Account Classification

Oracle Applications Fusion Cloud - Manufacturing

Oracle Cloud/Fusion Manufacturing Cloud training will help you develop the fundamental skills required to set up and use the Manufacturing module. This training covers all the tasks, setups, forms and reports used in Manufacturing and related modules

Broadly Accounts are classified as

   Account Classification: Broadly Accounts are classified as

  •    Personal - Related with the Persons E.g. Mr. Paul’s A/C account at ABC Org
  •    Nominal - Pertaining to Income and Expenses E.g. Interest, Wages etc.
  •    Real - Pertaining to things / Properties E.g. Cash , building, Machinery etc .

General Accounting Rules for Every Account

  •     For Real A/C – Debit that whatever Comes in , Credit whatever goes out.
  •     For Nominal A/C– Debit expenses, losses and credit incomes and profits.
  •     For Personal A/C- Debit the Receiver, Credit the Giver.


 

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