Professional Documents
Culture Documents
Accounting Entries
Accounting Entries
Accounting Entries
NO
Transaction Type
Source Module
Accounts
Dr Amount
Cr Amount
Comment
Procure to Pay where receipts are being created. 1 Po Creation Oracle Purchasing Receiving inventory* PO price * Received Qty. This entry will be created for all inventory items and for expense items where we have specified accrual at receipt at the PO shipment level when we create a receipt (CMR). In case for expense items where accrual is at period end, this accounting entries are generated and sent at the end of the month by running the Receipt Accruals - Period-End Proces. All items with a destination type of either Inventory are accrued on receipt. For items with a destination type of Expense, you have the option of accruing on receipt or at period end.
AP Accrual** 3 Inspection 4 Delivery Oracle Purchasing Charge Account*** Qty Delivered x PO price
PO price * Received Qty. For inventory Item, charge account will be Loose Oil, Packing Material or Finished Goods account as applicable.In applicable.In case of Expense/service items, charge account will be refining charges, transportation charges, Insurance Charges etc. as applicable. Qty Delivered x PO price Qty Matched x PO Price Qty Matched x PO Price Invoice amount or less in case of partial payment Cash Clearing Same as Liability amount
Receiving inventory 5 Invoice Creation Oracle Payables AP Accrual Liability Liability Cash Clearing
6 Payment
Oracle Payables
7 Reconciliation
Cash Management
Payment amount Manually entered at the time of payment or payment clearing Payment amount+Bank charges No accounting entries
Cash
8 Rejection of Material
9 Return to Vendor
Oracle Purchasing
Qty returned x PO Price Qty returned x PO Price Qty returned x PO Price Qty returned x PO Price
Oracle Payables
Procure to Pay , for cases where we do not create Receipt/CMR (For e.g. Service Items), In case of two way match Invoice 1 Po Creation 2 Invoice Creation Oracle Purchasing Oracle Payables Charge Account Liability Liability Cash Clearing 4 Reconciliation Cash Management Cash Clearing Bank Charges Payment amount Manually entered at the time of f payment t or payment t clearing Payment amount+Bank charges Qty Matched x PO Price Qty Matched x PO Price Invoice amount or less in case of partial payment Cash Clearing Same as Liability amount -
3 Payment
Oracle Payables
Cash
Procure to Pay , for cases where we do not create PO ( E.g. Telephone Bills) 1 Invoice Creation Oracle Payables Charge Account ( Expense Account) Liability 2 Payment Oracle Payables Liability Cash Clearing
Supplier Invoice Amount Supplier Invoice Amount Invoice amount or less in case of partial payment Cash Clearing Same as Liability amount
3 Reconciliation
Cash Management
Payment amount Manually entered at the time of payment or payment clearing Payment amount+Bank charges
Cash
Order Mangement
Via MAC
2 Sales Invoice
(Sundry
Inoivce Amount
Revenue
Inoivce Amount
These Entry will be same in case of Debit Memo also. In AR The Accounts are defaulted based on the Auto Accounting Setup. Different Segments of the Account can be picked either from Transaction Type, Item or Customers. Revenue Account will be the Combination of Activity,Location, Product Group and Natural Account.And will default as per the transaction.
3 Receipt
Receipt Amount
Will Debit the Cash Account directly as no Cash Clearing will be used in AR.
Advance from Sundry Debtors 4 Application of Receipt to Invoice ORACLE Receivables Advance from Sundry Debtors Receivables (Sundry Debtors) Order Mangement Cost of Goods Sold Inoivce Amount
Receipt Amount
Inoivce Amount
5 Sales Return
Via MAC
ORACLE Receivables Sales Return Receivables Debtors) ORACLE Receivables Adjustment Activity
7 Invoice Adjustment
Adjustment Amount
This can be the TDS on Rent account, in case of TDS dedcuted on Rent in Tank Farms. Adjustment Amount
(Sundry
Order Mangement
Shipment Qty x Ship Organization Item Cost Shipment Qty x Ship Organization Item Cost Receipt Qty x Ship Organization Item Cost+ Transfer Credit Receipt Qty x Ship Organization Item Cost Transfer Credit
2 Internal Receipt
Purchasing
Inter-Org Receivables
Account defined on Shipping Network. This is defined on shipping network. MAC supports pre-defined percentage only.
Receipt Qty x Receive Organization Item Cost Receipt Qty Receipt Qty x Ship Ship Organization Item Cost converted to Receive Organization Currency + Transfer Credit Receipt Qty x (Ship Organization Item Cost Receive Organization Item Cost)] + Transfer Credit Account Accoun t defined defined on Shipping Shipping Network Network.
Inter-Org PPV
Inventory Transactions
Inventory (IC)
Damages
Adjustment Qty x Warehouse Total Item Cost Adjustment Qty x Source Warehouse Total Item Cost Adjustment Qty x Warehouse Total Item Cost Adjustment Qty x Source Warehouse Total Item Cost Transaction Qty x Target Warehouse Total Item Cost Charge Account will be debited for Target Warehouse. If IVV is zero, then no entry is created for it.
