Accounting Entries in Project Billing to Receivables Cycle
We are using EVENT/EVENT distribution method and are creating events from a feeder system to Project Billing. These events are accounted, revenue is transfered to GL and Invoices are interfaced into Receivables. Can any of you let me know the accounting entries and the stages at which accounting will happen.
Hi
Supplier invoice debit an account XXXX. This should be a CIP account (construction in progress), which is an Asset type account in GL.
When you capitalize the project, the system is populating the mass addition 'clearing account' field with the account debited by Projects (in your case, by AP). This will be the XXXX account.
The Expense Account should be the account you intend to charge periodic depreciation costs.
The Asset Account should be the account you intend to charge the value (the cost) of the asset in GL balance sheet.
Both, expense and asset, accounts are derived from the asset category.
If you have not defined asset categories, the system will use the default accounts from the system implementation setup.
Usually when you create an asset in Projects, before capitalizing, you are expected to setup the asset category. Asset category derives accounting and depreciation method.
Dina
Similar Messages
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Accounting Entries in Projects
Hi All
Could some one please help with the accounting entries which get generated in projects , speacially for Fixed Price projects where customer has paid amount in advance and services are yet to be delivered . While AR Invoice picks the Dr a/c and PA Cr a/c . Do they get knocked of in GL after traf from PA to GL ,how it would effect for projects with unearned revenue for a year
PA - Unearned Revenue Dr
Thanks
VedaHi
When you generate the invoices in Projects the system generates the accounting and the invoice is interfaced from Projects to AR with the accounting generated by Projects. AR will later interface the transactions to GL.
The interfaced Invoices -
Debit Receivables account
Credit Un Earned Receivables account, in case the accumulated amount of invoices is higher that the revenue. Otherwise the system will credit Un Billed Revenue.
When you generate revenue in Projects the system generates the accounting and the draft revenue is interfaced from Projects to GL.
The interfaced revenue -
Credit Revenue account
Debit Unearned Receivables account, in case the accumulated amount of invoices is higher than the accumulated amount of revenue. Otherwise the system will debit Unbilled Revenue.
Dina -
Accounting entries for intercompany billing process
hi,
can any body explain what it intercompany billing process and intra company billing process and STO processess.
and their individual accounting entries of these three business with excise impact.
regards,
balajia> Total Questions: 494 (232 unresolved)
Perhaps you should reconsider the quality of your questions? In this one you seem to have put in absolutely no effort of your own, but I will put some effort into tracking down your next question for you...
Please read the forum rules before continuing further. -
Accounting Entries in Project Asset Capitalization Process
Hello Dina,
Can you explain the accounting entries for capital projects for the scenario mentioned in the below points ?
1. A a project related supplier invoice is created for a capital project. It is validated, accounted and entries are transferred to GL. These are the entries:
Dr - Asset Clearing Account
Cr - Supplier Liability Account
2. Now, the transaction is interfaced to projects. The cost distribution line for the transaction only shows the Debit entry here (standard functionality)
Asset Clearing Account - Dr
Cr - Blank.
Since there are no adjustments to be made nor any more costs to incur, the project is capitalized.
3. Once asset lines are generated and then interfaced to Oracle Assets, the same clearing account (i.e. Asset Clearing Account of step 1) can be seen in Mass Additions screen in 'Clearing Account' Field. WHERE IS THIS USED ???
4. When the additions are set to POST, the system asks to enter 'Expense Account' and defaults the 'Bonus Expense' account from the setup for the asset category. WHERE IS THIS USED ???
5. Finally in the output of the Post Mass Additions request, there is a column 'Asset Account' which shows the value of the 'Asset Cost' account from the setup for the asset category. WHAT IS THIS FOR ???
Request you to throw some light on this.
Thanks,
ChanduHi
See my response on your later post.
Dina -
WBS element is not getting populated in Excise entry in Project billing
Hi SAP Guru's
We have the case where we are doing the billing from manufacturing plant against Project. While billing WBS element is appearing in the invoice but in excise invoice entry same is not getting populated. This is affecting RR and P&L.
Can you help me by providing the standard solution to meet this requirement or update if we can meet this requirement by some function module or through any exit.
Thanks
Surender GuptaHi,
In transaction" VTFA" and for your sales and billing type,select your item category and in the same scree,your pricing type should be "D".This will copy all the conditions from sales order item.
Reward if this helps.
Regards
Karan -
Accounting determination simulation during billing
Hello Friends,
We have a business requirement to simulate account receivables before releasing to accounts during billing document save. In standard, we can check account entries only after billing document save. Hence Could you please suggest -
a. Is any standard approach available to simulate an accounting determination during the creation of billing document?
b. I was identified simulation function in VF04 (Collective billing) but not sure how it works and the usage of this function.
Account determination analysis in billing document not really fill the requirement, our business is looking more like simlation process in finance side.
Many thanks in advance for your help.
Thanks
Regards,
Gouthamb. I was identified simulation function in VF04 (Collective billing)
but not sure how it works and the usage of this function.
