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What are the Accounting Entries in P2P.in Oracle Financial
terminology ?
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Answer / ashraf momtaz
The Accounting Entries in P2P cycle when we receive the goods.
A.Inventory Item:
-----------------
1.When we receive the goods(for staging areas)
Receiving Inventory A/c Dr
Inventory AP Accural A/c Cr
2.When we transfer the goods (to sub-inventory)
Inventory A/c Dr
Receiving Inventory A/c Cr
3.When We create AP Invoice matched to Purchase Order
Inventory AP Accrual A/c Dr
Liability A/c Cr
4.(a)When we make the payment and follows Reconciliation...
Liability A/c Dr
Cash Clearing A/c Cr
(b)When payment is cleared....
Cash Clearing A/c Dr
Cash A/c Cr
OR
4. When we make the payment and we are not following
Reconciliation.......
Liability A/c Dr
Cash A/c Cr
And the Final When issued to Dept........
Expencse A/c Dr
Invemtory A/c Cr
=================================================
B.Expense Item:
---------------
1.When we receive the goods(for staging areas)
Receiving Inventory A/c Dr
Inventory AP Accural A/c Cr
2.When we transfer the goods (to sub-inventory)
Expense A/c Dr
Receiving Inventory A/c Cr
3.When We create AP Invoice matched to Purchase Order
Inventory AP Accrual A/c Dr
Liability A/c Cr
4.(a)When we make the payment and follows Reconciliation...
Liability A/c Dr
Cash Clearing A/c Cr
(b)When payment is cleared....
Cash Clearing A/c Dr
Cash A/c Cr
OR
4. When we make the payment and we are not following
Reconciliation.......
Liability A/c Dr
Cash A/c Cr
| Is This Answer Correct ? | 10 Yes | 0 No |
Answer / satishmkumar
The Accounting Entries in P2P cycle when we receive the goods.
1.When we receive the goods(for staging areas)
Receiving Inventory A/c Dr
Inventory AP Accural A/c Cr
2.When we transfer the goods (to sub-inventory)
Inventory A/c Dr
Receiving Inventory A/c Cr
3.When We create Purchase Order
Inventory AP Accrual A/c Dr
Liability A/c Cr
4.(a)When we make the payment and follows Reconciliation...
Liability A/c Dr
Cash Clearing A/c Cr
(b)When payment is cleared....
Cash Clearing A/c Dr
Cash A/c Cr
OR
4. When we make the payment and we are not following
Reconciliation.......
Liability A/c Dr
Cash A/c Cr
And the Final entry is........
Inventory A/c Dr
Cash A/c Cr
| Is This Answer Correct ? | 8 Yes | 4 No |
Answer / arvind n
At the time of receipt-Receiving inventory a/c dr
To Inventory AP Acurral a/c
At the time of invoice - Inventory AP Accural a/c dr
To Liability a/c
At the time of payment - Liability a/c dr
To Cash or Bank
| Is This Answer Correct ? | 9 Yes | 9 No |
Receipt
DR: Goods under inspection
CR: AP Inventory Accrual
Deliver:
DR: Inventory
CR: Goods under inspection
AP Invoices
DR: AP Inventory Accrual
CR: Liability
Payment
DR: Liability
CR: Cash Clearing
CM Clearing
DR: Cash Clearing
CR: Cash
| Is This Answer Correct ? | 2 Yes | 2 No |
Answer / venki
At the time receiving:
Inventory material receiving Ac
To AP Accrual Ac
At the time invoice creation:
Item Expense Ac
To Liability Ac
At the time of matching with PO:
AP Accrual Ac
To Liability Ac
At the time of payment:
Liability Ac
To Cash Clearing Ac
At the time reconciliation:
Cash Clearing Ac
To Cash Ac
| Is This Answer Correct ? | 1 Yes | 1 No |
Answer / sadhik
At the time of receipt-Receiving inventory a/c dr
To receiving a/c cr
from purchansing
Receiving a/c dr
AP Accural a/c cr
At the time of invoice - Inventory AP Accural a/c dr
To Liability a/c
At the time of payment - Liability a/c dr
To Cash or Bank
| Is This Answer Correct ? | 2 Yes | 3 No |
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