Charge Account
Inventory (IC)
Scraps
Charge Account
Charge Account
MAC: Inventory Valuation Variance Transaction Qty x (Source IVV Warehouse Total Item Cost Target Warehouse Total Item Cost) Charge Account
Transaction Qty x Source Charge Account will be credited for Warehouse Total Item Cost Source Warehouse. [Transaction Qty x Source Warehouse Total Item Cost] [Transaction Qty x Source Warehouse Total Item Cost] [Transaction Qty x Target ] Warehouse Total Item Cost] [Transaction Qty x Source Warehouse Total Item Cost in Target Company Base Currency] Accounting Entries for Target Company. Here Company refers to OPM company which is equivalent to Operating unit. Accounting Entries for Source Company.
Inventory(IC)
Charge Account
MAC: Inventory Valuation Variance [Transaction Qty x (Source IVV Warehouse Total Item Cost in Target Company Base Currency - Target Warehouse Total Item Cost)]
Inventory (IC)
Charge Account
[Transaction Qty x Source Accounting Entries for Source Warehouse Total Item Cost] Warehouse. You can cancel a transfer at any time. A reverse entry is created to put the inventory back into the [Transaction Qty x Source source warehouse Warehouse Total Item Cost] [Transaction Qty x Target Warehouse Total Item Cost] [Transaction Qty x Source Warehouse Total Item Cost] Accounting Entries for Target Warehouse.
Charge Account
MAC: Inventory Valuation Variance [Transaction Qty x (Source IVV Warehouse Total Item Cost Target Warehouse Total Item Cost)] Production Transactions 1 Batch Release
[Actual Ingredient Input Qty x (WIP Warehouse Item Material Cost + WIP Warehouse Item Resource Cost)] MAC: Resource Control Account [Actual Ingredient Input Qty RCA x (WIP Warehouse Item Burden Cost + WIP Warehouse Item GL Allocation Cost)] MAC: Inventory Valuation Variance [Actual Ingredient Input Qty IVV x (Consumption Warehouse Total Item Cost - WIP Warehouse Total Item Cost)] Charge Account [Actual Ingredient Input Qty x Consumption Warehouse Total Item Cost] Charge Account [Actual Product Output Qty x Replenishment Warehouse Total Item Cost]
[Actual Product Output Qty x (WIP Warehouse Item Material Cost + WIP Warehouse Item Resource Cost)] [Actual Product Output Qty x (WIP Warehouse Item Burden Cost + WIP Warehouse Item GL Allocation Cost)]
3 Batch Close
MAC: Inventory Valuation Variance [Actual Product Output Qty x IVV (Replenishment Warehouse Total Item Cost - WIP Warehouse Total Item Cost)] MAC: Inventory Work In Process Amount to clear out the WIP WIP generated by all the transactions in RELE and CERT sub-events
There are three reasons why amounts are posted to the close variance: You might get a non-zero close variance if the batch was released in one cost period and the debit to WIP is valued at one cost, but the batch is completed in a later cost period when the credit to WIP for the same quantities is valued at a different cost. This results in a left over balance WIP due to the cost change and must be cleared out. If you select an average actual costing with PMAC, then the costs include period ending balance which results in a variance.
MAC: Batch Close Variance CLS Cost Revaluation 1 Inventory Revaluation /Cost Revaluation
Charge Account
[(Prior Period Inventory Balance) x (Current Period Total Item Cost - Prior Period Total Item Cost)]
the posting date for cost revaluation is determined by the GL transaction date stored in the company of OPM MAC Fiscal Policy when the subledger update is run.
[(Prior Period Inventory Balance) x (Current Period Total Item Cost - Prior Period Total Item Cost)]
Same as other purchase with receipts. Charge account is Asset clearing account for assets and CIP clearing account for CIP. Oracle Assets Asset Cost Asset Clearing CIP Cost CIP Clearing Asset Cost CIP Cost Depreciation Expense Accumulated Depreciation Invoice Amount Invoice Amount Invoice Amount Invoice Amount CIP Amount CIP Amount Depreciation amount for period Depreciation amount for period Asset Cost A Asset t Cost C t Acc Depr as on date Acc Depr as on date Asset cost - Acc Depr as on date Acc Depr as on date Asset Cost Asset cost - Acc Depr as on date Acc Depr as on date Asset Cost
1 Addition of Asset
2 Addition of CIP
Oracle Assets
3 Capitalization of CIP
Oracle Assets
4 Run Depreciation
Oracle Assets
5 Transfer of Asset
Oracle Assets
Asset Cost - new Asset A tC Cost t - old ld Accumulated Depreciaiton - old Accumulated Depreciaiton - new Net Book Value Retired Accumulated Depreciation Asset Cost
6 Retirement of Asset
Oracle Assets
7 Sale of Asset
Oracle Assets
Proceeds of Sale Clearing Proceeds of Sale Cost of Removal Cost of Removal Clearing
Sale amount Sale amount Cost of removal entered during sale Cost of removal entered during sale Sale amount This is a separate transaction in AR. Need to verify that amount is same as entered in FA. Sale amount Cost of removal entered during sale Cost of removal entered during sale This is a separate transaction in AP. Need to verify that amount is same as entered in FA.
Oracle Receivables
Accounts Receivable
Liability