What are the Accounting Entries in P2P.in Oracle Financial
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Answer Posted / 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
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