Simulation of billing documents not simulation of accounting document.
Search forum about simulation,have a look at simulation functionality in MIRO transaction !
Edited by: Jeyakanthan A on Sep 17, 2010 10:18 AM -
Dear,
Can any one give me, what are the accounting entries will create while doing cin related documents. i.e when i do migo, miro, excise invoice and return delviery, utilization... i.e which a/c makes dr/cr,. pls provide in detail...Accounting entry in procurement
~ For Domestic Procurement of Raw Material
During GR
Material Stock Dr.
GR/IR clearing Cr.
During Excise Invoice Credit
Cenvat Account Dr.
Cenvat Clearing Cr.
During Invoice Verification
Cenvat Clearing Dr.
GR/IR Clearing Dr.
Vendor Payable Cr.
For Domestic proceurement of Capital Goods
During GR
Material Stock Dr.
GR/IR clearing Cr.
During Excise Invoice Credit
Cenvat Account Dr. (50%)
Cenvat On-hold Dr. (50%)
Cenvat Clearing Cr.
During Invoice Verification
Cenvat Clearing Dr.
GR/IR Clearing Dr.
Vendor Payable Cr
Subsequent of Capital Goods
Cenvat Account Dr. (50%)
Cenvat On-hold Cr. (50%)
For Import Procurement of Raw Material
During Customs Duty Clearing invoice
Custom Clearing Dr.
Custom Payable Cr.
During GR
Material Stock Dr.
GR/IR clearing Cr.
During Excise Invoice Credit
Cenvat Account Dr.
Custom Clearing Cr.
During Invoice Verification
GR/IR Clearing Dr.
Vendor Payable Cr.
For Excise Duty Credit of Raw Material without PO
Cenvat Account Dr.
Cenvat Clearing Cr.
For Excise Duty Reversal through Excise JV
Cenvat Clearing Dr.
Cenvat Account Cr.
Accounting entry when the goods are issued through MM and excise invoice is created (J1IS & J1IV)
During Excise Invoice Creation
Cenvat Suspense Account Dr.
Cenvat payable Cr.
For TR6C Challan
PLA Account Dr.
PLA on hold Account Cr.
During Fortnightly Utilization
Cenvat payable Dr.
Cenvat Account Cr.
PLA Account Cr.
Note: Cenvat Suspense Account should be cleared apprpiately using FI JV's.
Accounting entry in subcontracting reversal / Recredit
For Subcontracting Challan Reversal
Cenvat Reversal Dr.
Cenvat Account Cr.
For Subcontracting Challan Recredit
Cenvat Account Dr.
Cenvat Reversal Cr.
Accounting entry in SD
For Factory Sale
During Billing Document
Customer Account Dr.
Sales Account Cr.
Cenvat Suspense Account Cr.
During Excise Invoice Creation
Cenvat Suspense Account Dr.
Cenvat payable Cr.
For TR6C Challan
PLA Account Dr.
PLA on hold Account Cr.
During Fortnightly Utilization
Cenvat payable Dr.
Cenvat Account Cr.
PLA Account Cr. For Stock Transfer through SD
No Accounting entries for Performa Billing Document
During Excise Invoice Creation
Cenvat Suspense Account Dr.
Cenvat payable Cr.
For TR6C Challan
PLA Account Dr.
PLA on hold Account Cr.
During Fortnightly Utilization
Cenvat payable Dr.
Cenvat Account Cr.
PLA Account Cr.
Note: Cenvat Suspense Account should be cleared apprpiately using FI JV's.
Edited by: vijay shukla on Aug 28, 2008 9:50 AM -
Hi All,
I have configured GTA and it is working fine. I have a question on the accounting entries:
When we post Service invoice which has GTA system post Below Accounting Entry:
GR/IR Dr
GTA Receivable Dr
Vendor Cr
GTA Payable Cr
I want to know that why system post to GTA Receivable.
Br,VivekHi Siva,
My question is different, in Case of GTA there will not be Material PO it will be service PO and we need to deduct Service Tax on behalf of transporter and the same will be paid to Govt.
So the Credit Side of Service tax is GTA Service tax where as Debit side is tax for which Service Vendor is given and the same can be availed CENVAT Credit.
Br,Vivek -
Accounting entries for OTC life cycle
Hi Guys,
I was wondering if anyone of u can explain me the complete accounting entries that get credited and debited....right from booking an order till reconcilation (the whole OTC life cycle).
Thanks & Regards,
Ravi.All looks good but there can be exceptions if you introduce two variables:
1. Invoicing Rules and Acconting Rules. These will affect your accouting in AR (Invoicing Rule will affect your Receivables and Accounting rule will affect the revenue accounting).
2. If you are on R12, there is Customer acceptance process that will change the accounting on both COGS and Revenue accounting a little bit but the final entry remains the same as you mentioned.
Forgot to mention: In someones blog on in Metalink's section where customer's documents are uploaded in knowledge base, I found a decent document that can help you with some more information.
