The document outlines accounting entries for various purchase, sales, asset, and banking transactions in SAP. It discusses entries for goods receipt, invoice verification, sales delivery, billing, customer and vendor payments, asset acquisition and retirement, bank deposits, payments, reconciliations, and fixed deposits. Accounting entries debit and credit the relevant accounts, such as inventory, customer, vendor, bank, and expense accounts, depending on the type of transaction.
Inforum 2014 Infor ERP differences training for Infor Ming.le, Infor Cloudsuites and Infor ERP LN. These presentations explain how to use new functionality enhancements in Infor LN 10.4 and other applications within the vertical industry Cloudsuites. There are Cloudsuites for Financials, Aerospace and Defense (A&D), Automotive, Industrial Machining and Equipment and other discrete manufacturing industries. If you still have Baan 4, FourthShift, Microsoft Dynamics GP, SAP R/3 or any other legacy ERP, then you might want to consider Infor LN. We specialize in Baan 4 to LN migrations but can handle upgrades from virtually any manufacturing ERP system to the new Infor CloudSuites. For more information and how-to content, visit http://inforln.com or contact Dan Aldridge, CEO of Performa Apps, at 703.251.4504.
PAÍS VERSIÓN INDIA, PAYS VERSION INDE, 国家版印度
CIN Domain Basic concepts
FI consultant steps in CIN configuration
CIN VS Service Tax
CIN VS TDS
CIN MM Configuration Steps
CIN SD Configuration Steps
J1I9 CIN Number range objects
Master Data for CIN
MM CYCLES
DEPOT PLANTS
CIN TABLES
CIN Forms
CIN NOTES
CIN ACCOUNTING ENTRIES
UTILIZATION
CIN/VAT/TDS/SERVICE -TAX List of Reports
TAXINN VS TAXINJ
CAPITAL Procurement in SAP
SD CYCLES
Miscellaneous Topics
Inforum 2014 Infor ERP differences training for Infor Ming.le, Infor Cloudsuites and Infor ERP LN. These presentations explain how to use new functionality enhancements in Infor LN 10.4 and other applications within the vertical industry Cloudsuites. There are Cloudsuites for Financials, Aerospace and Defense (A&D), Automotive, Industrial Machining and Equipment and other discrete manufacturing industries. If you still have Baan 4, FourthShift, Microsoft Dynamics GP, SAP R/3 or any other legacy ERP, then you might want to consider Infor LN. We specialize in Baan 4 to LN migrations but can handle upgrades from virtually any manufacturing ERP system to the new Infor CloudSuites. For more information and how-to content, visit http://inforln.com or contact Dan Aldridge, CEO of Performa Apps, at 703.251.4504.
PAÍS VERSIÓN INDIA, PAYS VERSION INDE, 国家版印度
CIN Domain Basic concepts
FI consultant steps in CIN configuration
CIN VS Service Tax
CIN VS TDS
CIN MM Configuration Steps
CIN SD Configuration Steps
J1I9 CIN Number range objects
Master Data for CIN
MM CYCLES
DEPOT PLANTS
CIN TABLES
CIN Forms
CIN NOTES
CIN ACCOUNTING ENTRIES
UTILIZATION
CIN/VAT/TDS/SERVICE -TAX List of Reports
TAXINN VS TAXINJ
CAPITAL Procurement in SAP
SD CYCLES
Miscellaneous Topics
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.
This material is a part of PGPSE / CSE study material for the students of PGPSE / CSE students. PGPSE is a free online programme for all those who want to be social entrepreneurs / entrepreneurs This material is a part of PGPSE / CSE study material for the students of PGPSE / CSE students. PGPSE is a free online programme for all those who want to be social entrepreneurs / entrepreneurs
Case 15-8 Controlling Revenue Page 1 Case 15-.docxannandleola
Case 15-8: Controlling Revenue Page 1
Case 15-8 Controlling Revenue
Handout 1 - Process Flow Diagrams
Order Processing
Copyright 2013 Deloitte Development LLC
All Rights Reserved.
Case 15-8: Controlling Revenue Page 2
Shipping and Invoicing
Copyright 2013 Deloitte Development LLC
All Rights Reserved.
Case 15-8 Controlling RevenueHandout 1 - Process Flow Diagrams
Copyright 2013 Deloitte Development LLC
All Rights Reserved.
Case 15-8
Controlling Revenue
An engagement team is planning the audit of Always Better Care Company (ABC or the
“Company”), an SEC registrant that develops, manufactures, and sells a range of
products related to personal health and well-being. The engagement team is performing
an integrated audit for the year ended December 31, 2017, in accordance with the
standards of the PCAOB. This is the first year the team will serve as auditors of the
Company.
