| Non-remitted deferred prepaid invoice [message #327401] |
Mon, 16 June 2008 05:25 |
krisbloemen
Messages: 1
Registered: June 2008
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Junior Member |
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Dear,
The US entity of our client has the following requirement: When they enter an inbound invoice and the cost must be deferred to a later period but should should be paid in the current period, and at the end of the current period, it turns out that the payment was actually not remitted, then the invoice amount can not be left on a 'deferred prepaid account' since it is not remitted.
They claim this is a US requirement, and that the external auditor has given remarks when not doing so.
We do not really understand why this requirement exists. Does anyone with implementation experience in the US heard about this requirement? How should it be handled in Oracle? (Currently, they just void the enter invoice in the current period, and enter it in the next, immediately on the cost account).
Help would be appreciated.
Kris Bloemen
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