need list of varinces can be shown during P2P cycle in oracle fusion application alos need the journals when these varinces shown

In Oracle Fusion Applications, the Procure-to-Pay (P2P) cycle involves various processes, including purchasing, receiving, invoicing, and payment. Variances can occur at different stages of the P2P process. Here’s a list of common variances that may be encountered, along with the relevant journals typically associated with them: ### Types of Variances in the P2P Cycle 1. **Price Variance** - **Definition**: Occurs when the invoiced price differs from the purchase order price. - **Journal**: A price variance journal entry might debit or credit a variance account to reflect the difference in price. 2. **Quantity Variance** - **Definition**: Occurs when the quantity of goods received differs from the quantity ordered. - **Journal**: A quantity variance journal entry would adjust inventory accounts and might also reflect a variance account. 3. **Invoice Variance** - **Definition**: Occurs when there is a discrepancy between the invoice and the receipt or purchase order details. - **Journal**: An invoice variance journal entry would typically affect the accounts payable and may also impact expense or asset accounts. 4. **Tax Variance** - **Definition**: Occurs when the tax charged on the invoice differs from the tax calculated based on the purchase order or receipt. - **Journal**: A tax variance journal entry would adjust tax receivable or payable accounts accordingly. 5. **Freight Variance** - **Definition**: Occurs when the freight charges on the invoice differ from those specified in the purchase order. - **Journal**: A freight variance journal may adjust the freight expense and accounts payable. 6. **Receiving Variance** - **Definition**: Occurs when there are discrepancies between what was received and what was ordered. - **Journal**: A receiving variance journal entry may affect inventory and cost of goods sold (COGS) accounts. 7. **Discount Variance** - **Definition**: Occurs when the discount applied on the invoice is different from what is on the purchase order. - **Journal**: A discount variance journal would typically affect accounts payable and possibly expense accounts. 8. **Currency Variance** - **Definition**: Relevant for international transactions; occurs when there is a difference in exchange rates from the time of purchase order to invoice. - **Journal**: A currency variance journal entry might adjust cash or accounts payable due to exchange rate fluctuations. ### Journals Related to Variances The specific journal entries related to these variances will depend on the organization's accounting policies, chart of accounts, and configuration in Oracle Fusion. Common journal entries for variances typically involve: - Debiting or crediting respective expense or variance accounts. - Adjusting inventory values for price and receiving variances. - Recognizing differences in accounts payable due to invoice variances. - Adjustments related to tax, freight, and discounts. ### Conclusion To accurately reflect the variances in Oracle Fusion Applications, it is essential to review the transaction history and variance accounts set up in your chart of accounts. Additionally, the implementation of a detailed review process for P2P transactions can help in managing variances effectively and ensuring accurate financial reporting. For tailored reports or more specific examples, it would be advisable to consult your organization's Oracle Fusion application guide or a financial analyst with expertise in Oracle Fusion.