Consignment Process Accounting Entries on AP and AR

Hi Gurus
Can you Please let me know the accounting entries in detail for the Consignment Process on AP and AR side?
Please rephrase me if the question is represented incorrect
I have never worked on the Consignment Process
I really appreciate for your helpful answers
Thanks
Regards,
Meenakshi.N

Vendor provides materials & stores them on your company premises. The vendor remains the legal owner of the material until you withdraw material from consignment stores. You need maintaion all like ME11,ME01 and account assignemnt for KON in OBYC.The steps ME51,ME21,MIGO,MB1A,MRKO
The Accounting Generated After GR/GI/Settlement are:
1.Goods Receipt
No Accounting Movement
2.Goods Issue
Consumption A/C: DR
Consignment (Liability Account ) Payable: CR
3.Consignment Settlement
Consignment (Liability Account ) Payable: DR
Vendor Account A/C: CR
Found it from the other link below Vendor Consignment
Thanks
Meenakshi.N

Similar Messages

Integration FI-MM ( consignment stock) - Accounting entries & Movement type

I want to understand the integration of FI & MM from consignment stock account.
Scenario
In Tcode OBYC what pre-requisite are required.
1. In which transaction ( BSX) where Finished good stock Account (Balance sheet Account) in maintained.
2 In which transaction (????) consignment stock GL is menetioned.
3 In which transaction (KON) change in consignment stock account ( P&L Account) is created.
4 In transaction (GBB) maintenance of cost of good sold account (P&L account) is required with account group
Suppose i have 10000 Inr worth of finished stock. We issue goods of 4000 inr worth to consignee & incurring 1000 packing charges.
The consignee sells 2000 inr worth to final customer & The consignor should be paid commison 10% & 5% charges for maintaining stock.
Ten consignee returns 2000 inr worth of goods
Please tell what accounting enteries will be passed along with movement types.

FI-MM: The integration between FI-MM happens in T-code OBYC.
1. When PO is created :
No Entry -
2. When GR is posted
      Inventory Account dr (Transaction Key BSX in OBYC)
            To GRIR account (T.Key WRX in T-code OBYC)
3. When Invoice is posted
      GRIR account Dr.
      Vendor account Cr.
4. Payment made to Vendor
      Vendor A/c Dr
            To Bank Clearing A/c Cr.
Points to know : Movement Types, Assignment of Movement types to T-keys (T-code OMJJ), Value string (I also need some information on this) , OMWN and OMWB transactions.
There is a close integration b/w FI & MM, actually document flows from MM to FI in the following areas such as,
1. Movement Types:
Used to enable the system to find the predefined posting rules determining how the accounts of financial accounting system are to be posted & to update the stock fields in the matrl master data.(Goods Receipt, Goods Issue, etc)
2. Valuation Class:
Assignment of material to grp of gl account, used to determine the gl accounts that are updated as a result of goods movement.
3. Transaction/Event key:
Used to control the storage or filing of documents & assignment of documents.Used to differeniate b/w various transactions such as goods movement tht occur in inventory.
4. Material Type:
Each material should assign mtrl type in mtrl master record used to update whether changes made in qty are updated in material master record & change in value also updated in stock account.

Consignment issue Accounting entries problem

Dear Guru's
I have configured the consignment sales for my client but i am facing one problem pl advice
1. Consignment fill up process (delivery of goods)
Create Billing document         Accounting Entry
                   Consignee A/c                       Dr
                   Consignment Sales Contra Cr
but issue in
2. Consignment issue process
Create Billing document         Accounting Entry             as
                      Consignee A/c                       Dr
                     Sales revenue                        Cr
WHERE AS IN THIS CASE I NEED IT SHOULD DEBIT THE Consignment Sales Contra
I need this entries in accounting document
Consignment Sales Contra Dr
Sales revenue                        Cr
Regards
Arun
Edited by: ArunSingh2010 on Jun 20, 2010 11:20 AM

Consignee A/c Dr
Consignment Sales Contra Cr
I feel you have not configured properly for consignment process. As you would be aware in fill up stage, there would be no accounting implications either while posting the goods issue or creating a proforma on customer due to the fact that you would just be moving the goods from delivering plant to another location.
This being the case, I dont know why you want the consignee account to be debited ??
thanks
G. Lakshmipathi

Accounting entries at billing and excise invoice creation in J1IIN

Hello Guruz
I need to know the accouning entries at the time of billing and the excise invoice creation in J!IIN.
Thanks in advance.
Regards.

Hi
At the time of Billing Customer a/c will get debited and Sales revenues a/c will get credited.
At the time of Excise Invoice Excise paid a/c will get debited and all excise duties (Cess, Basic,S cess ) will get credited.
Hope this will helps you..

Account entries with excise & without excise for Subcontracting process.

