Accrual Reversal

The Inventory Transaction Perpetual Record (ITPR Inventory Transaction Perpetual Record. Historical records that allow you to track transaction history arising from acquiring, managing and selling inventory items. You can track information such as who was involved in the transaction, what the transaction was for, when, where it took place and why. You can also view Inventory Transaction Perpetual Records from the Perpetual with Financial report.) type Accrual Reversal is used for transactions related to internal purchase orders with line types of Description and Capital Equipment.

You can update the picklist values for the ITPR object from the Feature Console.

When purchase order lines of type Description or Capital Equipment are received, an ITPR of type Received Purchased Material is created with two Inventory Transaction Financial Records (ITFR Allow you to track the financial transactions arising from acquiring, managing and selling inventory items. You can track information such as who was involved in the transaction, what the transaction was for, when and where it took place and why. This information can be sent to financial systems such as Accounting. You can also view Inventory Transaction Financial Records from the Perpetual with Financial report.), Expenses and Accrued Purchases. The liability is now created for these line types in preparation for the associated AP voucher matching.

Note:

The accrued liability is an assumed amount when the purchase order is created because the associated AP voucher price can have a different value from that on the original purchase order lines.

When the AP voucher is matched, an ITPR of type Accrual Reversal is created with two ITFRs, Accrued Purchases which cancels the liability, and Accounts Payable.