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42 Accounts Payable Interview Questions and AnswersRahat Kazmi
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The published document gives overall view of OTC, is the end-to-end business process for receiving and processing customer orders. It also gives accounting and technical insight for Oracle application R12 OTC cycle.
The P2P cycle is a necessary process that helps ensure the accuracy of financial data in Oracle Applications including the accounting entries & tables. Learn More!
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Accounting entries[1]
1. 1) When sales order is entered, the status of sales order will be ‘entered’ and no
accounting entries will be created.
2) When sales order is booked, and then status will be ‘booked’ and no accounting
entries will be created.
3) When item is picked from inventory then status will be ‘picked’.
4) When item is shipped then status will be ‘shipped’ and accounting entries will be
created like :
Cost of goods sold A/C
TO Inventory Material A/C
5) We need to run ‘Workflow Back Ground process’ to update the status of sales
order from ‘shipped’ to ‘close’.
6) From Receivable run ‘Auto Invoice Master Program’. This will create Invoice for
the sales order in Receivable in Transaction window with status of ‘Complete’.
7) When Invoice is created in Receivable , the accounting entries will be:
Receivable A/C
To Revenue A/C
To Tax A/C
To Freight A/C
8) When receipt is entered :
Cash A/C
To Unidentified A/C
Unidentified A/C
To Unapplied A/C
Unapplied A/C
To Applied A/C
Applied A/C
To Receivable A/C
Accounting entries transferred to GL are:
Cash A/C
To Revenue A/C
To Tax A/C
To Freight A/C
Note: - In R12 from ‘View Accounting’ page we can drill-down to transaction level.
9) Transfer to GL
2. Accounting Entries for Invoicing Rules/ Accounting Rules
When Bills in Advance Accounting entries are as follow:
Accounting entries for Bills in Advance:
Receivable A/C
To Unearned Revenue A/C
Unearned Revenue A/C
To Revenue A/C
Final Entries are:
Receivable A/C
To Revenue A/C
When Bills in Arrear Accounting entries are as follow:
Unbilled Receivable A/C
To Revenue A/C
Receivable A/C
TO Unbilled Receivable A/C
Final Entries are:
Receivable A/C
To Revenue A/C
Accounting entries in Receivables
A quick re-cap of accounting entries generated in Oracle Receivables:
Invoices:
When you enter a regular invoice through the Transactions window, Receivables
3. creates the following journal entry:
DR Receivables
CR Revenue
CR Tax (if you charge tax)
CR Freight (if you charge freight)
If you enter an invoice with a Bill in Arrears invoicing rule with a three month fixed
duration accounting rule, Receivables creates the following journal entries:
In the first period of the rule:
DR Unbilled Receivables
CR Revenue
In the second period of the rule:
DR Unbilled Receivables
CR Revenue
In the third and final period of the rule:
DR Unbilled Receivables
CR Revenue
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)
DR Unearned Revenue
CR Revenue
In all periods of the rule for the portion that is recognized.
DR Unearned Revenue
CR Revenue
Credit Memos:
When you credit an invoice, debit memo, or chargeback through the Credit
Transactions window, Receivables creates the following journal entry:
DR Revenue
DR Tax (if you credit tax)
4. DR Freight (if you credit freight)
CR Receivables (Credit Memo)
DR Receivables (Credit Memo)
CR Receivables (Invoice)
When you credit a commitment, Receivables creates the following journal entries:
DR Revenue
CR Receivables
When you enter a credit memo against an installment, Receivables lets you choose
between the following methods: LIFO, FIFO, and Prorate. When you enter a credit
memo against an invoice with invoicing and accounting rules, Receivables lets you
choose between the following methods: LIFO, Prorate, and Unit.
If the profile option AR: Use Invoice Accounting for Credit Memos is set to Yes,
Receivables credits the accounts of the original transaction. If this profile option is
set to No, Receivables uses AutoAccounting to determine the Freight, Receivables,
Revenue, and Tax accounts. Receivables uses the account information for on-account
credits that you specified in your AutoAccounting structure to create your journal
entries.
Receivables lets you update accounting information for your credit memo after it has
posted to your general ledger. Receivables keeps the original accounting information
as an audit trail while it creates an offsetting entry and the new entry.
Commitments:
When you enter a deposit, Receivables creates the following journal entry:
DR Receivables (Deposit)
CR Offset Account
Use the AR: Deposit Offset Account Source profile option to determine how
Receivables derives the Offset Account to credit for this deposit.
When you enter an invoice against this deposit, Receivables creates the following
journal entries:
DR Receivables (Invoice)
CR Revenue
CR Tax (if you charge tax)
CR Freight (if you charge freight)
DR Offset Account (such as Unearned Revenue)
CR Receivables (Invoice)
When you apply an invoice to a deposit, Receivables creates a receivable adjustment
against the invoice. Receivables uses the account information that you specified in
5. your AutoAccounting structure to create these entries.
When cash is received against this deposit, Receivables creates the following journal
entry:
DR Cash
CR Receivables (Deposit)
When you enter a guarantee, Receivables creates the following journal entry:
DR Receivables
CR Revenue
Receivables uses the Receivable Account and Revenue Account fields on this
guarantee's transaction type to obtain the accounting flexfields for the Unbilled
Receivables and Unearned Revenue accounts, respectively.
