Oracle receivables
Mandatory setups:
1.
Defining party tax profile and
e-business tax setups
2.
Defining system options
3.
Payment terms
4.
Statement cycle
5.
Collector
6.
Auto cash rule set
7.
Customer
8.
Define frieght & carrier
9.
Item valid org
10.
Receivables activities
11.
Auto accounting
In receivables there are four work benches
1.
Transaction work bench
2.
Receipt work bench
3.
Collection work bench
4. Bills
receivables
Transaction
workbench:
There are six types of transaction classes in oracle
receivables.
1. Invoice
2. Debit
memo
3. Credit
memo
4. Deposit
5. Guarantee
6. Charge
back
For each type of class, we must create transaction type and then transaction source.
Transaction
type, Is decides the transaction properties like class,
printing option, freight, line sign and etc. it is also defaults some code
combinations I.e. tax, freight, bills receivables, unbilled amount,
receivables, revenue and unearned revenue.
Creating an AR RESP:
for receivables menu
----àAR_NAVIGATE_GUI
request group ----à
RECEIVABLES ALL
After defining the
responsibility we have to attach the following profile options
1.
GL LEDGER NAME--àhere
we can attach the ledger
2.
GL: DATA ACCESS SET ---àif
we attach the GL LEDGER NAME profile option, the same ledger it takes
defaultly. If we want to use multiple ledgers for single responsibility. Create
ledger set and attach the ledger set in place of ledger.
3.
HR: SECURITY PROFILE ---àhere
we have to attach business group
4.
HR: BUSINESS GROUP ----à
if we attach HR: SECURITY PROFILE option, the same business group it takes
5.
MO: OPERATING UNIT ---àattach the
operating unit
6.
MO: SECURITY PROFILE---àif
we have multiple organization units, create security profile from hrms resp and
run security list maintenance program. And then attach security profile list
here.
n
Creating party tax profile
This can be done in E-business module.
For every OU , we must create party tax profile otherwise it
creates problem while creating receivable activities
Defining system options:
Define system options to customize your Receivables
environment. During Receivables setup, you specify your accounts, customer and
invoice parameters, and how the AutoInvoice and Automatic Receipts programs
will run.
It has four tabs
1.
Accounting
2.
Trans and customers
3.
Claims
4.
Miscellaneous
the accounts which are given in the aboce are defaults to the reeceivable cross currecncy transactions.
In this tab, we are entering the transaction properties and auto invoice creation setups.
if we check the allow unearned discounts then only we can give the unearned discounts to the customer
Transaction types
Use
transaction types to define the accounting for the debit memos, credit memos,
on-account credits, chargebacks, commitments, invoices, and bills receivable
you create in Receivables. Transaction types also determine whether your
transaction entries update your customers' balances and whether Receivables
posts these transactions to your general ledger.
If
AutoAccounting depends on transaction type, Receivables uses the general ledger
accounts that you enter here, along with your AutoAccounting rules, to
determine the default revenue, receivable, freight, tax, unearned revenue,
unbilled receivable, and AutoInvoice clearing accounts for transactions you create
using this type. For bills receivable, the accounts that you enter here
determine the bills receivable, unpaid bills receivable, remitted bills
receivable, and factored bills receivable accounts for a bill receivable.
To define a transaction type:
1.
Navigate
to the Transaction Types window.
2.
Select
an operating unit and legal entity for this transaction type.
Receivables
uses the selected legal entity to default for transactions using this
transaction type. Enter a Name and Description for this transaction type..
3.
Enter
a Class for this transaction type. Choose from the following classes: Invoice,
Chargeback, Credit Memo, Debit Memo, Deposit, or Guarantee.
If you choose Deposit or Guarantee,
Receivables sets Open Receivable and Post to GL to Yes, Allow Freight, Default
Tax Classification, and Allow Overapplication to No, Creation Sign to 'Positive
Sign,' and Natural Application Only to Yes. You cannot change these options.
4.
Choose
a Creation Sign. The default is Positive Sign for transaction types with a
class of either Guarantee or Deposit. You cannot update this field after you
enter transactions with this type.
5.
Choose
a Transaction Status of Open, Closed, Pending, or Void. Use these statuses to
implement your own invoice approval system. Enter 'Void' to void debit memos,
on-account credits or invoices to which you assign this transaction type.
6.
Choose
a default Printing Option for transactions with this transaction type. Choose
Print or Do Not Print. You can override this value when entering transactions.
7.
If
this transaction type's class is either Deposit or Guarantee, enter the Invoice
Type to use for invoices entered against commitments or deposits with this
transaction type. When you enter an invoice against either a deposit or a guarantee
with this transaction type, the value you enter here is the default invoice
transaction type.
8.
If
this transaction type's class is Deposit, Guarantee, Debit Memo, or Invoice,
enter the Credit Memo Type to use when crediting items with this transaction
type (optional). When you enter a credit memo against an invoice with this
transaction type, the value you enter here is the default credit memo
transaction type.
9.
Enter
an Application Rule Set for this transaction type or select one from the list
of values (optional). An Application Rule Set determines the default payment
steps when you use the Applications window or AutoLockbox to apply receipts to
transactions using this type. If you do not enter a rule set, Receivables uses
the rule set in the System Options window as the default
10. Enter the
payment Terms to use for transactions with this transaction type.
Any
payment terms entered at the customer level will override the payment terms
that you enter here.
11. Enter the range
of dates that this transaction type will be active. The default Start Date is
today's date, but you can change it. If you do not enter an End Date, this
transaction type will be active indefinitely.
