Order to cash journal entry flow

Question

Dear Members,
Please let me know the FICO entries for order to cash cycle including all the taxes applicable [exhaustive scenario]
Thanks
Sheli

Answer 1

Hi Sheli,
As Ajay has already stated there are no entries during sales order creation and Delivery creation, accounting entries starts from PGI which are as follows.
Goods Delivery to Customer - PGI (VL01N) 
(Outbound Delivery)                                                      
                      Dr. Cost of Goods Sold A/c     
                     Cr. Inventory A/c    
Raising of Sales Invoices (VF01)  
       Dr. Customer A/c ( Accounts Receivable)    
       Cr. Sales A/c    
       Cr. CENVAT Output Clearing A/c     
       Cr. VAT Payable A/c     
       Cr. Pro Fright O/w Claim A/c                  If any. Collecting from Customer   
       Cr. Pro Export Exp A/c                           If any. Not Collecting from Customer.    
       Dr. Freight Outward-XP A/c                   Freight Outward - XP A/c is Expense A/c    
       Cr. Pro Export Exp A/c                          If any. Not Collecting from Customer.   
       Dr. Commissn On XP Sales A/c           Commissn On XP Sales A/c is Expense A/c   
Raising of Excise Invoices (J1IIN)  
      Dr. CENVAT Output Clearing A/c     
      Cr. Excise BED Payable A/c    
      Cr. Excise ECS Payable A/c    
      Cr. Excise SHE Payable A/c    
Accounting Entry in case of Sale of Scrap (VF01)  
       Dr. Customer A/c ( Accounts Receivable)    
      Cr. Income From Scrap Sale A/c     
      Cr. CENVAT Output Clearing A/c     
      Cr. VAT Payable A/c     
      Cr. TCS - Scrap Sales     
Raising of Excise Invoices for Scrap (J1IIN)
       Dr. CENVAT Output Clearing A/c     
      Cr. Excise BED Payable A/c    
      Cr. Excise ECS Payable A/c    
      Cr. Excise SHE Payable A/c    
Receipt of Amount from Customer( F-28)  
       Dr. Bank Account A/c     
      Cr. Customer A/c ( Accounts Receivable)    
Receipt of Amount from Foreign Customer (F-28)  
       Dr. Bank Account A/c     
      Cr. Customer A/c ( Accounts Receivable)     
      Dr/Cr Exchange Fluctuation A/c    
Hope this will help you.
Regards
Eugene