Oracle
Fusion cloud
Fusion cloud
Procure to Pay (P2P) Accounting Entries
In
Oracle Fusion, all Procurement Account Maintain at Transaction Accounting
Builder (TAB), it is same as work as charge account in R12 and you can maintain
own TAB as per your business requirement. All the accounts maintain at the task
called Mapping Set
Oracle Fusion, all Procurement Account Maintain at Transaction Accounting
Builder (TAB), it is same as work as charge account in R12 and you can maintain
own TAB as per your business requirement. All the accounts maintain at the task
called Mapping Set
- ·
you
can set these accounts at inventory organization level or make as default for
all inventory organization but default account has lesser preferences as
compared to assignment at inventory organization level. - ·
As
compared to R12 where we can set only one accrual account at inventory
organization level but in fusion you can maintain as many accrual accounts as
you want based on your business requirement.
At the
time PO creation, following account assigned
time PO creation, following account assigned
·
PO
Charge Account
PO
Charge Account
·
Variance
Account
Variance
Account
·
AP
Accrual Account
AP
Accrual Account
When
Receipt performed in Supply Chain Execution > Inventory Management> Receipt
> Receipt Expected Shipment then following Account hit on the basis of Receipt
Method I.e Direct, standard & Inspection
Receipt performed in Supply Chain Execution > Inventory Management> Receipt
> Receipt Expected Shipment then following Account hit on the basis of Receipt
Method I.e Direct, standard & Inspection
|
|
Dr
|
Cr
|
|
Receipt Inspection Account
|
1000
|
|
|
AP
Accrual Account Account |
|
1000
|
|
|
Dr
|
Cr
|
|
Inventory (Material) Account
|
1000
|
|
|
Receipt
Inspection Account |
|
1000
|
When supplier
billed the invoice then In payable fusion system invoice will be booked against
receipt and liability account picked from supplier site.
billed the invoice then In payable fusion system invoice will be booked against
receipt and liability account picked from supplier site.
|
|
Dr
|
Cr
|
|
AP accrual Account
|
1000
|
|
|
Supplier
Liability Account |
|
1000
|
At the
time of payment, system debit the Supplier Liability Account and credit the Cash
Account
time of payment, system debit the Supplier Liability Account and credit the Cash
Account
|
|
Dr
|
Cr
|
|
Supplier Liability Account
|
1000
|
|
|
Cash Account
|
|
1000
|