12. If this
transaction type's class is not Deposit or Guarantee, indicate whether you want
transactions with this type to update your customer balances by checking or
unchecking the Open Receivable box.
If
Open Receivable is set to Yes, Receivables updates your customer balances each
time you create a complete debit memo, credit memo, chargeback, or on-account
credit with this transaction type. Receivables also includes these transactions
in the standard aging and collection processes.
13. To allow freight
to be entered for transactions with this transaction type, check the Allow
Freight box.
14. To be able to
post transactions with this type to your general ledger, check the Post To GL
box. The default is the value you specified for the Open Receivables option.
This box must be checked if the class is Deposit or Guarantee. If you leave
this box unchecked, then no accounting will be generated for transactions with
this type. If you leave this box unchecked, then no accounting will be
generated for transactions with this type.
If
you are defining a 'void' transaction type, do not check this box.
15. To automatically
assign a default tax classification on transaction lines, select the Default
tax classification box.
16. If this
transaction type's class is not Deposit or Guarantee and you want to restrict
the direction in which items with this transaction type can be updated by
applications entered against them, check the Natural Application Only box. If
you check this box, Receivables sets Allow Overapplication to No.
17. If this transaction type's class is not
Deposit or Guarantee, and you did not check the Natural Application Only box,
choose whether to Allow Overapplication against items with this transaction
type by checking or unchecking this box. You can update these options.
18. Select the
Exclude from Late Charges Calculation box if you do not want to assess late
charges on overdue transactions using this transaction type.
19. If this
transaction type's class is Invoice, Chargeback, Credit Memo, Debit Memo, or
Guarantee, then define the accounting for this transaction type in the Accounts
tabbed region.
20.
Enter
the Receivable Account for transactions with this transaction type. Receivables
uses this information, along with your AutoAccounting definition, to determine
the receivable accounts for transactions with these types. Receivables creates
a receivables transaction record using this account so you can transfer to your
general ledger and create a journal entry if Post To GL is Yes for this
transaction type.
21. Enter a Freight
Account for transactions with this transaction type. Receivables uses this
information, along with your AutoAccounting definition, to determine the freight
account for transactions with this transaction type. Receivables skips this
field if this transaction type's class is Guarantee or if Allow Freight is set
to No.
22. Enter a Revenue
Account for transactions with this transaction type. Receivables skips this
field if Allow Freight is set to No. Receivables uses this information, along
with your AutoAccounting definition, to determine the revenue account for
transactions with this transaction type.
23. If this
transaction type's class is Invoice or Debit Memo, enter a Clearing Account for
transactions with this transaction type. Receivables uses this account to hold
any difference between the revenue amount specified for the Revenue account and
the selling price times the quantity for imported invoice lines. Receivables
only uses the clearing account if you have enabled this feature for transaction
sources that you use for your imported transactions.
24. If this
transaction type's class is Invoice or Credit Memo, enter an Unbilled
Receivable Account. When you use the Bill In Arrears invoicing rule,
Receivables uses this information, along with your AutoAccounting definition,
to determine the Unbilled Receivable account for transactions with this
transaction type.
25. If this
transaction type's class is Invoice or Credit Memo, enter an Unearned Revenue
Account. Receivables uses this information, along with your AutoAccounting
definition, to determine the unearned revenue account for transactions with
this transaction type. Receivables only uses this account when your
transaction's invoicing rule is Bill In Advance.
26. If this
transaction type's class is Invoice, Credit Memo, or Debit Memo, enter a Tax
Account. Receivables uses this information along with your AutoAccounting
definition to determine the tax account for transactions with this transaction
type.
27. If this
transaction type's class is Deposit, then complete these fields in the Deposit
tabbed region:
In the Allocation Basis field, indicate
how you want to apply the balance of deposits with this transaction type to
transactions.
You
can select Lines Only to apply deposits to invoice lines only. Or, you
can select Lines, Tax and Freight to include tax and freight amounts on
invoices when applying deposits to transactions.
creating Credit memo Transaction type
creating invoiceTransaction type
creating debit memo Transaction type
creating Deposit Transaction type
creating Deposit Transaction type
creating chargeback Transaction type
Transaction Batch Sources
Batch sources control the standard
transaction type assigned to a transaction and determine whether Receivables
automatically numbers your transactions and transaction batches. Active
transaction batch sources appear as list of values choices in the Transactions,
Transactions Summary, and Credit Transactions windows, and for bills receivable
in the Bills Receivable and Bills Receivable Transaction Batches windows.
Note:
A
batch source provides default information, which you can optionally change at
the transaction level.
You
can define two types of transaction batch sources:
Manual: Use manual
batch sources with transactions that you enter manually in the Transactions and
Transactions Summary windows, and for bills receivable transactions.
Credit
memos that are created by the Credit Memo workflow also use manual batch
sources.
Imported: Use imported
batch sources to import transactions into Receivables using AutoInvoice.
You
can make a batch source inactive by unchecking the Active check box and then
saving your work. Receivables does not display inactive transaction batch
sources as list of values choices or let you assign them to your transactions
Bills
receivable batch sources: After you define batch sources for bills
receivable, enter a batch source in the profile option AR: Bills Receivable
Batch Source. Prerequisites
Define
credit memo batch sources (optional)
Define grouping rules (optional)
To define a transaction batch
source:
1.
Navigate
to the Transaction Sources window.
2.
Select
an operating unit and legal entity.
3.
