Hi,
I want to know the important accounting entries with respect to AR, so as to undestand the setups. A quick reply would be useful.
Thanks
AR accounting entries
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Priyaa,
When you raise an Invoice
DR Receivables
CR Revenue
CR Tax
When you receive payment from a Customer
DR Confirmation
CR Receivables
DR Remittance
CR Confirmation
DR Bank
CR Remittance
When you raise a Credit Memo
DR Revenue
CR Receivables
These are the basic accounting entries created in AR.But few more accounting entries will be recorded for Bills in Arrears & Bills in Advance.
Regards,
Velumuthu.S
When you raise an Invoice
DR Receivables
CR Revenue
CR Tax
When you receive payment from a Customer
DR Confirmation
CR Receivables
DR Remittance
CR Confirmation
DR Bank
CR Remittance
When you raise a Credit Memo
DR Revenue
CR Receivables
These are the basic accounting entries created in AR.But few more accounting entries will be recorded for Bills in Arrears & Bills in Advance.
Regards,
Velumuthu.S
Further , the accounting entries for Bills in Arrears and Advance are as under :
If you enter an invoice with a Bill in Arrears invoicing rule, Receivables creates the following journal entry:
In the first period of Rule:
DR Unbilled Receivables
CR Revenue
In all periods of Rule, for the portion that is recognized:
DR Receivables
CR Unbilled Receivables
CR Tax (if you charge tax)
CR Freight (if you charge freight)
If you enter an invoice with a Bill in Advance invoicing rule, Receivables creates the following journal entries.
In the first period of the rule:
DR Receivables
CR Unearned Revenue
CR Tax (if you charge tax)
CR Freight (if you charge freight)
In all periods of the rule for the portion that is recognized.
DR Unearned Revenue
CR Revenue
Regards
Dhananjay
If you enter an invoice with a Bill in Arrears invoicing rule, Receivables creates the following journal entry:
In the first period of Rule:
DR Unbilled Receivables
CR Revenue
In all periods of Rule, for the portion that is recognized:
DR Receivables
CR Unbilled Receivables
CR Tax (if you charge tax)
CR Freight (if you charge freight)
If you enter an invoice with a Bill in Advance invoicing rule, Receivables creates the following journal entries.
In the first period of the rule:
DR Receivables
CR Unearned Revenue
CR Tax (if you charge tax)
CR Freight (if you charge freight)
In all periods of the rule for the portion that is recognized.
DR Unearned Revenue
CR Revenue
Regards
Dhananjay
Folks,
Please excuse me asking this very basic question as I am new to financial functional side. If I ask in layman terms, Where can I check these entries e.g. If I create Invoice/Credit memo where to go and confirm correct entries. Once I receive payment where to look for new entries.
Could you suggest where can I see complete history of accounting entries of invoice/credit memo ?
Cheers
Dinesh
Please excuse me asking this very basic question as I am new to financial functional side. If I ask in layman terms, Where can I check these entries e.g. If I create Invoice/Credit memo where to go and confirm correct entries. Once I receive payment where to look for new entries.
Could you suggest where can I see complete history of accounting entries of invoice/credit memo ?
Cheers
Dinesh
[quote]Folks,
Please excuse me asking this very basic question as I am new to financial functional side. If I ask in layman terms, Where can I check these entries e.g. If I create Invoice/Credit memo where to go and confirm correct entries. Once I receive payment where to look for new entries.
Could you suggest where can I see complete history of accounting entries of invoice/credit memo ?
Cheers
Dinesh
Hi,
U can view the accounting entries in Tools>View accounting by querying the particular transaction after completion.
regards,
geefin
<i><div align="right">Originally posted by Dinesh
Please excuse me asking this very basic question as I am new to financial functional side. If I ask in layman terms, Where can I check these entries e.g. If I create Invoice/Credit memo where to go and confirm correct entries. Once I receive payment where to look for new entries.
Could you suggest where can I see complete history of accounting entries of invoice/credit memo ?
Cheers
Dinesh
Hi,
U can view the accounting entries in Tools>View accounting by querying the particular transaction after completion.
regards,
geefin
<i><div align="right">Originally posted by Dinesh
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