Invoicing Accounting Entries in Oracle Fusion Application
In today’s article, I am going to talk about the accounting entries for different Invoice type transactions which are performed under Oracle Fusion Payables Module.
Accounting Entries are shown for below type of Invoices:
Standard Invoice without Purchase Order
Standard Invoice with Purchase Order
Standard Invoice for Fixed Asset Purchase
Debit/Credit Memo
Standard Invoice Accounting Entries without Purchase Order:
Dr Expense Account
Dr Non-Recoverable Tax/ Recoverable Tax Account
Cr Vendor Liability account
Standard Invoice Accounting Entries with Purchase Order:
Dr AP Accrual Accounting
Dr Non-Recoverable Tax/ Recoverable Tax Account
Cr Vendor Liability account
Standard Invoice for Fixed Asset Purchase:
Dr Asset Clearing Account
Dr Non-Recoverable Tax/ Recoverable Tax Account
Cr Vendor Liability account
Debit Memo/ Credit Memo:
Dr Vendor Liability account
Cr Expense account
Cr Non-Recoverable Tax/ Recoverable Tax Account
That’s it for today:) If you are not sure what to read next, here is the next article for you:
I am an Oracle Functional Consultant with more than 7 years of experience. I help clients to understand software capabilities and to analyze business needs. My main goal is to recommend solutions and ultimately guide through all phases of Oracle Cloud Applications. I am also inspired to write about life, improvement, and personal growth.
