What are the journal entries in O2C Cycle.
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Answer / anji
1. Enter Sales Order: Accounting impact Nil
2. Ship items
-----------Debit ---------PCO
-----------Credit --------Inventory
3. Enter invoice
-----------Debit ---------Receivables
-----------Credit --------Revenue
4. Enter receipts
-----------Debit ---------Cash / Bank
-----------Credit --------Accounts Receivables
| Is This Answer Correct ? | 77 Yes | 6 No |
Answer / venugopal
Order Management
There are no accounting entries generated in OM
Inventory
When you ship the Goods
Dr Cost of Goods sold (picked up from the Item)
Cr Inventory (picked up from Subinventory)
Receivables
When you run the Autoinvoice Program and create an Invoice
Dr Receivables
Cr Revenue
When you Receive Cash
Dr Cash/ Bank Account
Cr Cash Clearing Account
When you receive the payment
Dr Cash Clearing Account
Cr Receivables A/c
| Is This Answer Correct ? | 26 Yes | 5 No |
Answer / v srinivas
AT BOOKING - NO ENTRY
AT PICK RELEASE
INV STAGING AC DR
TO INV FINISHED GOODS
AT SHIP CONFIRM
COGS AC DR
TO INV MATERIAL AC
INVOICE
RECEIVABLE AC DR
TO REVENUE AC
RECEIPT APPLY ON THE TRASACTION
UNAPPLIED CASH AC DR
TO RECEIVABLES
CASH SENT FOR REMITTANCE
REMITTANCE AC DR
TO CONFIRM CASH
RECONCILIATION IN CM
CASH AC DR
TO RECEIVABLE AC
| Is This Answer Correct ? | 18 Yes | 3 No |
Answer / prasad
O2C Cycle covers 5 Stages of accounting cycle.
1. Staging of Goods/Items / Pick Release
Inventory Staging A/C ......Dr 500
Finished Goods A/C ......Cr 500
2. Ship Confirmed
COGS A/C ......Dr 500
Inventory Material A/C ......Cr 500
3. Raising Customer Invoice
Receivable A/C ......Dr 500
Revenue A/C ......Cr 500
4. Receipt of Customer Payment
Remittance Cash A/C........Dr 500
Receivable A/C .................Dr 500
5. Remittance to Bank
Cash A/C...........................Dr 500
Remittance Cash A/C........Dr 500
| Is This Answer Correct ? | 8 Yes | 5 No |
Answer / s.y.kishore
O2C Cycle(order to cash)
1.Sales order
Reeving inventory a/c debit 1000
sub inventory a/c credit 1000
2. Pic release
deffer cogs a/c debit 1000
Reeving inventory a/c credit 1000
3. ship conform
cogs a/c debit 1000
deffer cogs a/c 1000
4.invoice/transacation
Receivables a/c debit 1000
revenue a/c credit 1000
5.receipt from customer
conformed cash a/c debit 1000
receivables a/c credit 1000
6.Remit to bank
Remitted cash a/c debit 1000
conformed cash a/c credit 1000
7 Reconciliation
Cash a/c debit 1000
remitted cash a/c credit 1000
| Is This Answer Correct ? | 4 Yes | 3 No |
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