Please let me know the Account entries with excise & without excise for Subcontracting process.
Regards
PBR

hi..
check these links...
Accounting entries for subcontracting
and
Subcontracting process with excise duty??
It may help u..
Thanks

Oracle Payables Witholding Tax Accounting Entries

Can someone please confirm the accounting entries in regards to withholding tax in Oracle Payables.
Are these correct?
At the time of payment creation:
DEBIT: ACCOUNTS PAYABLES $100
CREDIT: CASH $80
CREDIT: WITH-HOLDING TAX PAYABLE $20
When witholding tax invoice is created:
DEBIT: WITH-HOLDING TAX PAYABLE $20
CREDIT: ACCOUNTS PAYABLE $20
When witholding tax invoice is paid:
DEBIT: ACCOUNTS PAYABLE $20
CREDIT: CASH $20
Is WITH-HOLDING TAX PAYABLE a liability account through all entries or is there an expense account in the picture as well.
Thanks
Asim

Hello Asim.
Yes, the accounting entries are correct and there are no expense accounts involved in this process.
Octavio
(Chartered accountant)

Individual purchase order - Accounting entry with account assignment M

I want to use the individual purchase order with account assignment M .
Can someone please tell me what would be the correct accounting entry during GR and during delivery?
Process is
Order -> pruchase req -> purchase order -> Goods receipt - > Delivery-> Billing
During order creation system asks for a consumption account against GBB-VKA
On GR the below entry is posted .
Dr GBB-VKA consumption
Cr WRX GR/IR .
Is this correct ??
If so what is the entry after delivery goods issue .

Hi Hitesh
I am now wondering if this is possible
When PO has acct assignment to CC or IO, GR hits consumption
With Wbse, it can hit to stock account. Am wondering whether it will hit stock account if the PO has acct assignment to sales order...
I have seen sap notes for this scenario and my memory says I have seen the GR hitting consumption in those notes. There was an issue in scn where price diff upon invoice in such a scenario was not hitting vprs. For that there was sap note.
Let us hear from others
Let me tag some stalwarts here. Waman Shirwaicar Szymon FIN Maslowski arturo senosain G Lakshmipathi
Br. Ajay M

How to stop Accounting Entries for certain Movement Types

Hello,
We are using Movement Type 511 to record free of charge receipts from vendors. Still it is generating Accounting Entries with Standard Material Price.
Is there any way to stop Accounting Entries for 511 and other Movement Types, where external business partners are involved ?
I tried IMG Setting "Define Account Grouping for Movement Types", where I did not tick in the field "Value Updates". But it did not work.
I believe, Account Grouping settings at the level of combination of Plant and Material Type takes precedence. There I have ticked in the field "Value Updates". So even if create a new Movement Type, with no tick in the field "Value Updates", it creates Accounting Entries for free of charge receipts from vendors.
Is there any way to stop any accounting entries in such cases ?
Basically I want 311-like movement type, but where external business partners are involved.
Thanks and Regards

Hello,
Thanks to you all for your quick reply.
I created a new Movement Type - copied it from 511 and made the changes as per your suggestions - disabled field "Value Update" in "Update Control / WM Movement Types".
Using MIGO when I try to receive the material, it gives me error "Update Control of Movement Type is Incorrect"
Any reason for this error ? I have disabled even "Check Account Assignment" in Account Grouping
Thanks and Regards

Subcontracting accounting entries at the time of GR reversal

Hello,
In Subcontracting procedure, when i required the one finsihed product,
then i send a two components for him 1)A1 2)A2
Finished material and materials A1 and A2 are mainatained in Standard price.
Through the MB1B i send the material provided to vendor next i did MIGO
in that case the Accounting entries are hitting are
1)Stock Account hitting by STD price of the component at time of posting.
2)Balance effect goes to Consumtion of raw material
is it correct?
At time of Reversal of the GR doc is it take the STD price of the componentsor avarage cummulative price based on the prvious std price.
Please guide me at the time of reversal how the accounting entries are hitting and at what base, the how PPV is calculated,
and if in between any price change then what are the accounting entries?
if anybody give me answer , iam greatful to him
Regards
sapman

Iam facing this problem from last one month, nobody is giving the hints
frien'd update please

Accounting Entries for Stockable Expense Item

Hi all
I have set an item as being expensed, inventoried, stockable and
transactable.
When I do a purchase order and a receipt on the item I get the accounting
transactions for the receipt part (debit receiving inv account and credit
inv AP accrual). However, there is no transaction on the deliver part
(normally debit the expense account and credit the receiving inv account).
If the item is set as non inventoried I get the accounting entries for
receipt and deliver.
I believe that we should be able to set an item as expense and stockable and
get the appropriate entries in Oracle Purchasing. What could be the problem?
Thank you.
Belinda Chavremootoo
null

Prakash,
I guess You can create a test Internal Order and check ., shouldnt take a long time

Want Accounting Entries for Sales Cycle and Procurement Process in SAP

Hello Gurus,
Can some one kindly send me the accounting entries happens during Sales Cycle and Procurement Process in SAP.I will be very helpful if i get this by Friday ( tomarrow).Its a request.
Thanks,
B
Moderator: Read and respect the rules of the forum

You can visit the following link.
http://www.sap-img.com/financial/inventory-accounting-entries.htm
Also, before posting here, you should do a search in here or in Google. You would get most of your answers by searching in Google or any search engine.
One more thing. Timelines are not permitted in these forums.
Cheers,
Ravi.

