Professional Documents
Culture Documents
If you enter an invoice with a Bill in Arrears invoicing rule with a three
3 month fixed duration accounting rule
When you clear the receipt, Receivables creates the following journal
26 entry
and Receivables creates this journal entry for the original payment
38 receipt:
Claims:Creating a non-invoice related claim
When you record a non-invoice related short payment or over
payment as a claim investigation application in the Applications
39 window, Receivables creates these journal entries:
40 Claims
41 Accounting for Receipt Write-offs
42
You can use the Receipts window to receive material directly from a
supplier to inventory. This is referred to as Direct Delivery. Even
though it is one step process to the user, it still consists of a receive
and deliver transaction, it is just transparent to the user.
48 Here is the receive portion of the Direct Delivery:
Inventory uses the quantity and standard cost of the received item to
update the receiving inspection and subinventory balances. Here is
49 the deliver portion of the Direct Delivery:
You can use the Receipts window to receive material directly from a
supplier to the expense destination. This is referred to as Direct
Delivery. Even though it is one step process to the user, it still consists
of a receive and deliver transaction, it is just transparent to the user.
Here is the receive portion of the Direct Delivery:
50
Each time you create accrual entries for a specific uninvoiced receipt,
Purchasing marks this receipt as accrued and ignores it the next time
you run the Receipt Accrual -Period End process. Purchasing creates
For negative
accrual entries
Corrections
only up to for
theInventory
quantity the
Destination
supplier did
the not
accounting
invoice for
57 partially
entries would
invoiced
be: receipts.
As soon as you open the next period, Purchasing reverses the accrual
entries using the following accounting entries:
59
DR Receivables (Deposit)
AR-Commitment CR Offset Account
DR Receivables (Invoice)
CR Revenue
CR Tax (if you charge tax)
CR Freight (if you charge freight)
DR Offset Account (such as Unearned
Revenue)
AR-Commitment CR Receivables (Invoice)
DR Cash
AR-Commitment CR Receivables (Deposit)
DR Receivables
AR-Commitment CR Revenue
DR Receivables (Invoice)
CR Revenue
CR Tax (if you charge tax)
CR Freight (if you charge
freight)
DR Revenue
AR-Commitment CR Receivables
DR Cash
AR-Commitment CR Receivables (Invoice)
DR Cash
AR-Receipts CR Receivables
DR Cash
DR Unapplied Cash
CR Unapplied Cash
AR-Receipts CR Receivables
DR Cash
AR-Receipts CR Unidentified
DR Cash
CR Unapplied
DR Unapplied
AR-Receipts CR On-Account
DR Receivables
CR Revenue
DR Cash
CR Receivables
DR Earned/Unearned Discount
AR-Receipts CR Receivables
DR Cash
AR-Receipts CR Unapplied Cash
DR Receivables
CR Unapplied Cash
DR Cash
CR Receivables (Invoice)
DR Write-Off
CR Receivables (Invoice)
DR Cash
CR Receivables (Invoice)
DR Receivables (Invoice)
CR Write-Off
DR Unapplied Cash
CR Write-off
DR Cash
CR Receivables (Invoice)
DR Receivables (Chargeback)
CR Chargeback (Activity)
DR Chargeback (Activity)
CR Receivables (Invoice)
DR Unapplied Cash (Receipt 1)
CR Netting (Receipt 1)
DR Netting (Receipt 2)
CR Unapplied Cash (Receipt 2)
DR Confirmation
AR-Remittances CR Receivables
DR Remittance
CR Confirmation
AR-Remittances
DR Cash
DR Bank Charges
AR-Remittances CR Remittance
DR Factor
CR Confirmation
AR-Remittances
DR Cash
DR Bank Charges
AR-Remittances CR Short-Term Debt
DR Short-Term Debt
AR-Remittances CR Factor
DR Write-Off
AR-Adjustments CR Receivables (Invoice)
DR Receivables (Invoice)
AR-Adjustments CR Write-Off
DR Receivables
CR Revenue (if you enter line amounts)
CR Tax (if you charge tax)
CR Freight (if you charge freight)
DR Receivables
AR-Debit Memos CR Finance Charges
DR Revenue (if you credit line amounts)
DR Tax (if you credit tax)
DR Freight (if you credit freight)
AR-On-Account Credits CR Receivables (On-account Credit)
DR Receivables (On-account Credit)
AR-On-Account Credits CR Receivables (Invoice)
DR Receivables
CR Unapplied
DR Unapplied
CR Receivable Activity (Clearing
AR-Credit Card Refunds Account)
DR Cash
CR Receivable Activity (Clearing
AR-Reversing a credit card refund Account)
DR Claim Investigation
AR-Creating a non-invoice related claim CR Unapplied Cash
AP Accruals A/c Dr
AP - InV To AP Liability A/c
AP Liability A/c Dr
AP - Pay To Cash Clearing A/c
General Explanation Based on the Rules
DR Cash
CR Unidentified
DR Cash
CR Unapplied
DR Cash 100
CR Unapplied 100
DR Unapplied 100
CR Receivable 100
DR Cash 100
CR Unapplied 100
DR Unapplied 95
CR Receivable 95
DR Unapplied 5
CR Write-off 5
DR Write-off 5
CR Unapplied 5
For inventory destinations, the purchase order distribution
accrual account is the Inventory A/P accrual account for
the receiving organization.
2. None
Under accrual accounting, the invoice would be recorded as a debit to your expense
account and a credit to the payable account, such as accounts payable. When the
payment is recorded, the debit is to the accounts payable for the bill and a credit to
the cash account when the check is written.
Under cash accounting, no entry is made for the invoice. However, when the
payment is made it is a debit to the expense account and a credit to the cash
account.
2. None
The purchase and prepayment of an asset on account before it is used by the company.I.e. Insurance, Rent, or Supplies. Othe
accounts debited are: Prepaid Insurance orPrepaid Rent.
Supplies XXX Accounts Payable XXX