Accounting entries in Oracle Financials

Below is the list of entries from Oracle Financials Modules.

                                                            PAYABLES

NOTE: We don’t have Accounting Entries for PO & Requisition

P2P ENTIRES:

When we receive the Goods in the staging area the accounting entry would be (GRN):

Receiving Inventory --- Dr-----It will pick from receiving options.

Ap Accrual --- Cr---It will pick from Purchasing Options.

When we are moving the Goods from Staging area to Sub-Inv (Recv Trans):

Material A/C --- Dr-----It will pick from Inventory Options

Receiving Inv --- Cr----It will pick from Receiving Options

While Creating Invoice:

Ap Accrual --- Dr

Liability ---- Cr-----It will pick from supplier Liability

While Making Payment:

Liability – Dr

Cash Clearing – Cr-----It will pick from Bank

Reconciliation: 

Cash Clearing --- Dr

Cash – Cr

Standard Invoice Entry :

Ap Accrual --- Dr

Liability ---- Cr

Debit and Credit Memo Entries:

Liability --- Dr

Ap Accrual --- Cr

Prepayment Entries:

While Creating Prepayment Invoice:

Prepayment --- Dr----It will pick from supplier

Liability – Cr----It will pick from supplier

While Making Payment to Prepayment:

Liability – Dr

Cash – Cr

While applying Prepayment on Standard Invoice:

Liability --- Dr

Prepayment – Cr

INTEREST INVOICE ENTRY WHILE MAKING PAYMENT :

Interest expenses –- Dr-----It will pick from Financial options

Liability ---------------- Dr

Cash ---------------------Cr

EXPENSE REPORT ENTRY :

Item Expense A/C --- Dr

Liability --- Cr

PAYMENT REQUEST INVOICE ENTRY :

Item Expense --- Dr

Liability – Cr

FUTURE DATED PAYMENT ENTRY :

When Bills Issued:

Item Expense – Dr

Bills Payable --- Cr

When Maturity Date Confirmed:

Bills Payable – Dr---It will pick from Supplier or Financial options

Liability – Cr

WITH HOLDING TAX ENTRY :

When Withholding tax applied on standard Invoice:

Item Expense --- Dr

Liability --- Cr

Withholding --- Cr-----It will pick from WHT codes

Auto Generated WHT Entry:

Item Expense – Dr

Liability --- Cr

RETAINAGE RELEASE ACCOUNTING ENTRY:

When Invoice matched with PO accounting entry would be:

Accrual ------ Dr

Liability ---- Cr

Retainage ---Cr----It will pick from financial options

While making payment to the invoice matched with PO:

Liability ---- Dr

Cash --------Cr

When Retainage Release Invoice Matched with PO accounting entry would be:

Retainage --------Dr

Liability ----------- Cr

While making Payment to Retainage Release:

Liability ---Dr

Cash -------Cr

                                                 RECEIVABLES

O2C ENTRIES:

Pick Release:

Receiving Inventory ---- Dr

Item Expense/Material ac ---- Cr

Ship Confirmation:

COGS ---- Dr----It will pick from Inv Information

Receiving Inv (Sub-Inv) ---- Cr

While Creating Transaction:

Receivable ---- Dr

Revenue ------- Cr

Freight --------Cr

Tax -------------Cr

While Recording Receipt: WHEN STATE IS CONFIRMED

Confirmed Cash--------------Dr

Receivables ----Cr

When Remitted: WHEN STATE IS REMITTED

Remitted Cash ---- Dr

Confirmed Cash--------Cr

When Reconciled: WHEN STATE IS CLEARED

Cash -------Dr

Remitted Cash --- Cr

DEPOSIT ACCOUNTING ENTRY:

When we create DEPOSIT invoice the accounting entry would be:

Receivable --- Dr

Accrual (Unearned Revenue) -------- Cr

When we create Sales Invoice:

Receivable---Dr

Revenue----- Cr

When Deposit adjusts with actual transaction invoice the entry would be:

Unearned Rev (Accrual) -----Dr

Receivables-------Cr

GAURANTEE ACCOUNTING ENTRY:

When we crate Guarantee transaction:

Unbilled receivable----Dr

Unearned Revenue ---Cr

When we create sales Invoice:

Receivable ----Dr

Revenue -------Cr

When Guarantee transaction adjusts with sales invoice:

Unearned Revenue ---Dr

Unbilled Receiva

REVENUE RECOGNISATION:

INVOICE ADVANCE:

When we create sales invoice and set invoicing rule as INADVANCE(FIXED SCH):

Receivables ---- Dr

Unearned Revenue -------- Cr

Once we recognize the Revenue the accounting entry would be:

Unearned Revenue ---- Dr

Revenue------------------Cr

And the final entry would be:

Receivable ------Dr

Revenue ---------Cr

INVOICE ARREARS:

REVENUE RECOGNISATION using Invoice Arrears Schedule:

Unbilled Receivables—Dr

Revenue-----------------Cr

Once we have billed the customer

Receivables---------------Dr

Unbilled Receivables--Cr

ONACCOUNT ACCOUNTING ENTRY:

When we created the Receipt and applied to OnAccount :

Cash ---Dr

Receivables ----CR, ONACCOUNT -----Cr

CUSTOMER REFUND ACCOUNTING ENTRY :

When we release the On account and Refund the Amount:

Cash ----Dr

Receivables----Cr

On Account Cash ---Cr

Unapplied Cash -----Dr

Refund----------------Cr

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