Accounting Entries for Consignment - with CIN Entries

Following are steps in consignment sale:
1. Consignment Fill-Up (From factory to consignment agent)
2. Consignment Issue (From consignment to end customer)
3. Consignment Pick up
4. Consignment Returns
I searched in SDN forums. It says that there is no account entries at the time of consignment fill up.
But I want accounting entries in at the time of 'consignment fill up' also.
Entry should be:
Consignee A/c ... Dr (Customer)
   To Consignment Sales contra A/c
Excise Duty Paid A/c.. Dr
   To Excise Duty Payable A/c.
At the time of issue:
Delivery:
Cost of Goods Sold A/c.. Dr
   To Inventory A/c
Billing:
Consignee A/c.. Dr (Customer)
   To Sales A/c
   To VAT Payable A/c
Please help how can i get above entries entries?
Will I have to create two distribution channel for hitting Consignment sales contra A/c (in step1) and Sales A/c (in sept 2)

As you are aware even in normal sales, only when you generate a commercial invoice, customer will get debited. But in the consignment fill up process, you only generate F8 delivery related proforma and hence, your requirement cannot be achieved.
G. Lakshmipathi

Process flow of excise duty from procurement to sales accounting entry with amount.

Dear Expert ,
Kindly any one help the process flow of excise duty calculation from procurement to sales accounting entry with amount. for example.- if material amount is Rs. 10,0000 and excise duty is 8% , edu ecss 2 % , and sec ecss 1%. I want know the accounting entry on- MIGO, J1IEX, MIRO, F-43 AND , PGI, BILLING DOCUMENT, J1IJ , TR6 CHALLAN, J2IUN.
Regards
Akshaya

Hi,
In case of
A. Procurement : there are two types of procurement viz. Local and Import
LOCAL
1. MIGO
Inventory A/c Dr
To GR?IR
2. J1IEX
CENVAT Receivable (Basic) A/c - Dr
CENVATReceivable (Ecess) A/c - Dr
CENVAT Receivable (S & H) A/c - Dr
To CENVAT Clearing
3. MIRO
CENVAT Clearing A/c - Dr
To Vendor A/chrough
4. F-43
No excise entry through SAP direct posting but through manual posting in case using TAXINN procedure.
5. TR6 Challan
PLA Payment (Basic) A/c - Dr
PLA Payment (Ecess) A/c - Dr
PLA Payment (S & H) A/c - Dr
To PLA on Hold A/c
IMPORT
1. MIRO
ECS+SECS on Cus+CVD A/c Dr (consists of ECS on custm+cvd and S & H on custm+cvd)
CVD Clearing A/c Dr (consists of Additional Duty CVD and CVD)
Customs Clearing A/c Dr (consists of Basic Customs)
To Customs Vendor
2. MIGO
Inventory A/c - Dr
To GR/IR A/c
To Customs Clearing (consists of Basic Customs)
To ECS+SECS on Cus+CVD (consists of ECS on custm+cvd and S & H on custm+cvd)
3. J1IEX
CENVAT Receivable (Basic) A/c - Dr
CENVATReceivable (Ecess) A/c - Dr
CENVAT Receivable (S & H) A/c - Dr
To CVD Clearing
4. F-43
No excise entry through SAP direct posting but through manual posting in case using TAXINN procedure.
5. TR6 Challan
PLA Payment (Basic) A/c - Dr
PLA Payment (Ecess) A/c - Dr
PLA Payment (S & H) A/c - Dr
To PLA on Hold A/c
Sales
1. PGI
COGS A/c Dr
To Inventory
2. Billing Document
Excise
ED Suspense A/c Dr
To Liability for BED
To Liability for ECS
To Liability for S & H
Customer
Customer A/c Dr
To ED Suspense A/c
To Revenue
To VAT / CST
Hope your doubts are clear.
Regards,
Tejas

Accounting entries process in Fixed Asset Module

Dear all,
I don't know Accounting entries process in Fixed Asset Module. I don't know how to post accounting entries and manage fixed assets
Anyone can share me documents that is relevant to business transaction in fixed asset module.
My ID: [email protected]
Thank in advance
Minh
Edited by: Tran Binh Minh on Apr 21, 2008 5:04 AM

Hi,
Good Morning,
We are using Oracle R 12 Version 12.1.3
and the issue i m facing Corporate Book as we have not yet started Tax Book
The Addition posted period is closed, but I want to change life in Open Period Mar 12 ( latest open period).
Yes Depreciation Run for March 12.
Please help
Regards
Anant Danve
9820077180

Process order accounting entry for goods

Hi,
what accounting entry should get generated for goods issued to process order ( raw materia) and goods received from process order ( fg).
CHEERS

1. Raw Material Consumption Dr.
Inventory of Raw Material Cr.
2. Inventory of Finished Goods Dr.
Raw Material Consumption Cr.
Regards
Mohit

Consignment Process Accounting Entries on AP and AR

Similar Messages

Maybe you are looking for