Paragraph .28 of PCAOB Auditing Standard 2201, An Audit of Internal Control Over
Financial Reporting That Is Integrated With an Audit of Financial Statements (PCAOB
AS 2201), states that “the auditor should identify significant accounts and disclosures and
their relevant assertions.” Accordingly, the engagement team has identified revenue as a
significant account balance.
In addition, paragraph .34 of PCAOB AS 2201 states:
To further understand the likely sources of potential misstatements, and as a part of
selecting the controls to test, the auditor should achieve the following objectives-
• Understand the flow of transactions related to the relevant assertions, including
how these transactions are initiated, authorized, processed, and recorded;
• Verify that the auditor has identified the points within the company’s processes at
which a misstatement—including a misstatement due to fraud—could arise that,
individually or in combination with other misstatements, would be material;
• Identify the controls that management has implemented to address these potential
misstatements; and
• Identify the controls that management has implemented over the prevention or
timely detection of unauthorized acquisition, use, or disposition of the company’s
assets that could result in a material misstatement of the financial statements.
In summary, the objective of understanding likely sources of misstatement is three-fold:
1. Understand the process.
2. Determine that the risks of material misstatement identified are complete and
appropriate.
3. Identify and understand the controls that address the identified risks.
Obtaining a robust understanding of the flow of transactions for significant accounts and
disclosures is the foundation for (1) identifying the points at which a material
misstatement can occur and (2) identifying the controls that mitigate those potential
misstatements.
Case 15-8c: Controlling Revenue Page 2
Copyright 2013 Deloitte Development LLC
All Rights Reserved.
T.
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Fi accountinng entries Anilkumar chowdary
1. Accounts Payable Journal
PURCHASE RELATED ACTIVITIES
Accounting entries get generated at the time of GR/IR, and invoice verification.
At the time of GR/IR, the following entry gets generated.
Inventory a/c………….…………..Dr. xxx
To GR/IR a/c……………………………..xxx
On doing the Invoice verification, the following entry gets generated and the liability is
booked.
GR/IR a/c…………………………..Dr. xxx
To Vendor a/c……………………………xxx
At the time of invoice verification if there are differences between GR value and IR and if
stock is not available the difference amount would go to price differences A/c.
1) PURCHASE – RAW MATERIAL
At the time of Goods Receipt the following entry gets generated (Ex. with notional figures).
For a P.O of Rs. 100(Basic 70 + Freight 10 ) (when freight is borne by the company)
Inventory (Raw-material) a/c………………….Dr 80
To GR/IR Clearing a/c……………………………….70
To Freight clearing a/c………………………………10
On doing the Invoice Verification, the following entry gets generated.
GR/IR Clearing a/c……..……………..Dr. 70
Freight Clearing a/c……………………Dr. 10
To Vendor a/c ……………………………….70
To Vendor a/c………….……………………10
2) PURCHASE – TRADED GOODS
In case of traded goods, the entries would be as below:
2. On receipt of the goods
Inventory (Traded) a/c…………………………..Dr. xxx
To GR/IR Clearing a/c………………………………….xxx
On doing the Invoice Verification, the following entry is generated.
GR/IR Clearing a/c……………………………Dr. xxx
To Vendor a/c…………………………………………..xxx
3) PURCHASE – CONSUMABLES
In case of Consumables, the entries would be as below:
On receipt of the Consumables
Inventory (Consumables) a/c…………………………..Dr. xxx
To GR/IR Clearing a/c………………………………….xxx
On doing the Invoice Verification, the following entry is generated.
GR/IR Clearing a/c……………………………Dr. xxx
To Vendor a/c…………………………………………..xxx
4) PURCHASE – PACKING MATERIAL
In case of Packing Material, the entries would be as below:
On receipt of the Packing Material
Inventory (Packing Material) a/c…………………………..Dr. xxx
To GR/IR Clearing a/c………………………………….xxx
On doing the Invoice Verification, the following entry is generated.
GR/IR Clearing a/c……………………………Dr. xxx
To Vendor a/c…………………………………………..xxx
5) IMPORT PURCHASES
In case of Import Purchases, the process remains the same but for the additional charges,
which are included in the cost of inventory.
The same is processed in MM module.
3. The following accounting entry gets generated on receipt of goods.
Inventory a/c……………………………..Dr. xxx
To GR/IR Clearing a/c………………………..xxx
To Freight Clearing…………………………..xxx
On doing the Invoice Verification, the following entry gets generated.
