How to Balance Revenue Account when Invoice / Debit Memo Does Not Knock Off After Applying Credit Memo
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
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 ?
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