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Jul. 05, 2013
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Jul. 05, 2013
42,032 views

Antony Samuel
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CHIRANJEEBSAHOO1
5 months ago

jinal buch
1 year ago

Anis Hussain
2 years ago

Ahmed Harby
3 years ago

Jaya Prakash Paleti

, Account Executive at Lasys Technologies Pvt Ltd
at Lasys Technologies Pvt Ltd
3 years ago

chetan sharma
, Computer Faculty at ICA Infotech Pvt. Ltd.
at ICA Edu Skills Pvt. Ltd.
3 years ago

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Rosemarie Rivera
, Oracle Applications Administrator at Emerson Electric Asia Ltd. – ROHQ
at Emerson
4 years ago

ramu siddaraju
, --
at Accenture
4 years ago

Dennis Du CPM
, Supply Management Program Manager，Asia
at Corning Incorporated (Asia region)
5 years ago

Prasad Pakhare
, Oracle SCM Functional Consultant
6 years ago

Mohamed Khairy
, Oracle SCM Application Consultant (Fusion & E-Business Suite) at mivors
at mivors
6 years ago

Preetam Singh
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at Integrated Plastic Packaging, Dubai (UAE)
6 years ago

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Accounting entries for procure to pay

1. 1.
Accounting Entries for Procure to Pay (P2P)
cycle
Accounting Entries for Procure to Pay (P2P) cycle is as follows:
Purchasing/PO module:
Event
Accounting Entries
1. Creation of Requisition No accounting entries
2. Creation of Purchase Order (PO) No accounting entries
Inventory Destination Receipts
3. Receipt of Inventory
Items Receiving Inspection A/c Dr
Inventory AP Accrual A/c Cr
Note: Accounting Entries for Inventory Items can be created at
Receipts only where as for
Expense Items it can be done at Period End OR Receipts as applicable.
Expense Destination Receipts
4. Receipt of Expense
Items
Receiving Inspection A/c Dr
Expense AP Accrual A/c Cr
Expense Items with Receipts at Period End
5. When Receipts at Period End set up is done for
Expense items,
PO Charge A/c
To Expense AP Accrual A/c Cr
6. When next PO period is opened, reversal entry for point 7 is created,
Expense AP Accrual
A/c
To PO Charge A/c Cr
Inventory module:
Event Accounting Entries
1. Delivery of Inventory
Items Material/Inventory A/c Dr
(Standard Cost)
To
Receiving Inspection A/c Cr (PO Price)
Purchase Price Variance A/c Dr/Cr# (as applicable)
#Purchase Price Variance (PPV) is the difference between PO
price and Standard Cost.
2. 2.
2. Delivery of Expense
Items PO Distribution Charge A/c Dr
To Receiving Inspection A/c Cr
3. Purchase Return Inventory AP Accrual A/c Dr
To Inventory
A/c Cr
Payables/AP module:
Event Accounting Entries
1. Creation of
Inventory Item Invoice Inventory AP Accrual A/c Dr
To Liability A/c Cr
Invoice Price
Variance* A/c Dr/Cr (if any)
* Invoice Price Variance=Invoice Price-PO Price
2. Creation of
Expense Item Invoice Expense AP Accrual A/c Dr
To Liability
A/c Cr
3. Payment of Invoice (Inventory/Exp)
Liability A/c Dr
To Cash Clearing* A/c Cr
To Discount A/c Cr (If any)
To Gain/Loss A/c Cr (Foreign Exchange
G/L if any)
* Cash Clearing is used where Cash Management module is in place else it will directly hit
Cash/Bank Account for payment.
Other Entries:
4.
Good return to
Supplier Liability A/c Dr
To Inventory/Expense AP Accrual A/c Cr
5. Refund through
Credit Memo Liability A/c Dr
To AP Accrual/Charge
A/c Cr
6. Creation of Prepayment Invoice Prepaid
Expense A/c Dr
To Liability A/c Cr
7. Payment of
Prepayment Invoice Liability A/c Dr
To Cash Clearing
A/c Cr
8. Apply prepayment with
Standard Invoice Liability A/c Dr
To Prepayment A/c Cr
9. Creation of
3. 3.
Credit Memo Liability A/c Dr
To AP Accrual A/c/ Expense A/c Cr

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