Accounting Entry for Oracle ERP

What are the journal entries in Procure to Pay Cyc...

---

1. Material Receipt
Receiving Accrual Dr                                                                  
AP Accrual Cr
2. On completion on inspection and accepting of goods
Inventory Dr
Receiving Accrual Cr
The Above given 2 entries are in PO module
3. On entering Invoice in AP
AP Accural Dr
Accounts Payable Cr
4. On Making payment
Accounts Payable Dr
Cash/Bank Cr

RE: What are the journal entries in Procure to Pay Cyc...

---

1. On Entry of PO ________ No accounting impact
2. On Materil Receipt
Receiving Accural Dr
AP Accural Cr


3. On Completion of Inspection and goods accepted
Inventory Dr
Receiving Accural Cr
The Above mentioned entries in PO Module
4. On entering invoice in AP
AP Accural Dr
Accounts Payable Cr
5. On Payment
Accounts Payable Dr'
Cash/Bank Cr

RE: What are the journal entries in Procure to Pay Cyc...

---

When we raise the Purchase Order entry is

Material in transit a/c Dr

To AP Accrual A/c

When we match the Invoice with PO

AP Accruals A/c Dr

To AP Liability A/c


When Payment is made

AP Liability A/c Dr

To Cash Clearing A/c

Re: What's the accounting entry when an Invoice is created in AP? Answer
# 1

Charge A/c is debited 

Liability A/c is credited

In case there are any taxes involved then also the relevant 

Tax A/c is debited 

Liability A/c is credited.

Through Matching with Purchase Order:

AP Accrual A/c Dr 

    To Liability A/c

Without Purchase order or Manually:

 Charge A/c Dr

    To Liability A/c

Re: in general ledger it is posiible for reverse entry in any another option ( not reverse tab) Answer
# 3

Journals can be reversed in the following ways:

1. Query the Journal to be reversed and reverse it.

2. Journals > Generate > Reversals

3. Run Program - Automatic Reversal, this program will pick

all eligible journals and reverses them.

                        AR Accounting entry

Re: what are the accounting entries which get effected in order to cash cycle Answer
# 1

Materal acounts

Cost of goods sold account

revenue account

Re: what are the accounting entries which get effected in order to cash cycle Answer
# 2

Accounting Entries for AR

Once the Order is shipped then 

Material account will be credit 

COGS Account will be debit.

At the time of Invoice creation

Revenue account will be credit 

receivable account will be debit.

At the time of receipt creation. 

Receivable account will be credit 

Bank payment account will be debit