Skip to main content

AP Open Prepayment Invoice Migration


AP Open Prepayment Invoice Migration

Migration Condition:

  • Available prepayment Balance only.
  • One Invoice line for invoice header as balance will be captured in Trail balance of GL.
  • Load in the month of cut over (Go Live minus 1)
  • Payment of prepayment invoice using dummy bank account to make it available for application.
  • Create Accounting for Invoice and Payment and  Post to GL & Reverse the same.


Accounting Impact of Migration:


Actual Transaction from Legacy system:

Type
Debit
Credit
Prepayment
*

Liability

*

Paying the prepayment in Legacy:

Type
Debit
Credit
Cash

*
Liability
*


Prepayment Partially Applied to an Invoice in Legacy system:

Type
Debit
Credit
Prepayment

*
Liability
*

Item expense
*

Liability

*


Open prepayment Migration

Type
Debit
Credit
Prepayment
500

Liability

500

Paying the open prepayment:

Type
Debit
Credit
Cash

500
Liability
*500


and then reverse the Invoice and Payment for Prepayment Invoice, in such case whenever the prepayment is applied to any open invoice it will generate below accounting entry and prepayment balance will be knocked off.


Type
Debit
Credit
Prepayment

*
Liability
*

Item expense
*

Liability

*
Labels:

Comments

Post a Comment

Popular posts from this blog

O2C Cycle with Accounting Entries

  ORDER    TO  CASH  PARTICULARS  DR  CR SPL NOTES ACCOUNT IS PULLED FROM Sales order entry No Accounting Sales Order Pick From Sub Inventory A/c 100 At Standard Cost Sub-inventory Material A/c Setup To Sub Inventory A/c 100 At Standard Cost(Staging) Sub-inventory Material A/c Setup Sales Order Issue COGS 100 It can be fetched from five places Master Item/Org/Order Type/Line Type/Shipping Params To Sub Inventory A/c 100 At Standard Cost Sub-inventory Material A/c Setup Transaction level Receivable A/c 120 Auto Accounting Tax A/c 10 Auto Accounting Freight A/c 10 Auto Accounting Revenue A/c 100 Auto Accounting Receipts Receipts with no remittance method Cash 100 Before application of the receipt Receipt class Unapplied A/c 100 Receipt class Unapplied A/c 100 After application of the receipt to the transaction Receipt class Receivables A/c 100 Receipt class Cash A/c 100 Receipt class Unidentified A/c 100 In case of receipt without customer...
Post a Comment
Read more

Number to Word conversion in RTF

<?xdofx: expression ?> for extended SQL functions <?xdoxslt: expression ?> for extended XSL functions. You cannot mix xdofx statements with XSL expressions in the same context This function enables the conversion of numbers to words for RTF template output. This is a common requirement for check printing. The new function is “to_check_number”. The syntax of this function is <?xdofx:to_check_number(amount, precisionOrCurrency, caseType, decimalStyle)?> The following table describes the function attributes:   Attribute Description Valid Value amount The number to be transformed. Any number precisionOrCurrency For this attribute you can specify either the precision, which is the number of digits after the decimal point; or the currency code, which will govern the number of digits after the decimal point. The currency code does not generate a currency symbol in the output. An integer, such as 2; or a currency code, such as ‘USD’. caseType The case type of th...
Post a Comment
Read more

Oracle Fusion Cloud: Supplier Import Process using File Based Data Import (FBDI)

 Supplier Data Migration or Upload to Oracle Fusion environment File-Based Data Import for Oracle Procurement Cloud Supplier import in oracle fusion   In this post , We will discuss about Supplier import in oracle fusion. Oracle has provided the FBDI tool to import suppliers from External  Source  to the Oracle fusion. Supplier Import in Oracle fusion we first need to  Download  the Supplier Import FDBI  templates  given by the Oracle fusion to import suppliers. Oracle has given 5 Different FBDI templates to Import supplier in Fusion. Here in this post , I will share the Complete steps for Supplier import in oracle fusion. You can refer this post for Supplier Import.   Steps for Supplier import in oracle fusion     Step1- First we need to download Supplier Data  Template  from Oracle Repository. Go to this path for Oracle Repository. ( select Based on your Cloud version) https://docs.oracle.com/en/...
Post a Comment
Read more