GR/IR Clearing a/c………………………Dr. xxx
Freight Clearing a/c…………………….Dr. xxx
To Vendor a/c…………………………………xxx
To C&F Vendor……………………………….xxx
6) PURCHASE RETURNS
The transactions related to purchase returns are processed in MM.
The entries that get generated on processing such transactions are:
GR/IR a/c…………………………………..Dr. xxx
To Inventory a/c……………………………….xxx
Accounts Receivable Journal Entries
BOOKING OF SALES ENTRY
1) DELIVERY OF GOODS
On Delivery of Goods the following entry gets generated
Cost of Goods Sold a/c…………………………..Dr. xxxx
To Inventory (Finished Goods) a/c…………Cr. xxxx
2) BILLING
On doing the Billing, the following accounting entry gets generated.
Customer a/c…………………Dr. xxxx
To Sales a/c xxxx
4. To Sales Tax Payable a/c xxxx
3) SALE OF TRADED GOODS
Accounting Entry for Sale of Traded goods
Customer a/c…….………….Dr. xxxx
To Sales a/c xxxx
To Sales Tax Payable a/c xxxx
4) RECEIPT FROM CUSTOMER (INCOMING PAYMENT)
The receipts from Customers are handled through Finance Accounting (Accounts
Receivable).
The respective document type for receipt from customers is to be used.
Incoming Bank a/c………………………..Dr. xxxx
To Customer a/c xxxx
5) SALES RETURNS (CREDIT NOTES)
The Sales Returns are processed from SD module.
Inventory Finished goods a/c…….Dr. xxxx
To Cost of goods sold Cr. xxxx
The accounting entry that gets generated in the system is as below:
Sales a/c…………………………………. Dr xxxx
Sales Tax Liability a/c…………………….Dr. xxxx
To Customer a/c xxxx
Asset Accounting Journal Entri
1) ASSET ACQUISITION
The entry that gets generated on processing this transaction is as follows:
5. Dr Asset a/c
Cr Vendor a/c
The asset value dates are mentioned at the time of purchase. The asset value dates determine
the date from which the depreciation would be calculated.
2) RETIREMENT/SALE OF AN ASSET
The entries that get generated are as below: (with notional figures)
When asset is sold
Dr. Accumulated Depreciation A/c
Dr. Loss on Sale of Asset A/c (if applicable)
Dr. Clearing Account from Asset Sale
Cr. Asset (APC Value) A/c
Cr. Profit on Sale of Asset A/c (if applicable)
When the asset sold is cleared against the customer invoice
Dr. Customer A/c
Cr. Clearing Account from Asset Sale
At the time of payment,
Dr. Bank Incoming A/c
Cr. Customer A/c
3) WRITE-UP OF AN ASSET
The accounting entry that gets generated is:
Dr Accumulated depreciation a/c
Cr Depreciation
4) DEPRECIATION POSTING RUN
The entries that get generated are as below:
Dr Depreciation a/c
Cr Accumulated Depreciation a/c
6. Banking Transaction Financial
Accounting Entries
Settlement Of Tour Advances Domestic/Foreign
1) Settlement of advance w ill be done by the Accounts Department based on the Travel Expense Statement submitted
by the employee, w hich is approved by the Concerned Department Head.
2) Expenses Account DR
Cash/Bank Account DR (if, refund)
Employee Advance Account CR
Cash/Bank Sub ledger Account CR (if, payable)
3) Banking Operations - Maintenance Of Bank Master
4) A House Bank is a combination of a Bank and a Branch. Account id is the account number. A house bank can have
multiple account IDs.. There could be a main account as also payable account, w hich w ill be defined as separate
account ids. General Ledger accounts have to be created for each combination of a house bank and account ID. The
bank master details are to be provided by HZL.
5) General Ledger accounts have to be created for each account ID in the house bank. Bank Account Master data w ill
be maintained by the Finance Department centrally.
6) Each house bank and account ID combination shall have one main general ledger account and several sub accounts
mainly based on broad transaction types. These sub accounts are necessary to facilitate automatic bank reconciliation
process in R/3 system.
Bank Accounting
7) The accounting entries w ill be generated automatically according to the posting rules attached to the Transaction
type. The follow ing accounting entry is passed by the system in respect of cheque deposit on account of collection fr om
domestic customers.
