refund
Bank Dr. 200
Liability 200
| Is This Answer Correct ? | 4 Yes | 0 No |
Post New Answer View All Answers
Write Test Scripts for a telecummunication project on the basis of priority with some examples with regard to AP,GL,FA.
what is the steps to customization ?
what r issues faced in gl
What is the entry in oracle apps ap,ar,gl for following transations1.one pipe purchase at rs.1002.one pipe sales at rs.150
Do you track and record relationships between customers e.g. franchises, subsidiaries etc.?
I am working on PPR process to print checks. Currently the checks are printing for each supplier, supplier site and payment method group. My requirement is the invoice level one DFF is available (like A and B are the input values). Please let me know how include this DFF at invoice grouping level.
how to do customization while doing oracle implementation. what is the role of functional consultant in customization?
I am traying to access oracle functiona/ technical interview questions asked by the consultancy "infosys", but i cant find anything when i go the to the links, i need the oracle erp techno functiona questions pls, Thanks, in advance Tovia
how we can stop the transaction for not transfer to the reporting ledger at the time of entering the transaction in pl
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.
Re: While you are in implemenation what are u faced the issues ? tell me what some ap & GL issues?
Explain Customer Creation and Maintenance Process. Provide samples of customer master records with Payment Terms.
payment types and payment methods.
What is Work Flow of AP,AR, Sales & Purchase
What kind of budgets have you worked on?