Enter
a Type of 'Manual' or 'Imported.' For bills receivable batch sources, enter
'Manual.'
4.
Enter
the range of Effective Dates for this source. The Start date is the current
date, but you can change it. If you do not enter an end date, this transaction
batch source will be active indefinitely.
5.
If
this is a Manual source and you want to automatically number new batches you
create using this source, or if this is a Manual source for bills receivable
and you want to generate bills receivable automatically, check the Automatic
Batch Numbering box and enter a Last Number. For example, to start numbering
your batches with 1000, enter 999 in the Last Number field. If you are defining
an Imported transaction batch source, Receivables automatically numbers the
batch with the batch source name - request ID.
6.
To
automatically number new transactions you create using this source, check the
Automatic Transaction Numbering box and enter a Last Number. You can use
automatic transaction numbering with both Imported and Manual sources.
7.
To
use the same value for both the document number and the transaction number for
transactions assigned to this source, check the Copy Document Number to
Transaction Number box (optional).
8.
Select
the Allow Duplicate Transaction Numbers box to allow duplicate transaction
numbers within this batch source.
Selecting
the Copy Document Number to Transaction Number box automatically selects this
option.
This
option and the Automatic Transaction Numbering box, however, are mutually
exclusive.
9.
Select
the Copy Transaction Information Flexfield to Credit Memo check box if you want
to copy an invoice's Transaction Information flexfield data to a related credit
memo that uses this batch source (optional).
10. Select Generate
Line Level Balances to calculate and populate the line level balances for
invoices created using this transaction source.
11. Indicate your
enterprise's policy for automatic receipt handling for imported credits against
paid invoices (optional).
Set
this option only if you want AutoInvoice to automatically evaluate imported
credits for receipt handling.
12. In the Reference
Field Default Value, enter the Invoice Transaction Flexfield attribute that you
want to appear in the Reference field of the Transactions window. Receivables
uses this to further identify the invoice and displays this value under the
Reference column in the invoice list of values in the Applications window.
The
default value is INTERFACE_HEADER_ATTRIBUTE1.
13. Enter the
Standard Transaction Type for this batch source. When you choose a batch source
during transaction entry, this is the default transaction type. You can define
new transaction types in the Transaction Types window.
14. To number your
credit memos created against invoices and commitments with this source differently
than the invoices or commitments they are crediting, enter a Credit Memo Batch
Source. Before you can assign a credit memo batch source, you must first define
your credit memo batch sources using this window. If you do not specify a
credit memo batch source, Receivables enters the invoice or commitment batch
source here.
15. If you are
defining a Manual transaction batch source, then you have completed this task.
If
you are defining an Imported transaction batch source, open the AutoInvoice
Processing Options tabbed region.
16. Specify how you
want AutoInvoice to handle imported transactions that have Invalid Tax Rates.
An invalid tax rate is one in which the imported transaction's tax rate does
not match its tax code. Enter 'Correct' if you want AutoInvoice to
automatically update the tax rate that you supplied to the one that you defined
previously for the tax code. Enter 'Reject' if you want AutoInvoice to reject
the transaction.
17. Specify how you
want AutoInvoice to handle imported transactions with Invalid Lines by entering
either 'Reject Invoice' or 'Create Invoice.'
18. Specify how you
want AutoInvoice to handle imported transactions that have lines in the
Interface Lines table that are in a closed period. To have AutoInvoice
automatically adjust the GL dates to the first GL date of the next open or
future enterable period, enter 'Adjust' in the GL Date in a Closed Period
field. Enter 'Reject' to reject these transactions.
19. Enter a Grouping
Rule to use for a transaction line (optional). If you do not enter a grouping
rule, AutoInvoice uses the following hierarchy to determine which rule to use:
The grouping rule specified in the
Transaction Sources window for the batch source of the transaction line.
The grouping rule specified in the
Customer Profile Classes window for the bill-to customer and bill-to site of
the transaction line.
The grouping rule specified in the
Customer Profile Classes window for the bill-to customer of the transaction
line.
The default grouping rule specified in
the System Options window.
20. Check the Create
Clearing box if you want AutoInvoice to require that the revenue amount for
each transaction line is equal to the selling price times the quantity
specified for that line. Use this option to distribute revenue on an
transaction in an amount that is not equal to the transaction line amount.
21. Indicate whether
sales credits can be entered for transactions using this source by checking or
unchecking the Allow Sales Credit box. This option and the Require Salesreps
option in the System Options window determine whether sales credits are
optional or required.
22. Open the
Customer Information tabbed region, then choose either 'Value' or 'ID' for each
option to indicate whether AutoInvoice validates your customer information for
this batch source using a value or identifier. Choose 'None' for no validation.
23. Open the
Accounting Information tabbed region, then choose ID, Value, or None to
indicate how AutoInvoice validates your Invoice and Accounting Rule data for
this batch source.
24. Choose either
'Id' or 'Segment' to indicate whether you want AutoInvoice to validate the
identifier or the flexfield segment for this batch source.
25. Check the Derive
Date check box to derive the default rule start date and default GL date from
the ship date, rule start date, order date and the default date that you supply
when you submit AutoInvoice.
26. Choose either
'Id' or 'Value' to indicate whether AutoInvoice validates your Payment Terms
for this batch source using identifiers or values.
27. Choose either
'Amount' or 'Percent' to indicate how you want AutoInvoice to validate your
Revenue Account Allocation data for this batch source.
28. Open the Other
Information tabbed region, then choose how you want AutoInvoice to validate
data. Choose 'None' if you do not want AutoInvoice to import this information.
