Accounting in Standard Invoice

[Racle11i]

Hi,

Can anyone tell me ,

1. What is the accounting created ,while we create standard Invoice in AP ?

2. Can Anyone Explain P to P cycle in AP along with Accounting ?

Many thanks

Best Regards

[oteixeira]

Hello.

A very common example of how the system accounts for an invoice is:

DR Cost
DR Tax

CR Liability

However, ths depends of a few things. If the supplier is subject to Wittholding Tax, the accounting will be:

DR Cost
DR Tax

CR Liab
CR W Tax

and, if you have the system set up to issue the W Tax invoice at the approval time, the system will:

DR W Tax
CR Liability (Tax Authority)

Hope this helps.
Octavio

[Racle11i]

Hi Octavio,

Thanks for the reply that will help,
if you know about Accounting involved in P to P cycle..

if so please do let me know

Many thanks

Best Regards

[oteixeira]

Hello.
Can you please explain what do you mean 'by P to P cycle'?

Octavio

[Racle11i]

Hi Octavio,

thanks for the Reply,

P 2 p --> Procure to Pay Cycle in AP

Any idea about Accounting associated with Procure to Pay cycle ?

Best Ragards

[oteixeira]

Hello.

Sorry but i have no knowledge of Procure to Pay.

Regards,

Octavio

[hiszaki]

Hi Racle

You can see this link may be useful for you:
topic.asp?TOPIC_ID=1861

Thanks
Hisham

[admin]

Please check the following,
topic.asp?TOPIC_ID=5799

Download Accounting document,
topic.asp?TOPIC_ID=5830

[Racle11i]

Thank you all for sharing info and links..

[harikumarc1981@rediffmail]

[quote]Hi Racle

You can see this link may be useful for you:
topic.asp?TOPIC_ID=1861

Thanks
Hisham

<i><div align="right">Originally posted by hiszaki

[Racle11i]

Thank you all and Appreciating your efforts towards answers..

Best Regards