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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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
Tags:
at erp, erp, oracleapps, oracleapps erp, oracle erp, oracle ebusiness, oracle application,
about oracle, oracle developer, oracle jobs, finance software, finance accounting accounting, r12 oracle