what are the accounting entries which get effected in order
to cash cycle
Answers were Sorted based on User's Feedback
Answer / poonam
Accounting Entries for AR
Once the Order is shipped then Material account will be
credit and COGS Account will be debit.
At the time of Invoice creation
Revenue account will be credit and receivable account will
be debit.
At the time of receipt creation.
Receivable account will be credit and Bank payment account
will be debit
Is This Answer Correct ? | 62 Yes | 9 No |
Answer / kathir
For Order to Cash Entries.
Step 1: Sales order creation - No entries
Step 2: Pick release : Inventory Stage A/c Dr
To Inventory Finished goods a/c
Step 3: Ship confirm : Cogs A/c Dr
Inventory Organization A/c.
Step 4: In Receviable : Receviable A/c dr
To Revenue A/c
To Tax
To Freight
Step 5: Cash : Cash A/c Dr
Receivable A/c cr
Is This Answer Correct ? | 42 Yes | 9 No |
Answer / srinivas k
Materal acounts
Cost of goods sold account
revenue account
Is This Answer Correct ? | 28 Yes | 11 No |
Answer / pradeep.h
For Order to Cash Entries.
Step 1: Sales order creation - No entries
Step 2: Pick release : Inventory Stage A/c Dr
To Inventory Finished goods a/c
Step 3: Ship confirm : Cogs A/c Dr
Inventory Organization A/c.
Step 4: In Receviable : Receviable A/c dr
To Revenue A/c
To Tax
To Freight
step 5: When the reciept is not applied to the transaction
Unbilled receivabels a/c dr
to receivables a/c cr
Step 6: Cash : Cash A/c Dr
Receivable A/c cr
Is This Answer Correct ? | 17 Yes | 11 No |
Answer / anand
1.Sales Order Creation:- NO ENTRY
2. Release of Finished Inventory:-
Finished Goods A/c Dr
To WIP (work in progress) goods A/c
3. Shipping:-
Cost of Goods Sold A/c Dr
To Finished Goods A/c
4. Invoice:-
Customer A/c Dr
To Sales A/c
5. Payment:-
Bank A/c Dr
To customer A/c
Is This Answer Correct ? | 7 Yes | 1 No |
Answer / bhargav athuluri
When you ship the goods
Cost of goods sold A/C Dr
TO Inventory A/C
When you run the auto invoice program
Receivables A/C Dr
To Revenue A/C
When you receive cash
Cash A/C Dr
TO Cash clearing A/C
Is This Answer Correct ? | 8 Yes | 4 No |
Answer / anil
1. Order Created - No entries
2. Order Pick Released - Inventory Stage A/c Dr
Inventory A/C Cr
3. Order Ship Confirmed - COG sold A/C Dr
Inventory Stage A/c Cr
3. Transaction Created - Receivable Alc Dr
(Receivables) Revenue A/c,Tax A/C, Freight A/c DR
4. Receipt of Payment - Cash a/c Dr
Receivable A/c Cr
Is This Answer Correct ? | 4 Yes | 1 No |
Answer / aruna
When ship the goods
COGS a/c Dr
To Inventory a/c
At the time of Transaction
Receivables a/c Dr
To Revenue a/c
At the time of receipt
Cash clearing a/c
To receivables a/c
At the time of reconciliation
Cash a/c Dr
Cash clearing a/c
Is This Answer Correct ? | 3 Yes | 2 No |
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Payables Applications Technical Reference Manual