Note:
Even
if you choose 'None,' AutoInvoice might still validate the data and could
reject the containing line(s) if that data is invalid.
29. Open the Sales
Credits Data Validation tabbed region, then choose how you want AutoInvoice to
validate data for salespersons, sales credit types and sales credit. Choose
Number, ID, or Value to validate information using identifiers, numbers, or
values for this batch source. Choose to validate Sales Credits based on either
Amount or Percent.
creating transaction source for invoice transaction
creating transaction source for chargeback transaction
creating transaction source for guarantee transaction
creating transaction source for deposit transaction
creating transaction source for debit memo transaction
creating transaction source for credit memo transaction
AutoAccounting
Define
AutoAccounting to specify how you want Receivables to determine the default
general ledger accounts for transactions that you enter manually or import
using AutoInvoice. Receivables creates default accounts for revenue,
receivable, freight, tax, unearned revenue, unbilled receivable, late charges,
bills receivables accounts, and AutoInvoice clearing (suspense) accounts using
this information.
The
default accounting that AutoAccounting creates is considered interim accounting
only. Receivables integrates with Oracle Subledger Accounting, the E-Business
Suite's centralized accounting engine, which accepts the default accounts that
AutoAccounting derives without change. However, you can modify the accounting
rules in Subledger Accounting to create accounting that meets your business
requirements.
You
can control the value that AutoAccounting assigns to each segment of your
Accounting Flexfield, such as Company, Division, or Account.
You
must define AutoAccounting before you can enter transactions in Receivables.
When you enter transactions in Receivables, you can override the default
general ledger accounts that AutoAccounting creates.
Suggestion:
If
you use the multiple organization support feature, you can set up
AutoAccounting to derive the Product segment of your Revenue account based on
inventory items. To do this, define the Product segment of your Revenue account
to use Standard Lines and specify a Warehouse ID when entering transactions.
To define AutoAccounting:
1.
Navigate
to the AutoAccounting window.
2.
Select
an operating unit.
3.
Enter
the Type of account to define. Choose from the following:
AutoInvoice Clearing: The clearing
account for your imported transactions. Receivables uses the clearing account
to hold any difference between the specified revenue amount and the selling
price times the quantity for imported invoice lines. Receivables only uses the
clearing account if you have enabled this feature for the invoice batch source
of your imported transactions.
Bills Receivable: The bills
receivable account for your transaction. Receivables uses this account when you
exchange transactions for bills receivable.
Factored Bills Receivable: The factored
bills receivable account for your bills receivable transactions.
Freight: The freight
account for your transaction.
Receivable: The receivable
account for your transaction.
Remitted Bills Receivable: The remitted
bills receivable account for your bills receivable transactions.
Revenue: The revenue and
late charges account for your transaction.
Tax: The tax account for your
transaction.
Unbilled Receivable: The unbilled
receivable account for your transaction. Receivables uses this account when you
use the Bill In Arrears invoicing rule. If your accounting rule recognizes
revenue before your invoicing rule bills it, Receivables uses this account.
Unearned Revenue: The unearned
revenue account for your transaction. Receivables uses this account when you
use the Bill In Advance invoicing rule. If your accounting rule recognizes
revenue after your invoicing rule bills it, Receivables uses this account.
Unpaid Bills Receivable: The unpaid
bills receivable account for your bills receivable transactions.
4.
For
each segment, enter either the table name or constant value that you want
Receivables to use to get information. When you enter an account Type,
Receivables displays all of the segment names in your Accounting Flexfield
Structure. Segments include such information as Company, Product, Department,
Account, and Sub-Account. Receivables lets you use different table names for
different accounts. Choose one of the following table names:
Bill To Site: Use the bill-to
site of the transaction to determine this segment of your revenue, freight,
receivable, AutoInvoice clearing, tax, unbilled receivable, and unearned
revenue account.
Drawee Site: Use the drawee
site table to determine this segment of your bills receivable, factored bills
receivable, remitted bills receivable, and unpaid bills receivable account.
Remittance Banks: Use the
remittance banks table to determine this segment of your factored bills
receivable and remitted bills receivable account.
Salesreps: Use the
salesperson's table to determine this segment of your revenue, freight,
receivable, AutoInvoice clearing, tax, unbilled receivable, and unearned
revenue account. If you choose this option for your AutoInvoice clearing, tax,
or unearned revenue accounts, Receivables uses the revenue account associated
with this salesperson. If you choose this option for your unbilled receivable
account, Receivables uses the receivable account associated with this
salesperson. If the transaction has a line type of "LINE" with an
inventory item of freight ("FRT"), AutoAccounting uses the accounting
rules for the freight type account rather than the revenue type account.
Standard Lines: Use the
standard memo line or inventory item on the transaction to determine this
segment of your revenue, AutoInvoice clearing, freight, tax, unbilled
receivable, and unearned revenue account. If you choose this option for your
AutoInvoice clearing, freight, tax, unbilled receivable or unearned revenue
accounts, Receivables uses the revenue account associated to this standard memo
line item or inventory item. If the transaction has a line type of
"LINE" with an inventory item of freight ("FRT"),
AutoAccounting uses the accounting rules for the freight type account rather
than the revenue type account.
Taxes: Enter this option to use tax
codes when determining your tax account.
Transaction Types: Use the
transaction types table to determine this segment of your revenue, freight,
receivable, AutoInvoice clearing, tax, unbilled receivable, and unearned
revenue account, and of your bills receivable, factored bills receivable,
remitted bills receivable, and unpaid bills receivable account. If the
transaction has a line type of "LINE" with an inventory item of
freight ("FRT"), AutoAccounting uses the accounting rules for the
freight type account rather than the revenue type account.
