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  • Accounting Entries in Inventory

    Diunggah oleh

    Ramesh Garikapati
    47 tayangan2 halaman
    The document discusses accounting entries made in inventory, accounts payable (AP), and purchasing modules in Oracle. When an item is received into inventory, an entry is made debiting inventory receiving and crediting AP accrual. When a purchase order (PO) is matched, AP accrual is debited and AP liability is credited. In AP, an invoice raises a debit to AP accrual and credit to liability if matched to a PO, or debits a charge account without a PO match. Payment debits liability and credits bank. Entries can be viewed in inventory, purchasing, and AP modules using view accounting.

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    Accounting entries

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    The document discusses accounting entries made in inventory, accounts payable (AP), and purchasing modules in Oracle. When an item is received into inventory, an entry is made debiting inventory receiving and crediting AP accrual. When a purchase order (PO) is matched, AP accrual is debited and AP liability is credited. In AP, an invoice raises a debit to AP accrual and credit to liability if matched to a PO, or debits a charge account without a PO match. Payment debits liability and credits bank. Entries can be viewed in inventory, purchasing, and AP modules using view accounting.

    Hak Cipta:

    Attribution Non-Commercial (BY-NC)
    Unduh sebagai PDF, TXT atau baca online dari Scribd
    Tandai sebagai konten tidak pantas
    47 tayangan2 halaman

    Accounting Entries in Inventory

    Diunggah oleh

    Ramesh Garikapati
    The document discusses accounting entries made in inventory, accounts payable (AP), and purchasing modules in Oracle. When an item is received into inventory, an entry is made debiting inventory receiving and crediting AP accrual. When a purchase order (PO) is matched, AP accrual is debited and AP liability is credited. In AP, an invoice raises a debit to AP accrual and credit to liability if matched to a PO, or debits a charge account without a PO match. Payment debits liability and credits bank. Entries can be viewed in inventory, purchasing, and AP modules using view accounting.

    Hak Cipta:

    Attribution Non-Commercial (BY-NC)
    Unduh sebagai PDF, TXT atau baca online dari Scribd
    Tandai sebagai konten tidak pantas
    dari 2

    Accounting Entries in Inventory, AP and Purchasing

    Inventory When Item is received in Inventory. Dr Inventory Receiving Account Cr AP Accrual Account. Dr Material A/c Cr Inventory Receiving account On Matching Po Dr AP Accrual A/c Cr AP Liability A/c > When is reserved against item reservation Dr ATO Reserve Material A/c (Hope this for earmarked item for ATO) Cr Material A/c > When reserved item will be issued from inventory > Dr WIP Material A/c Cr ATO Reserve Material A/C > -When Purchasing is made - Encumbrance Accounting this one depends on u use PO Encumbrance or Reqisition Encumbrance > > -When Payment initiated against PO > I Doubt u can do this > -When payment initiated againt Standard Invoice (without PO) Dr Ap Liabilty A/c Cr Bank. > OR , can I see the accounting entries made the inventory , Purchasing and AP ,any where in Oracle modules? For Inventory Related u can see in Inventory Module u can see in tools View Accounting for receiving material and inspection etc. in PO There wont be any entry for PO, for receiving it is as above u can see in view accounting. AP u can see in view accounting or in menu "View accounting lines"

    he following are the entries generated in Inventory: On receipt of material Dr.....Receiving Inventory a/c Cr.....AP Accrual A/c On moving to final destination Dr.....Subinventory a/c

    Cr......Receiving inventory a/c There will be 2 more a/c entries if inspection is done. Entries in AP When Invoice is raised & matched to PO Dr.....AP Accrual a/c Cr.....Liability a/c When Invoices is raised w/o matching to PO Dr.....Charge a/c Cr.....Liability a/c On payment of the same Dr.....Liability a/c Cr.....Bank/Cash a/c Once the invoice is approved and accounted, you can view the accounting entries from Tools--> View Accounting Hope this helps...

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