![]() The journal entry in Oracle Assets during detailed or quick addition isĪsset clearing account is used to reconcile the transactions between Oracle Payables and Oracle Assets. ![]() Detail and quick addition are carried out only in Oracle Assets. The process of adding a Fixed Asset either through detailed, quick or mass addition is called asset addition. When we release the On account and Refund the Amount: When we created the Receipt and applied to On Account : REVENUE RECOGNISATION using Invoice Arrears Schedule: Once we recognize the Revenue the accounting entry would be: When we create sales invoice and set invoicing rule as IN ADVANCE(FIXED SCH): When Guarantee transaction adjusts with sales invoice: When Deposit adjusts with actual transaction invoice the entry would be: When we create DEPOSIT invoice the accounting entry would be: While Recording Receipt: WHEN STATE IS CONFIRMED While making Payment to Retainage Release:ĬOGS - Dr-It will pick from Inv Information When Retainage Release Invoice Matched with PO accounting entry would be: While making payment to the invoice matched with PO: Retainage -Cr-It will pick from financial options When Invoice matched with PO accounting entry would be: Withholding - Cr-It will pick from WHT codes When Withholding tax applied on standard Invoice: Interest expenses –- Dr-It will pick from Financial optionsīills Payable – Dr-It will pick from Supplier or Financial options INTEREST INVOICE ENTRY WHILE MAKING PAYMENT: While applying Prepayment on Standard Invoice: Liability – Cr-It will pick from supplier Prepayment - Dr-It will pick from supplier Liability - Cr-It will pick from supplier LiabilityĬash Clearing – Cr-It will pick from Bank Receiving Inv - Cr-It will pick from Receiving Options Material A/C - Dr-It will pick from Inventory Options When we are moving the Goods from Staging area to Sub-Inv (Recv Trans): ![]() Receiving Inventory - Dr-It will pick from receiving options.Īp Accrual - Cr-It will pick from Purchasing Options. When we receive the Goods in the staging area the accounting entry would be (GRN):
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