5.
If
you did not enter a Table Name, enter a Constant value for this segment, or
select one from the list of values.
Attention:
If
you modify the Oracle Subledger Accounting setup to define custom accounting,
then select a constant value for all Accounting Flexfield segments.
Enter
a Constant value if you want AutoAccounting to always use the same value for
this Accounting Flexfield segment. Be sure to enter information that is valid
for this segment. For example, if you defined your Company flexfield segment as
a two-character segment with valid values ranging from 00 to 10, you must enter
a two-character value within this range.
Receivables Activities
Define
receivables activities to default accounting information for certain
activities, such as miscellaneous cash, discounts, late charges, adjustments,
and receipt write-off applications. See: Activity Types for a complete list of activities.
Activities
that you define appear as list of values choices in various Receivables
windows. You can define as many activities as you need.
The
Tax Rate Code Source you specify determines whether Receivables calculates and
accounts for tax on adjustments, discounts, and miscellaneous receipts assigned
to this activity. If you specify a Tax Rate Code Source of Invoice, then
Receivables uses the tax accounting information defined for the invoice tax
rate code(s) to automatically account for the tax. If the Receivables Activity
type is Miscellaneous Cash, then you can allocate tax to the Asset or Liability
tax accounts that you define for this Receivables Activity.
Receivables
uses Late Charges activity's accounting information when you record late
charges as adjustments to overdue transactions. See: Setting Up Late Charges.
Query
the Chargeback Adjustment activity that Receivables provides and specify GL
accounts for this activity before creating chargebacks in Receivables.
Query
the Credit Card Chargeback activity that Receivables provides and specify a GL
clearing account for this activity, before recording credit card chargebacks in
Receivables.
You
can make an activity inactive by unchecking the Active check box and then
saving your work.
Attention:
Once
you define an activity, you cannot change its type. However, you can update an
existing activity's GL account, even if you have already assigned this activity
to a transaction.
Prerequisites
If
you use Receivables with an installed version of Oracle General Ledger, your
Accounting Flexfields are already set up. If you are using Receivables as an
Oracle Financials standalone product, you must define the Accounting Flexfield
and the GL accounts for each receivables activity that you plan to use to
reflect your current accounting structure.
An
activity's type determines whether it uses a distribution set or GL account and
in which window your activity appears in the list of values. You can choose
from the following types:
Adjustment:
You
use activities of this type in the Adjustments window. You must create at least
one activity of this type.
Note:
In
the Adjustments window, you cannot select the Adjustment Reversal, Chargeback
Adjustment, Chargeback Reversal, and Commitment Adjustment activities to
manually adjust transactions. These four activities are reserved for internal
use only, and should not be end dated.
When
you reverse a receipt, if an adjustment or chargeback exists, Receivables
automatically generates off-setting adjustments using the Adjustment Reversal
and Chargeback Reversal activities. When your customers invoice against their
commitments, Receivables automatically adjusts the commitment balance and
generates an off-setting adjustment against the invoice using the Commitment
Adjustment activity.
Bank
Error:
You use activities of this type in the Receipts window when entering
miscellaneous receipts. You can use this type of activity to help reconcile
bank statements using Oracle Cash Management.
Claim
Investigation: You
use activities of this type in the Receipts Applications and QuickCash windows
when placing receipt overpayments, short payments, and invalid Lockbox
transactions into claim investigation. The receivable activity that you use
determines the accounting for these claim investigation applications.
For
use only with Oracle Trade Management.
Credit
Card Chargeback:
Use activities of this type in the Receipts Applications window when recording
credit card chargebacks. This activity includes information about the General
Ledger clearing account used to clear the chargebacks. Receivables credits the
clearing account when you apply a credit card chargeback, and then debits the
account after generating the negative miscellaneous receipt. If you later
determine the chargeback is invalid, then Receivables debits the clearing
account when you unapply the credit card chargeback, and then credits the
account after reversing the negative miscellaneous receipt. Only one activity
can be active at a time.
Credit
Card Refund: You
use activities of this type in the Receipts Applications window when processing
refunds to customer credit card accounts. This activity includes information
about the General Ledger clearing account used to clear credit card refunds.
You must create at least one activity of this type to process credit card
refunds.
Earned
Discount:
You use activities of this type in the Adjustments and the Remittance Banks
windows. Use this type of activity to adjust a transaction if payment is
received within the discount period (determined by the transaction's payment
terms).
Endorsements: The endorsement
account is an offsetting account that records the endorsement of a bill
receivable. This is typically defined with an Oracle Payables clearing account.
Late
Charges:
You use activities of this type in the System Options window when you define a
late charge policy. You must define a late charge activity if you record late
charges as adjustments against overdue transactions. If you assess penalties in
addition to late charges, then define a separate activity for penalties.
Miscellaneous
Cash:
You use activities of this type in the Receipts window when entering
miscellaneous receipts. You must create at least one activity of this type.
Payment
Netting:
You use activities of this type in the Applications window and in the QuickCash
Multiple Application window when applying a receipt against other open
receipts.
The
GL Account Source field defaults to Activity GL Account and you must
enter a GL account in the Activity GL Account field. The GL account that you
specify will be the clearing account used when offsetting one receipt against
another receipt. The Tax Rate Code Source field defaults to None.
