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P2P & O2C (entries)

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reddyg.2385
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5 views

P2P & O2C (entries)

Uploaded by

reddyg.2385
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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P 2 P ENTRIES

1) First entry comes at receipt level

Receiving inventory a/c Dr


To inventory AP Accrual a/c

2) Second entry comes in inventory level module


Material value a/c Dr
To receiving inventory a/c

3) Third entry comes in AP module


AP accrual a/c Dr
To liability a/c
To tax a/c
To Freight a/c

4) Fourth entry comes in receiving(Payment)


Liability a/c Dr
To Cash clearing a/c

5) Fifth entry comes in Payment clearing


Cash clearing a/c
To cash
ORDER TO CASH ENTRIES (O2C)

1) Pick Release
Inventory stage a/c Dr
To Inventory finished goods

2) Ship confirm
Cost of goods sold a/c Dr
To Inventory organization a/c

3) Transaction
Receivables a/c Dr
To Revenue a/c

4) Receipt
Confirmed cash a/c Dr
To Receivables

5) Remittance
Remittance a/c Dr
To confirmed cash a/c

6) Reconciliation
Cash a/c Dr
To Remittance a/c
7) Reconciliation
Cash a/c Dr
To confirmed cash
ENTRIES IN ACCOUNT RECEIVABLES

1) Transaction:

Receivables a/c- Dr
To Revenue

2) Receipt

Confirmed cash a/c Dr


To Receivables

3) Check send to bank for clearance

Cash clearing a/c Dr


To Receivables

4) Check get cleared

Cash a/c Dr
To cash confirmed

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