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.
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.
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