You
can define multiple receivables activities of this type, but only one Payment
Netting activity can be active at any given time.
Prepayments: Receivables
uses activities of this type in the Applications window when creating
prepayment receipts. When the Prepayment activity type is selected, the GL
Account Source field defaults to Activity GL Account and you must enter
a GL account in the Activity GL Account field. The GL account that you specify
will be the default account for prepayment receipts that use this receivables
activity. The Tax Rate Code Source field defaults to None. You can
define multiple receivables activities of this type, but only one prepayment
activity can be active at any given time.
Receipt
Write-off: You
use activities of this type in the Receipts Applications and the Create Receipt
Write-off windows. The receivable activity that you use determines which GL
account is credited when you write off an unapplied amount or an underpayment
on a receipt.
Refund: Use activities
of this type in the Applications window to process automated non-credit card
refunds. This activity includes information about the General Ledger clearing
account used to clear refunds. Create at least one activity of this type. Only
one activity can be active at a time.
Short
Term Debt:
You use activities of this type in the GL Account tabbed region of the
Remittance Banks window. The short-term debt account records advances made to
creditors by the bank when bills receivable are factored with recourse.
Receivables assigns short-term debt receivables activities to bills receivable
remittance receipt methods.
Unearned
Discount:
You use activities of this type in the Adjustments and the Remittance Banks
windows. Use this type of activity to adjust a transaction if payment is
received after the discount period (determined by the transaction's payment
terms).
Payment
Terms
Receivables
lets you define standard payment terms for your customers to specify the due
date and discount date for their open items. Payment terms can include a
discount percent for early payment and you can assign multiple discounts to
each payment term line. For example, the payment term '2% 10, Net 30' indicates
that a customer is allowed a two percent discount if payment is received within
10 days; after 10 days, the entire balance is due within 30 days of the
transaction date with no applicable discount.
You
can define balance forward payment terms to bill customers periodically (daily,
weekly, or monthly) at the account or site level using balance forward billing.
The balance forward bill for a billing period shows the previous balance
carried over from the last billing period, payment received, current charges
and activities, and current total outstanding balance
You
can also create split payment terms for invoice installments that have
different due dates.
You
can use payment terms to determine the amount of each installment. Receivables
lets you either distribute tax and freight charges across all installments, or
allocate all freight and tax amounts in the first installment of a split term
invoice. You can use prepayment payment terms to indicate which business
transactions require prepayment for goods and services. Receivables displays
the active payment terms you define as list of values choices in the Customers,
Customer Profile Classes, and Transactions windows.
Default Payment Terms Hierarchy
Receivables
uses the following hierarchy to determine the default payment term for your
transactions, stopping when one is found:
1.
Bill-to
site
2.
Customer
Address
3.
Customer
4.
Transaction
Type
Predefined Payment Terms
Receivables
provides the following predefined payment terms:
30
NET:
The balance of the transaction is due within 30 days.
IMMEDIATE: The balance of
the transaction is due immediately (i.e. on the transaction date). You can use
this payment term with your chargebacks and debit memos.
To define a payment term:
1.
Navigate
to the Payment Terms window.
2.
Enter
the Name of this payment term.
3.
Select
the Prepayment check box if you are defining a prepayment payment term.
Receivables
feeder systems, such as Oracle Order Management, can optionally implement
business processes around prepayment payment terms to indicate that a particular
business transaction requires the capture of funds before the delivery of a
product or service.
4.
To associate a credit check with this payment
term, check the Credit Check box. Oracle Order Management uses this information
to determine when to place an order on hold.
In
Oracle Order Management, if the profile for an address does not have credit
checking limits defined in a particular currency but the customer does, then
the order passes credit check. If the address does not have limits in the
currency and neither does the customer, then the order is compared to the
customer limit in that currency.
5.
If
you do not want to let your customers take discounts for partial payments on
items associated with this payment term, then uncheck both the Allow Discount
on Partial Payments check box as well as the check box for the Discount on
Partial Payment system option.
6.
Enter
the Installment Option for items assigned to this payment term. This indicates
how Receivables will allocate the freight and tax charged to transactions using
this payment term. Choose 'Include tax and freight in first installment' to
include all tax and freight charges in the first installment. Choose 'Allocate
tax and freight' to distribute tax and freight charges across all installments.
7.
Enter
the Base Amount for this payment term. The default is 100, but you can change
it. The base amount is the denominator for the ratio Receivables uses to
determine the amount due for installments of invoices to which you assign this
payment term. The sum of the relative amounts for all of the payment schedules
that you define for these payment terms must be equal to the value that you
specify as a base amount
8.
If
you want to use this payment term for balance forward billing, select an
appropriate balance forward billing cycle from the Billing Cycle LOV. See:
Note:
You
cannot update the billing cycle, once a balance forward billing payment term is
attached to a profile.
Because
balance forward bills cannot be split across installments, in the case of a
balance forward payment term:
Any value entered in Base Amount
defaults to 100.
Installment Options becomes disabled and
any data entered before selecting a cycle defaults to Include tax and freight
in first installment.
You can populate only one row in the
Payment Schedule section and the Sequence Number and Relative Amount values for
the row default respectively to 1 and 100.
Date Due becomes disabled. However, you
can populate Days, Day of Month, and Months Ahead.
Note:
You
cannot change existing payment terms from regular payment terms to balance
forward billing payment terms and vice versa.
9.
If
you want transactions assigned to this payment term to be printed before the
due date, enter a number of Print Lead Days. Receivables will print this
transaction x number of days before the due date, where x is the
number of days you enter here.