When you enter an invoice against this guarantee, Receivables creates the following
journal entry:
DR Receivables (Invoice)
CR Revenue
CR Tax (if you charge tax)
CR Freight (if you charge freight)
DR Revenue
CR Receivables
When you apply an invoice to a guarantee, Receivables creates a receivable
adjustment against the guarantee. Receivables uses the account information you
specified in your AutoAccounting structure to create these entries.
When cash is received against this guarantee, Receivables creates the following
journal entry:
DR Cash
CR Receivables (Invoice)
Receipts:
When you enter a receipt, Receivables creates the following journal entries:
DR Cash
CR Receivables
When you fully apply a receipt to an invoice, Receivables creates the following
journal entry:
DR Cash
DR Unapplied Cash
CR Unapplied Cash
CR Receivables
6. Note: These examples assume that the receipt has a Remittance Method of No
Remittance and a Clearance Method of Directly.
When you enter an unidentified receipt, Receivables creates the following journal
entry:
DR Cash
CR Unidentified
When you enter an on-account receipt, Receivables creates the following journal
entry:
DR Cash
CR Unapplied
DR Unapplied
CR On-Account
When your receipt includes a discount, Receivables creates the following journal
entry:
DR Receivables
CR Revenue
DR Cash
CR Receivables
DR Earned/Unearned Discount
CR Receivables
Receivables uses the default Cash, Unapplied, Unidentified, On-Account, Unearned,
and Earned accounts that you specified in the Remittance Banks window for this
receipt class.
When you enter a receipt and combine it with an on-account credit (which increases
the balance of the receipt), Receivables creates the following journal entry:
DR Cash
CR Unapplied Cash
To close the receivable on the credit memo and increase the unapplied cash balance,
Receivables creates the following journal entry:
DR Receivables
CR Unapplied Cash
When you enter a receipt and combine it with a negative adjustment, Receivables
creates the following journal entries:
DR Cash
CR Receivables (Invoice)
7. DR Write-Off
CR Receivables (Invoice)
You set up a Write-Off account when defining your Receivables Activity.
When you enter a receipt and combine it with a positive adjustment, Receivables
creates the following journal entries:
DR Cash
CR Receivables (Invoice)
DR Receivables (Invoice)
CR Write-Off
When you enter a receipt and combine it with a Chargeback, Receivables creates the
following journal entries:
DR Cash
CR Receivables (Invoice)
DR Receivables (Chargeback)
CR Chargeback (Activity)
DR Chargeback (Activity)
CR Receivables (Invoice)
You set up a Chargeback account when defining your Receivables Activity.
Remittances:
When you create a receipt that requires remittance to your bank, Receivables debits
the Confirmation account instead of Cash. An example of a receipt requiring
remittance would be a check before it was cashed. Receivables creates the following
journal entry when you enter such a receipt:
DR Confirmation
CR Receivables
You can then remit the receipt to your remittance bank using one of the two
remittance methods: Standard or Factoring. If you remit your receipt using the
standard method of remittance, Receivables creates the following journal entry:
DR Remittance
CR Confirmation
When you clear the receipt, Receivables creates the following journal entry:
DR Cash
DR Bank Charges
CR Remittance
If you remit your receipt using the factoring remittance method, Receivables creates
8. the following journal entry:
DR Factor
CR Confirmation
When you clear the receipt, Receivables creates a short-term liability for receipts
that mature at a future date. The factoring process let you receive cash before the
maturity date, and assumes that you are liable for the receipt amount until the
customer pays the balance on the maturity date. When you receive payment,
Receivables creates the following journal entry:
DR Cash
DR Bank Charges
CR Short-Term Debt
On the maturity date, Receivables reverses the short term liability and creates the
following journal entry:
DR Short-Term Debt
CR Factor
Adjustments:
When you enter a negative adjustment against an invoice, Receivables creates the
following journal entry:
DR Write-Off
CR Receivables (Invoice)
When you enter a positive adjustment against an invoice, Receivables creates the
following journal entry:
DR Receivables (Invoice)
CR Write-Off
Debit Memos:
When you enter a debit memo in the Transactions window, Receivables creates the
following journal entries:
DR Receivables
CR Revenue (if you enter line amounts)
CR Tax (if you charge tax)
CR Freight (if you charge freight)
DR Receivables
CR Finance Charges
On-Account Credits:
When you enter an on-account credit in the Applications window, Receivables creates
the following journal entry:
DR Revenue (if you credit line amounts)
DR Tax (if you credit tax)
DR Freight (if you credit freight)
9. CR Receivables (On-account Credit)
Receivables uses the Freight, Receivable, Revenue, and Tax accounts that you
specified in your AutoAccounting structure to create these entries.
Once the on-account credit is applied to an invoice, the following journal entry is
created:
DR Receivables (On-account Credit)
CR Receivables (Invoice)
P2P Cycle
SR.
