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How to Balance Revenue Account when Invoice / Debit Memo Does Not Knock Off After Applying Credit Memo (Doc ID 1554537.1)

Last updated on FEBRUARY 07, 2018

Applies to:

Oracle Receivables - Version 12.1.1 and later
Information in this document applies to any platform.
ARXTWMAI Transactions Form
Create Accounting
View Accounting

Goal

Customer has created an Invoice (or Debit Memo) with Revenue Account 1 and Receivable Account 1 for Amount 10,000.00

It was being applied to Credit Memo with Revenue Account 2 and Receivable Account 2 for Amount 5,000.00

System will generate Accounting Entries for Receivables Account as
Receivable Account 1 Cr
Receivable Account 2 Dr

So the Receivables Account get Knocked off / balanced for amount 5000 

Revenue Accounts are not getting knocked off.

Lets take an Example

Invoice has following entries :


01-000-1210-0000-000 Receivable DR   10,000
01-000-4150-0000-000 Revenue CR  10,000

 



Credit Memo entries are


01-000-1220-0000-000 Receivable CR   5,000
01-000-4504-0000-000 Revenue DR  5,000

 



Application entries generated after Credit Memo application to Invoice as


01-000-1210-0000-000 Receivable CR   5,000
01-000-1220-0000-000  Receivable DR   5,000

 



Here Revenue accounts are not knocking off. 

How to resolve this situation ?
What is the workaround possible for it ?

 

 

Solution

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In this Document
Goal
Solution


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