Tuesday, November 27, 2012

Oracle P2P Accounting entries

In Oracle purchasing 3 different events occur
1. Enter Purchase Order: 
    No accounting takes place

2. Enter a Receipt:
    For Inventory, Asset and Expense Items:
        Dr: Inventory Receiving A/c
        Cr: Accrual A/c

3.Receiving Transaction: 
   Based on type of item here accounting entry differs
   Inventory Item:
        Dr: Inventory Valuation A/c
        Cr: Inventory Receiving A/c
   Expense Item:
        Dr: Expense A/c
        Cr: Inventory Receiving A/c
  Asset Item:
        Dr: Asset Clearing A/c
        Cr: Inventory Receiving A/c

 Oracle Payable:
 In payable 3 events occur
1. Enter Invoice:
        Dr: Accrual A/c
        Cr: Liability A/c

2.Payment against Invoice:
        Dr: Liability A/c
        Cr: Bank clearing A/c

3.Clearing (Cash Management):
        Dr: Bank clearing A/c
        Cr: Bank A/c

Oracle P2P Accounting entries

Incase below type of items one more accouting entry happens in Oracle
Inventory Item: Item issued to Dept.
       Dr: Expense A/c
       Cr: Inventory valuation

Asset Item: Asset is capitalized
       Dr: Asset A/c
       Cr: Asset clearing A/c

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