10. Enter the
Discount Basis you want Receivables to use when calculating discounts for your
invoices. Choose one of the following discount methods:
Invoice
Amount:
Choose this option to calculate the discount amount based on the sum of the
tax, freight charges, and line amounts of your invoices.
Lines
Only:
Choose this option to calculate the discount amount based on only the line
amounts of your invoices.
Lines,
Freight Items and Tax: Choose this option to calculate the discount amount
based on the amount of line items, freight, and tax of your invoices, but not
freight and charges at the invoice header level.
Lines
and Tax, not Freight Items and Tax: Choose this option to calculate the
discount amount based on the line items and their tax amounts, but not the
freight items and their tax lines, of your invoices.
11. Enter a range of
Effective Dates for this payment term. If you do not enter an end date, this
payment term will be active indefinitely.
12. Enter a line
number for the installment term that you are defining in the 'Seq' field. Enter
a higher number for each installment term with a later due date. For example,
if you create terms with 50% due in 15 days and 50% in 30 days, enter '1' in
this field for the first line and '2' for the second line.
13. Enter the
Relative Amount for this payment term. This is the numerator of the ratio that
Receivables uses to determine the amount due for this installment of these
payment terms. The sum of the relative amounts for all of the payment schedules
that you define for each payment term must be equal to the base amount for this
term.
14. Enter the number
of Days after the invoice date that payment is due for this installment term
(optional). For split payment terms, this number indicates the number of days
after the invoice date that an installment is due.
15. Enter the Date
on which payment is due for this installment term (optional). If you do not
complete this field, enter a value for either Due Days or both Day of Month and
Months Ahead.
16. If you are
defining proxima terms, enter the Day of Month that payment is due for this
installment term. For example, if payment is due on the fifteenth of each
month, enter '15.'
17. If you are
defining proxima terms and you entered a value for Day of Month, enter the
Months Ahead to which this installment term of the proxima terms refer. For
example, if you entered '15' for Day of Month and you enter '2' here, an
invoice dated in May will have a due date of July 15.
18. Save your work.
To assign discounts to each payment schedule line of your payment term,
Statement
Cycles
Define
statement cycles to determine when to send statements to your customers. You enter
statement cycles when you define or modify individual customer and site profile
classes in the Customer Profile Classes window.
If
a customer site is defined as a statement site, Receivables generates a single,
consolidated statement for all of this customer's transactions. This statement
is sent to this statement site. If you have not defined a statement site for a
customer, Receivables creates statements for each customer site to which you
have assigned a Bill-To business purpose and for each credit profile that has
the Send Statements parameter set to Yes.
You
choose a statement cycle when you print your statements. Active statement
cycles appear as list of values choices in the Print Statements and Customer
Profile Classes windows. Statement cycle dates appear as list of values choices
in the Print Statements window.
You
can disable a statement cycle by unchecking the Active box, and then saving
your work.
To define a
statement cycle:
1.
Navigate
to the Statement Cycles window.
2.
Enter
a Name and Description for this statement cycle.
3.
Enter
the Interval for this statement cycle to indicate how often Receivables will
generate your statements. You can choose Weekly, Monthly, or Quarterly.
4.
Select
an operating unit.
5.
Enter
Statement Dates for this statement cycle. Receivables uses the statement date
to determine past due items and calculate late charges.
6.
To
prevent Receivables from printing a statement on a specific statement date,
check the Skip box.
Note: The Date Printed field displays
the last date you printed statements from the Print Statements window for each
statement date within a statement cycle. Receivables does not display a printed
date for statement dates that you have either elected to skip or have not yet
selected for a statement submission.
Receivables populates this field only if
you print statements for all customers who are assigned to this
statement cycle.
Collectors
Receivables lets you define collectors
and assign them to a profile class, or directly to a customer account or site.
When you assign a collector to a profile class, that collector becomes the
collector for all customers assigned that profile class. You can modify
collector assignments for your customers in the Customers pages, and for your
profile classes in the Customer Profile Classes window.
Receivables
displays active collectors and their descriptions as list of values choices in
the Customers pages and in the Customer Profile Classes window. Receivables
does not display inactive collectors in the list of values for these windows.
You
can make an existing collector inactive by unchecking the Active check box and
then saving your work. If the collector you want to make inactive is associated
with an active customer, Receivables displays a warning message.
Integration with Oracle Advanced
Collections
Receivables
integrates with Oracle Advanced Collections to provide you with a complete
collections management solution.
Due
to this integration, Advanced Collections requires that collectors defined in
Receivables must also be defined as resources in Oracle Resource
Manager. For existing Receivables collectors, you can create resources for use
in Advanced Collections using one of two methods:
In
Oracle Advanced Collections, submit the IEX: AR Collectors to Resource
Collectors concurrent program.
Suggestion:
To
avoid the creation of duplicate records, submit this concurrent program only
once.
Use
Resource Manager to create the resource, and assign the resource a role with a
role type of Collections.
For new
collectors, you can create resources using Resource Manager. Next, create
matching collectors in Receivables using your Receivables responsibility.
Advanced Collections uses the collector that
is defaulted from the profile class, or assigned directly to the customer
account or site, when assigning a collector to a delinquency.
Suggestion:
If
you have purchased a separate license for Advanced Collections, then you can
use Territory Manager to determine the collector and automatically populate the
collector on the customer record.
To define a collector in
Receivables:
1.
Navigate
to the Collectors window.
2.
Enter
a Name and Description for this collector. For example, enter the collector's
first name in the Name field and full name in the Description field.
