one employee went on site , we given to him 1000 through prepayment . but i final spends amount is 800, then what about remaining 200 , how can we refund to organisation. through debit memo or credit memo, or , prepayment or if any, please give me best solution , if any one know this question answer reply me this mail, nmallioracle@gmail.com
- 1 Answers
- 2671 Views
- Polaris, I also Faced
- E-Mail Answers
Answer Posted / govind singh
1.Create a debit memo with a clearing account in distribution and take the refund (do the payment)
2. Create a standard invoice with the same clearing account which we use in debit memo and apply the Prepayment.
Let's see the entire process accounting from payment to employee.
- Prepayment A/c Dr. 1000
To Supplier Liability A/c 1000
- Prepayment Paynent
Supplier Liability A/c Dr. 1000
To Cash Clearing A/c 1000
- Standard Invoice of employee expenses of 800
Item Expense A/c 800
To Supplier Liability 800
- apply the Prepayment
Supplier Liability A/c Dr. 800
To Prepayment A/c 800
- Debit Memo
Supplier Liability A/c Dr. 200
To Clearing A/c.200
- Standard Invoice (with Clearing account offset)
Clearing A/c Dr. 200
To Supplier Liability A/c 200
- Apply the Prepayment (remain amount)
Supplier Liability A/c 200
To Prepayment A/c 200
So all the account is knocked off.
Follow this process
| Is This Answer Correct ? | 0 Yes | 0 No |
Post New Answer View All Answers
What is gap analysis, how do you defined. What are the pre-requisities?
What is Reporting of financial data in a project.
how service tax work.
What are the types of setups in apps inventory module
can any one tell me what exactly functional consultant do on daily basis? client requirements?
What is the Use of Grouping Rule in Receivables ? is it mandatory field ?
Payables Applications Technical Reference Manual
What is the meaning holding tax?
There is employee X and employee Y (who is supervisor of X); when Y submits expenses how will the system ensures that this should not go to X even if he has the approval authority.
What is the use of operating unit, while configure multiorg?
What is multi org? What is difference between 11i and 12i multi org structure?
what is VAT claim process?
What is Difference between Auto Copy Journal and recurring journal?
While assigning the security by book in oracle assets..i am unable ot get the asset org in security profile form.This asset org was already defined in org description window.
What is gap analysis, how do you defined?