Thanks
Nagamohan
Edited by: Nagamohan on Oct 2, 2008 6:11 PM -
Accounting entries(Debit/Credit) in Oracle Project Suite
Hi,
Please provide me the accounting entries(Debit/Credit) for following cycles in Oracle Project Suites
1>P2P cycle using Oracle Projects
a> PR-PO-RECEIPT->AP->PROJECTS
B>AP->PROJECTS
2>Miscelenous Issue to Projects
3>Projects to AssetsHi
I had published a paper on Collaborate 2008, which include among other things the inforamtion you are asking for.
Paper title - Don’t Get Lost in the Labyrinth of Supplier Cost Flows Into Projects
If you have access to the OAUG conference Paper Database you might find it there. Otherwise, send me an email and I'll forward the paper to you.
Dina -
Accounting entry problem for cancel billing document
Hi,
We have manufacturing process for SO to DC we follow the proces
Sales order -> delivery -> VF01 -> J1IIN -> VF02 release to accounting,
now when we do the above procees in billing document document flow we can see two accounting entry generated ref. to t. code VF01 and billing document number
now to reverse the above, we are following the procedure
J1IIN reverse -> VF02 cancel billing document we get new cancel billing document numbver then again in VF02 we are releasing the cancel document number,
but earlier when we do the cancelation procedure only two accounting entries were generating under the original billing document and also under the cancel billing document, but now as soon as we reverse the invoice in J1IIN under the original billing document one additional accounting entry is coming which is generated ref. to T. code J1IH document type JM , and when we cancel and release the billing document there are three accounting entery under Cancel billing document number and additional entry is created ref. to J1IH do. no. JM
so what can be the problem hiw one entry is generated by J1IH and what is eefect of this.
regards,
zafarin billing document document flow we can see two accounting entry generated
Yes this is standard. One for customer debit and another accounting document for excise.
thanks
G. Lakshmipathi -
Accounting entries generation within the production cycle
Dear Experts,
Please which of these steps in the production cycle is or are Accounting Entries generated, and how do I check or see the accounting entries?
1. Creation of production order
2. release of production order
3. confirmation of production orders
4. posting from quality inspection to unrestricted (mvt type 321)
5. transfer of stock to sales warehouse (mb1b, mvt type 311)
6. Technical completion of the order
7. order settlement (ko88)
8. closing of the orderHi,
1. Creation of production order
2. release of production order
3. confirmation of production orders
4. posting from quality inspection to unrestricted (mvt type 321)
5. transfer of stock to sales warehouse (mb1b, mvt type 311)
6. Technical completion of the order
7. order settlement (ko88)
8. closing of the order
Accounting enries will be generated in step 3 , 5, 7
Go to CO03--Display Production order
Click on Tab GotoLists-Documented Goods movement
Click on the Materrial document --Dispaly material document
now click on Accounting Documents , You will be displayed Documents in Accountings
Thanks,
Rajanikanth -
After receiving reciept in which table the accounting entries is going
Hi,
IN purchase order
after receiving reciept in which base table the accounting entries is going to hit ,rcv_receiving_subledger.
Thanks
Nagamohan -
Billing type G2 not showing accounting entries
Hi Experts,
I first created a credit memo request (order type-CR) and then issued Credit note (Billing type -G2 Credit Memo).When I clicked on accounting to view accounting entries it says " An accounting document is not required for this Billing document".
There is no posting block etc.
Observations-
1. The net value is showing as "0".
2. PR00 standard condition's value not being calculated (hence net value is "0"). It is behaving like statistical condition.
Is this standard behaviour of this type of billing document? If Yes then why? Why accounting document should not be generated? If No, then please help me understand where I might have missed on correct settings.
Thanks and Regards,
RandhirRelationship between the credit memo request and the credit memo item posted in Financial Accounting (FI). As soon as you bill the credit memo request together with other sales orders, or distribute the items of one credit memo request to several billing documents, the assignment is no longer valid and the system will not process it.
For credit memos, credit memo requests, and payments, you have the following assignment options:
u2022Assignment to a single invoice
u2022Assignment of a partial amount to an invoice
u2022Assignment to several invoices
When you post credit memos, the payment programmed processes them automatically. If the credit memo is specifically related to a particular open invoice item, the payment program automatically attempts to offset the credit memo against the open item. If it is not possible to completely offset the credit memo against an invoice, you can post a debit memo to the vendor, who is to reimburse the amount. Then you can apply a multilevel dunning program. -
VAT accounting entry not created from Bill
Hello,
We are creating Bills but when we want to create the accounting entries there is no VAT line created although there was VAT on the Bill. Hence, the journal is unbalanced
Any ideas how this is possible?
I have an account assigned to my VAT Code...
regards,
StijnDear Mr. Bernhard
In the Real depreciation Area ie Area 01 (Posting happens realtime), under "Value Maintenance" ---> Revaluation -
> * All Values are allowed
under "Entries for Derived Depreciation Area" , Depreciation sign field is blank
regards
Parag Bhargava
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