Bank cheque deposit account Debit
Customer account Credit
8) In this case, a bank sub account is selected based on the transaction code entered by the user. The customer
account is cleared i.e. invoice is cleared against the receipt. In respect of any other deposits, the relevant accounts to
be credited w ill depend on the nature of transaction.
9) Payment against bills for collection. Based on the bank advices falling due on a particular day one payment advice is
made debiting the vendors and crediting bank.
Cheque Deposit - Customer Receipts
10) All cheques received from customers shall be accounted at the point of receipt. The entry posted shall be
Bank Sub account Dr
Customer Account Cr
Cheque Deposit - Other Than Customer Receipts
11) All other receipts w ill be accounted through the Incoming Payment Transaction of the Accounts Receivables
module.
Cheque Bouncing - Other Than Customer Receipts
7. 12) Based on the information of cheque bounced from the Bank, the accounts Department w ill pass accounting entries
for the cheque that have been bounced. The procedure to handle bouncing of a cheque has been discussed under the
follow ing
13) Reset the clearing document - If the document has been cleared i.e. an open outstanding item has been cleared
against an incoming receipt, then the clearing document has to be reset to its original status of open item. This process
is know n as reset of cleared document.
14) Reverse the entry passed for cheque deposited earlier - Once the document has been reset it w ill be reversed. The
follow ing accounting entry w ill be passed.
FI Customer DR
Bank cheque deposit account CR
15) In case of cheques being damaged w hile printing, the concerned cheques no. has to be voided and the payment w ill
be rerun.
Bank Reconciliation
16) The Bank reconciliation process is based on the entries passed through the Bank sub account and main account.
The process is dependent on the Bank Statement received from the Bank that w ill be entered into SAP. Accounting
rules are to be defined for each transaction type and posting rule for posting accounting entries as per bank
statement. Bank statements to be uploaded into SAP.
17) Bank Main account balance is the actual balance as per the bank statement w hereas the Bank sub accounts denote
the reconciliation items. These sub accounts show those entries, w hich w ill flow from the sub account w hich are not
cleared in the bank statement.
18) Adding or subtracting the Bank sub accounts w ill help in preparing the Bank reconciliation statement.
19) The follow ing scenarios w ould explain the reconciliation process:
- Cheque received from customer
- Cheque issued to vendors
- Cheque received from Other than Customers
- Direct Debits in Bank Statement
- Direct Credits in Bank Statement
- Fund Transfer betw een Bank Accounts
Cheque Received From Customer
20) Accounting entry at the time of cheque deposit entry
Bank Cheque deposit account Debit
Customer Credit
21) Accounting entry after cheque has been cleared in the Bank statement Main Bank account
Debit Bank
Cheque deposit account Credit
22) The clearing criteria for updating the bank main account and bank sub account w ill be amount and
document number w hich w ill be captured in the allocation field of the bank sub account. The items, w hich have not
been cleared in the bank statement, w ill remain open in the bank sub account and w illform part of the bank
reconciliation statement.
Cheque Issued To Vendors
23) Accounting entry at the time of cheque issue
Vendor account Debit
Bank cheque payment account Credit
8. 24) Accounting entry after cheque has been presented in the Bank
Bank cheque payment account Debit
Main Bank account Credit
25) The clearing criteria used for updating vendor account and Bank cheque payment account w ill be amount and
cheque number. The cheques presented to the bank and are cleared are transferred to the bank main account. The
remaining cheque issued w ill form part of the bank reconciliation statement.
Direct Debit In Bank
26) Direct debit instructions w illbe given to the bank for example, LC payments or certain bank charges are directly
debited in the Bank Statement. In this case accounting entry is passed only after the entry is passed in the bank
statement.
Vendor / Expense Account Debit
Bank clearing account Credit
Direct Credit In Bank
27) Customer receipts are sometimes directly credited in Bank. E.g. export receipts. In this scenario accounting entry is
passed only at the time of bank statement entry. The follow ing accounting entry is passed
Bank clearing account Debit
Customer account Credit
Main Bank A/c Debit
Bank Clearing A/c Credit
Bank Fixed Deposits
28) HZL has a practice of converting any amount above Rs. 1 crore in its Main bank account, to a fixed deposit subject
to a minimum of Rs. 1.01 crores. The FDR number can be filled in one of the fields available in the accounting
document.
Cheque Management / Cheque Printing Cum Advice
29) The function of cheque management w ill enable printing of cheque through SAP. Cheque series w ill be defined for a
combination of a Company code and Bank Account. Cheque numbering w ill be sequential order.
30) Cheque series for automatic payment has to be in sequential order. Cheque printing facility w ill be available for the
bank account.