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Journal Entries for OTC


Before understanding the concept, we should know what is OTC. OTC means order to cash. It means, we have received oral or write order from our customer for buying our goods. It is also called O2C or Order 2 cash or opportunity to order or  (O2P) . These concepts are using in ERP system, SAP and Oracle.

Today lots of channel for giving order to seller. Buyer can whatsapp one minute for sale order and after 3 minutes, he cancelled the order. So, accounting record will start when buyer has confirmed and responsible the penalty if he will cancel the order specially in big deal.

 At the time of order day, customer has option to cancel the order. For example, there are sometime, customer of my flipkart who bought my books and same day, he cancelled the order.

Journal Entries of OTC

1. If there is no Cash or good delivered

Order to cash or sale order is just information for us to prepare for sending delivery of goods. So, there is no journal entry

2. If we have received cash with order to cash

We pass the journal entry of Sale and Deliver the goods

Bank Account Debit

Sale Account

3. If we immediate deliver the goods but not received the cash with order to cash, then we pass credit sale entry

Debtor Account Debit

Sale Account Credit


Comments

: 2
  1. In the 2 nd pata... Accounting entry is wrong.... The correct entry will be... Bank ac dr. To advance from customer ac cr.
    By CA Deepesh jain

    ReplyDelete
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Accounting Education: Journal Entries for OTC
Journal Entries for OTC
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Accounting Education
https://www.svtuition.org/2018/04/journal-entries-for-otc.html
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