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Journal Entry for adjustment in GL

Discussion in 'Oracle Financials' started by fin_mate@yahoo.com, Apr 14, 2014.

  1. fin_mate@yahoo.com

    fin_mate@yahoo.com Active Member

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    HI All,

    I found there is a small amount difference in GL and AP liability accounts, to correct it, We have to post an adjustment journal entry for the difference. Can any one please let me know which account has to be Debit and which account has to be credit in case of :-
    a) When my GL liabilty account balance is more
    b) When my AP liabilty account balance is more

    can anyone please tell me the generic reasons for these differences.

    many thanks in advance..
     
  2. Iwanhe

    Iwanhe Active Member

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    Hi,

    I think it's because of rounding, have you setup the rounding account ?

    Regards,
    Iwanhe
     
  3. waleed_Taha

    waleed_Taha Active Member

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    Appreciate your feedback . Did you do the setup for rounding account?
     
  4. Iwanhe

    Iwanhe Active Member

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    Hi Waleed,

    Yes, I set up the rounding account as suspense account

    Regards,
    Iwan