Journal Entries:
Module : Accounts
Payable
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Material Receipt:
1. On entry of PO:
No accounting impact.
2. Material receipt
Receiving accrual Dr
AP accrual Cr.
3. On completion of
inspection
Inventory Dr.
Receiving accrual Cr.
4. On entering invoice in
AP and matching it to receipt
AP Accrual Dr.
Accounts payable Cr.
5. On payment
Accounts payable Dr.
Cash clearing Cr. (if
clearing is enabled)
Cash Cr. (if clearing is
not enabled)
6. On clearing
Cash Clearing Dr.
Cash Cr.
Debit and Credit Memo :
Debit Memo/ Credit Memo:
Accounts Payable A/c …Dr.
To Expense A/c
Standard Invoice:
AP Accrual A/c …Dr
To Accounts Payable A/c
Payment against Invoices
and DM/CM:
Accounts Payable A/c …Dr
To Cash Clearing A/c
Reconciliation Entry in
Cash Management:
Cash Clearing A/c Dr
To Cash A/c
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Prepayment to
Supplier/Employees :
Prepayment Invoice:
Prepaid Expense A/c ...Dr
To Accounts Payable A/c
Payment against Invoice
Accounts Payable A/c …Dr
To Cash Clearing Ac
Reconciliation in Cash
Management:
Cash Clearing A/c Dr
To Cash A/c
Standard Invoice:
AP Accrual A/c Dr
To Accounts Payable A/c
Apply payment against
Invoices:
Accounts Payable A/c …Dr
To Prepaid Expenses
Petty Cashier
Transactions:
Prepayment Invoices:
Prepayment Expenses A/c …Dr
To Petty Cashier Liability A/c
Payment against the
invoice:
Petty cashier Liability A/c
…Dr
To Cash A/c
Expense Report:
Expense A/c …Dr
To Petty Cashier Liability A/c
Apply payment Against
Invoices :
Petty Cashier Liability A/c
…Dr
To Prepayment Expenses A/c
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Journal Entries:
Module : Fixed Assets
Normal Addition of assets :
Purchasing:
1. When Asset Item is
received:-
Receiving Inventory Account
Dr
To Inventory A/P Accrual
Account Cr
2. When Item is Delivered
to Asset:-
Asset Clearing Account Dr
To Receiving Inventory
Account Cr
Payables
1. When Invoice for Asset
Item is created :
Inventory A/P Accrual
Account Dr
To Account Payable
Liability Account Cr
2. When Invoice is paid in
Accounts Payable:-
Account Payable Liability
Account Dr
To Bank Account Cr
Entry in Assets:
Assets A/c ...Dr.
To Asset Clearing A/c. Cr.
Depreciation Expense:
Depreciation A/c Dr.
Depreciation Adjustment A/c
…Dr
To Accumulative Depreciation
Merge Two Assets:
Assets ( A+ B) ….Dr
To Asset Clearing A/c (Cost of Asset A)
To Asset Clearing A/c (Cost of Asset B)
CIP
Assets:
Payables:
CIP Clearing A/c Dr
To Accounts payable A/c
When we add an asset as CIP
assets, then we will have the entry as:
Assets:
CIP Cost A/c …DR
To CIP Clearing A/c
For these types of assets,
we will not charge depreciation until and unless we capitalize the assets.
Capitalization will be in
two types:
1. Capitalize the asset in
the same period in which the asset is added to the system
2. Capitalize the asset
other than the same period, in which the asset is added to the system.
Capitalized in the same
period:
In payable:
CIP Clearing A/c …Dr
To Liability account
Asset A/c …Dr
To CIP Clearing
Capitalized after closing
the period:
Asset A/c …Dr.
To CIP Clearing
When we adjusted the
regular asset to the CIP Asset:
CIP Cost A/c …Dr.
To Asset Clearing A/c
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Retirement of Asset:
Receivables:
Receivable A/c ...Dr
To Proceeds of sales A/c
Payables:
Asset Clearing [Cost of
Removable] A/c
To payable A/c
Asset:
Accumulated
Depreciation …Dr.
Proceeds of sales Clearing
A/c …Dr.
Cost of Removable Gain
A/c …Dr.
Revaluation Reserve
A./c …Dr
Net Book Value Retired
Gain …Dr.