NO PARTICULARS DR CR SPL NOTES
ACCOUNT IS
PULLED FROM SPECIFIC
1
Creation of
Requisition
No Accounting
2
Creation of
Purchase Order
No Accounting
3 Receipt
Receiving A/c 100 At PO Price
Receiving Option
Setup ORG
AP Accrual A/c 100 At PO Price Inventory Org Setup ORG
4 Devlivery
Raw Material Sub
Inventory A/c 80
At Standard
Cost
Sub-inventory Material
A/c Setup SUB-INV
PPV A/c 20
Diff between
PO - Stnd Inventory Org Setup ORG
Receiving A/c 100 At PO Price
Receiving Option
Setup ORG
5
Invoice matching
with PO
AP Accrual Liability
A/c 100 At PO Price
Receiving Option
Setup ORG
Invoice Price
Variance A/c 10
Diff between
Invoice - PO Inventory Org Setup ORG
10. AP Liability A/c 110 AT INV Price
Financial
Options/Supplier Site
6 On making Payment
Liability A/c 110
At Invoice
Price
Financial
Options/Supplier Site
Cash 110
At Invoice
Price Bank A/c Setup
If we have reconcilation with Cash Management then we have one more entry as follows:
Step 6:
Dr Liability A/C
Cr . Cash Clearing A/c ( Receipt Method)
Step 7:
DR Cash Clearing A/C
CR Cash
STANDARD INVOICE:
DEBIT CREDIT
Expense / Item Expense / Misc. Expense 100
Supplier / Liability 100
PAYMENT:
Supplier / Liability 100
Bank / Cash / Cash Clearing 100
TOTAL 200 200
PREPAYMENTS / ADVANCES:
DEBIT CREDIT
Prepaid Expense / Advance Paid 70
Supplier / Liability 70
PAYMENT:
Supplier / Liability 70
Bank / Cash / Cash Clearing 70
STANDARD INVOICE:
11. Expense / Item Expense / Misc. Expense 100
Supplier / Liability 100
PREPAYMENT APPLIED TO STANDARD
INVOICE:
Supplier / Liability 70
Prepaid Expense / Advance Paid 70
TOTAL 310 310
INVOICE with WITHHOLDING TAX (say 6%):
DEBIT CREDIT
Expense / Item Expense / Misc. Expense 100
Supplier / Liability 100
Payment with Withholding Tax :
Supplier / Liability 100
Bank / Cash / Cash Clearing 94
Withhodling Tax 6
WITHHOLDING TAX INVOICE (Usually Auto Generated)
WHT Expense 6
WHT Payables (NBP or SBP) 6
TOTAL 106 106
Expense Item Accounting Entries
1) In PO module there is no Accounting Entries
2) When Invoice is generated accounting entries are
Expense Item A/C
To Expense AP Accrual
Expense AP Accrual A/C
To Cash Clearing
Cash Clearing A/C
To Cash/Bank
Final Entry:
Expense Item A/C
12. To Cash/ Bank
Foreign Invoice Accounting Entries
1) When Invoice is created for 1000/- (1$ = 40/-) and while doing invoice payment 1$ =
42/-. For this accounting entries are:
Foreign Functional
Charge A/C 1000 1000 * 40
To AP Liability 1000 1000 * 40
AP Liability A/C 1000 1000 * 42
Realized Loss A/C 1000 * 2
To Cash Clearing 1000 42000
2) When Invoice is created for 1000/- (1$ = 40/-) and while doing invoice payment 1$ =
38/-. For this accounting entries are:
Charge A/C 1000 1000 * 40
To AP Liability 1000 1000 * 40
AP Liability 1000 1000 * 40
To Realized Gain 2000
To Cash Clearing 1000 * 38
P 2 P Cycle Accounting Entries
1) Requisition
2) RFQ
3) Receiving Requisition
4) Analyzing Requisition
5) Purchase Order
6) Receiving Goods (Direct Receiving)
Inventory Material A/C
13. To Inventory AP Accrual
Standard Receiving
Receiving Control A/C
To Inventory AP Accrual
Inventory Material A/C
To AP Liability
AP Liability A/C
To Cash Clearing
Cash Clearing A/C
To Cash / Bank
Future Dated Payment
When Payment is in issue status, accounting entries are:
AP Liability A/C
To Future Dated Payment
Future dated Payment A/C
To Cash/ Bank
When advance is applied to invoice then accounting entries are:
AP Liability A/C
To Prepayment
14. What is the difference between Manual Payment and Quick Payment?
manual payments are meant to record manual check payments.
quick payment are computer generated payments. we can stop quick
payments only once they are formatted. for quick payments even though
a check is voided we can reissue the same check since it is a computer
generated payment.
for quick payments only interest invoices are generated, but not for
manual payments
The FA accounting entries are as below.
1. when asset has been added
Asset a/c Dr.
To Asset clearing a/c
2. For depreciation
Depreciation a/c Dr.
To accumulated depreciation a/c
3. When asset retired
Accumulated Depreciation a/c Dr.
Cost of removal of asset a/c Dr.
Loss or gain on sale of asset Dr. (if loss)
Proceeds of sale a/c Dr.
To asset a/c
To Loss or gain on sale of asset (if gain)