Vaibhav Suhane's Oracle ERP Financials Tutorial
An ERP (enterprise resource planning) finance module is a software program that gathers financial data and generates reports such as ledgers, trail balance data, overall balance sheets and quarterly financial statements. Oracle's E-Business Suite (also known as Applications/Apps or EB-Suite/EBS) consists of a collection of enterprise resource planning (ERP), customer relationship management (CRM), and supply-chain management (SCM) computer applications either developed or acquired by Oracle.
Saturday 20 October 2018
Vaibhav Suhane's Oracle ERP Financials Tutorial: Fusion Multiperiod Accounting Concept with Screen ...
Vaibhav Suhane's Oracle ERP Financials Tutorial: Fusion Multiperiod Accounting Concept with Screen ...: Fusion Multiperiod Accounting Multiperiod accounting feature allows user to create accounting entries across more than one accounting...
Fusion Multiperiod Accounting Concept with Screen Shots
Fusion Multiperiod Accounting
Multiperiod accounting feature
allows user to create accounting entries across more than one accounting period
for a single accounting event. The
functionality is primarily used to defer recognition of expense incurred across
multiple GL periods through which the benefits will accrue. For example, expenses incurred on annual
maintenance contracts for equipment’s, rent paid in advance etc.
For creating a transaction with
multiperiod accounting users need to enter the multiperiod accounting start
date, end date and accrual account.
Start Date: Date when multiperiod
accounting starts
End Date: Date when multiperiod
accounting ends
Accrual Account: Account where the
expenses will be parked till they are recognized.
These three new columns are
available under the column group multiperiod accounting and are hidden by
default. The new attributes are available on both the invoice line and invoice
distributions. The values assigned at invoice line level will be automatically
defaulted on to the invoice distributions, excluding recoverable tax
distributions, which the user can override.
1. Create Standard Invoice in AP:
Multiperiod invoice will have two
accounts on the lines and distributions. The existing expense account or
distribution set will continue to be used to capture the account to which the
expenses have to be booked. While another account is used to park the expenses
in the interim account till the entire expenditure in recognized. This account
is called the multiperiod accrual account. When the invoice is accounted the
expenses will initially be debited to the multiperiod accrual account and later
when the multiperiod accounting program is submitted a portion of the total
expenses will be recognized and moved from accrual account to the actual expense
account. The amount to be recognized will depend on the number of accounting
periods for which recognition has to be done and the recognition formula used
in the accounting rules.
2. Go to View-->Columns-->Multiperiod Accounting-->Select Start Date, End Date and Accrual Account.
3. Enter Required fields enabled above in Multiperiod Accounting block.
4. Validate and Create Accounting for the Invoice.
5. Review the created Accounting entries.
6.
Run “Create Multiperiod
Accounting” Job to recognize the Accrued Revenue
7. Review Report output
Subscribe to:
Posts (Atom)