To Asset Cost A/c
To Proceeds of Sale Gain A/c
To Cost of Removable Gain A/c
To Revaluation Reserve Retired Gain A/c
Normal sale once completed the life of asset
Sale:
Receivables A/c …Dr.
To Proceeds for Sale A/c (Revenue)
Cost of removable:
Asset Clearing A/c (Cost of
Removable) …Dr.
To Liability A/c
Asset:
We sold the asset with
profit and the incurred the cost of removable expenses:
Accumulated Depreciation
A/c …Dr
Cost of Removable
(Expense) …Dr
Sales Proceedings
(Sale) …Dr.
To Asset Cost A/c
To Gain on sale of asset
To Asset Clearing A/c (Cost of removable)
We sold the asset with loss
:
Accumulated
Depreciation …Dr
Sale Proceedings …Dr
Loss on sale of Assets …Dr
To Asset Cost A/c
Scrap Sale:
Accumulated Depreciation
A/c …Dr
Cost of Removable
(Expense) …Dr
Sales Proceedings
(Sale) …Dr.
To Asset Cost A/c
To Gain on sale of asset
To Asset Clearing A/c (Cost of removable)
We sold the asset (Scrap)
with loss
Accumulated
Depreciation …Dr
Sale Proceedings …Dr
Loss on sale of Assets …Dr
To Asset Cost A/c
Added additional features
when asset value is Zero:
Asset Clearing account …Dr.
To Liability A/c
Asset Cost A/c …Dr.
To Asset Clearing Account
Depreciation A/c Dr.
Depreciation Adjustment A/c
…Dr
To Accumulative Depreciation
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Journal Entries:
Module : Accounts Receivable.
For Invoices and Debit Memos
Receivable A/c …Dr.
To Revenue A/c
For Invoice adjustment which increases the
invoice amount
Receivables A/c …Dr
To Adjustment A/c
For Invoice adjustment which decreases the
invoice amount
Adjustment A/c …Dr
To Receivable A/c
For Deposit:
When you enter
an Invoice :
Receivables
(Deposit) A/c …Dr.
To Unearned Revenue (Liability
Account)
When you enter
an Invoice against the Deposit
Receivables
(Invoice) A/c …Dr.
To Revenue A/c
Unearned Revenue
A/c …Dr.
To Receivables (Invoice) A/c
When cash is
received against the Deposit
Cash A/c …Dr
To Receivables (Deposit) A/c
Goods are
issued with a Guarantee:
When you enter
a Guarantee:
Unbilled
Receivable A/c …Dr.
To Unearned Revenue A/c
When you enter
an invoice as against the Deposit:
Receivables
(Invoice) A/c ..Dr.
To Revenue
Unearned
Revenue A/c …Dr
To Unbilled Receivable (Invoice)
A/c
Bills in
Advance :
Receivable A/c ..Dr
To unearned Revenue
Unearned
revenue A/c …Dr.
To Revenue A/c
Bills in
arrears:
Unbilled
receivable A/c …Dr
To Revenue A/c
Receivables A/c …Dr
To Unbilled Receivables A/c
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Apply
Receipt to Invoice :
Cash A/c …Dr
To Receivable A/c (Invoice)
Standard
Reversal :
Receivable
(Invoice) A/c …Dr
To Cash A/c
Debit Memo
Reversal :
Reversal (Debit
Memo) A/c …Dr
To Cash A/c
Standard
Receipt :
Cash A/c …Dr
To Receivables/ Un applied/
on-Account/ Unidentified
Receipt with
discount based on payment Terms:
Cash A/c …Dr.
To Receivable A/c
Earned/Unearned
Discounts A/c …Dr.
To Receivables A/c
Receipts and
Adjustments :
Cash A/c …Dr.
To Receivable A/c
Write-Off A/c …Dr.
To Receivables A/c
Receipt that
requires Remittance:
Enter Receipt:
Confirmation …Dr
To Receivable A/c
Remit Receipt :
Remittance …Dr
To Confirmation
Clear Receipt
Cash A/c …Dr
To Remittance
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1 comment:
Hello,
For the Script/Document Please send a mail to OracleApps88@Yahoo.com with POST url.
Thanks,
Raju
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