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Reconcilation Account Direct pass JV

pranav_gupata
Participant
0 Kudos

Hi Expert,

We are facing problem while finalization of Balance Sheet, we have one vendor where , we have given Down payment  Made i.e advance on Fiscal year 2013 say Rs.100000/-

after that he has not send the goods till now so in Vendor A/c Showing Debit  Rs. 100000/- Balance as well Advance to Vendor GL i.e 233600 ( Advance to Vendor GL) i.e Recon A/c : Customer Alternative Reconciliation also showing for the same amount Rs.100000/-

now Management says close the books this year. they will not send the goods.

In this case wht should i do to pass the entry so out Vendor balance also become Zero account as well 233600 Advance to Vendor as well should be knoc-off. finally we have to load some Expenses GL A/c . if i m not wrong , we have discussed with External Auditor as well.

Kindly tell me step to achieve for this issues.

Your quick action will be highly appreciated.

Kind regards

Pranav Kr. Gupta

Accepted Solutions (0)

Answers (1)

Answers (1)

former_member198650
Active Contributor
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Hi Pranav,

Since the cheque issued against the advance to vendor has been cleared, so you have to write off the difference to any expense a/c or as per your client desired account. You have to clear the vendor balance by F-51 or F-44. Here you have to write off the to the GL account. Then system will automatically clear the balance. The entry will be:

Vendor A/c Cr (with special GL indicator)

Expense A/c Dr

Regards,

Mukthar

pranav_gupata
Participant
0 Kudos

Dear Mukthar,

Thanks for Reply.

You a right in this case, but user has given me the entry to pass JV in WIP Plant & Machinery Debited say  thru FB01 Document Type JV Rs.100000/-

Posting Key 40 : 217200 Debited WIP Plant & Machinery Rs. 100000/-

Posting Key 34 : Vendor 1322 Credited from                    Rs. 100000/-

as on 31.03.2015.

Note : in this case i have change the Config in OAMK for Recon Account Asset 21700 deselect and we have posted the same Amount. and again given in OAMK for Same GL Asset : 21700.

after Auditing Time.

System showing still from Rs.100000/- has not been cleared

while doing Advance payment to Vendor Down Payment Made

PK 29M Vendor 1322 a/c Debited from Rs. 100000/- simentionusuly subsidry A/c 200600 Curr.Asset

PK 50  200225 Bank A/c Credited        Rs. 100000/-

OBYR Settings

Sund Creditors          SPL GL A/c

100200                         200600  has not been cleared.

so in this case we cannot post directly pass the JV system not allowed coz of Recon A/c.

wht should i do in this case .

kindly help

Yr quick action will be highly appreciated.

Kind regards

Pranav Kr. Gupta

former_member198650
Active Contributor
0 Kudos

Hi Pranav,

You can post transactions to asset recon.accounts by ABF1. No need set/reset recon.accounts in OAMK. However, you have to credited to vendor a/c as normal account and it is not a special GL account. I think your normal recon.account also showing a credit balance. If it is showing, then first clear the advance in F-54. Here system will clear the advance a/c and it shows a debit balance for normal recon.account. After that you can clear the both line items by F-44.

Regards,

Mukthar