Interested to Buy Any Domain ? << Click Here >> for more details...
Answer Posted / tgs100
Till invoice is created, liability is recorded in Exp AP Accrual account or Inv AP Accrual Account. When invoice is matched against a PO/Receipt, AP Accrual is relieved and Liability will get accrued in Payables. Once invoice is paid, liability is relieved.
Hence in invoice, the accounting entries would be
AP Accrual A/C - Dr (Expense A/C in case of Expense Reports)
Liability A/C - Cr
During Payment,
Liability A/C - Dr
Bank/Cash A/C - Cr
| Is This Answer Correct ? | 2 Yes | 0 No |
Post New Answer View All Answers
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
can we define 2 different currency revaluation at a time??
What is the db number of a particular customer TCA?
What is Work Flow of AP,AR, Sales & Purchase
How to support projects life cycles details?
Re: what are the Issue that we face in Gl,PO and AP while Supporting
please explain with examples the below mentioned "Creating the end to end business scenarios and executing the scenarios to perform the regression testing".
Invoice Approval Process?
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
What kind of budgets have you worked on?
what is the use of hr: security profile, while configure multiorg?
Re: While you are in implemenation what are u faced the issues ? tell me what some ap & GL issues?
What are the types of setups in apps inventory module
What is Difference between Auto Copy Journal and recurring journal?
Difference between header level tax calculation and line level tax calculation
