Accounting when Oracle Assets not used

[Rachel Hannah]

Hello,
Actually my client don’t have license for using oracle assets, they used third party license so when a user created a PO with asset clearing a/c and received the item and created the invoice and made payment.
So anybody tell me what will be the accounting in this case, when using R12.

[ajkhan80]

If FA is not there it means the accounting of Fixed Assets coming directly to GL from third party application through Gl interface. It is required to analyse what accounting is being made while transferring assets lines from Third Party to Oracle GL, this will help to finalize teh balacing in various assets Accounts on TB level.

 

[ajkhan80]

The accounting From PO receiving should be 
PO
Receiving Inspection Account       Dr
                AP accrual account            Cr

Asset Clearing Account    Dr
                   Receiving Inspection Account  Cr

AP - Invoice

AP accrual account            Dr
         Supplier Liability             Cr

AP-Payment including recon.
Supplier Liability             Dr
         Bank Account              Cr

In GL the entry finally will be

Asset Clearing Account        Dr
                Bank Account              Cr

You need to prepare an entry from third party to GL which must have this accounting

Asset Cost Account       Dr
        Asset Clearing Account        Cr

Then TB will be balance with final entry 

Asset Cost Account       Dr
             Bank Account              Cr

I hope this will help


 

[viggora]

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[viggora]

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