3.
Enter
a Correspondence Name and Telephone Number for this collector (optional). This
information appears on your dunning letters if you enter it when formatting
your dunning letters.
4.
If
you use the Credit Memo Request Approval workflow, enter the collector's
employee name or select it from the list of values. Receivables uses this
information to ensure that the collector is also an employee and therefore can
receive workflow notifications.
AutoCash
Rule Sets
Define
AutoCash Rule Sets to determine the sequence of AutoCash Rules that Post
QuickCash uses to update your customer's account balances. You specify the
sequence and the AutoCash Rules for each AutoCash Rule Set. The AutoCash Rule
Sets you define display as list of values choices in the Customers, Customer
Addresses, Customer Profile Classes, and the System Options windows. Post
QuickCash first checks the customer site, then the customer profile class, and
finally at the system options level to determine the AutoCash Rule Set to use.
Receivables
provides a default AutoCash Rule Set when you assign a customer to a credit
profile, but you can modify individual AutoCash Rule Set assignments at both
the customer and customer site levels. If you do not assign an AutoCash Rule
Set to a customer's credit profile, and you enter a receipt for this customer,
Receivables uses the AutoCash Rule Set that you entered in the System Options
window along with the number of Discount Grace Days you specified in this
customer's credit profile to apply the receipt. If you assign an AutoCash Rule
Set to a customer, but none of the AutoCash Rules apply, Receivables places the
remaining amount Unapplied or On-Account, depending on how you set the
Remaining Remittance Amount option for the rule set.
If
you have set up your system to use bank charges and a tolerance limit, Post
QuickCash will also consider these amounts if the current AutoCash rule fails
(this is true for all rules except 'Apply to the Oldest Invoice First'). If it finds
a match, Post QuickCash applies the receipt; otherwise, it looks at the next
rule in the sequence. For more information,
You can disable an existing AutoCash Rule Set
by changing its status to Inactive and then saving your work.
Prerequisites
To define an
AutoCash Rule set:
1.
Navigate
to the AutoCash Rule Sets window.
2.
Enter
the Name of this AutoCash rule set.
3.
Enter
a description for this AutoCash rule set (optional).
4.
Enter
the type of Discount you want to automatically give to your customer for this
AutoCash Rule Set. Choose one of the following Discount options:
Earned Only: Your customer
can take earned discounts according to the receipt terms of sale. You negotiate
earned discount percentages when you define specific receipt terms. You can
enter this option if Allow Unearned Discounts is set to Yes in the System
Options window. In this case, Receivables only allows earned discounts for this
AutoCash Rule Set.
Earned and Unearned: Your customer
can take both earned and unearned discounts. An unearned discount is one taken
after the discount period passes. You cannot choose this option if the system
option Unearned Discounts is set to No.
None: Your customer cannot take
discounts (this is the default).
5.
To
include transactions in dispute when calculating your customer's open balance,
check the Items in Dispute check box.
6.
To
include late charges when calculating your customer's open balance, check the
Finance Charges check box.
8.
If
this rule set will include the Apply to the Oldest Invoice First rule, choose
how you want to apply any Remaining Remittance Amount. Receivables uses this
value to determine how to enter the remaining amount of the receipt if none of
the AutoCash Rules within this rule set apply. Choose 'Unapplied' to mark
remaining receipt amounts as Unapplied. Choose 'On-Account' to place remaining
receipt amounts On-Account.
9.
To
automatically apply partial receipts when using the Apply to the Oldest Invoice
First rule, check the Apply Partial Receipts check box. A partial receipt is
one in which the receipt minus the applicable discount does not close the debit
item to which this receipt is applied.
The applicable discount that Receivables
uses for this rule depends upon the value you entered in the Discounts field
for this AutoCash Rule Set. If you exclude late charges (by setting Finance
Charges to No) and the amount of your receipt is equal to the amount of the
debit item to which you are applying this receipt minus the late charges,
Receivables defines this receipt as a partial receipt. In this case,
Receivables does not close the debit item because the late charges for this
debit item are still outstanding.
If Apply Partial Receipts is set to No,
this AutoCash Rule Set will not apply partial receipts and will either mark the
remaining receipt amount 'Unapplied' or place it on-account, depending on the
value you entered in the Remaining Remittance Amount field (see step 8).
10. Enter a Sequence
number to specify the order of each rule in this AutoCash Rule Set (optional).
Receivables uses the rule assigned to sequence 1, then sequence 2, and so on
when applying receipts using this AutoCash Rule Set.
11. Enter one or
more AutoCash Rules for this AutoCash rule set. Choose from the following
AutoCash rules:
Apply to the Oldest Invoice First: This rule
matches receipts to debit and credit items starting with the oldest item first.
This rule uses the transaction due date when determining which transaction to
apply to first. This rule uses the values you specified for this AutoCash Rule
Set's open balance calculation to determine your customer's oldest outstanding
debit item.
Post QuickCash uses the next rule in the
set if any of the following are true:
all of your
debit and credit items are closed
the entire
receipt amount is applied
it encounters a
partial receipt application and Allow Partial Receipts is set to No for this
AutoCash Rule Set
the next oldest
debit item includes late charges and Finance Charges is set to No for this
AutoCash Rule Set
This rule marks any remaining receipt
amount 'Unapplied' or places it on-account, depending on the value you entered
in the Remaining Remittance Amount field for this AutoCash Rule set (see step
8).
Clear the Account: Post QuickCash
uses this rule only if your customer's account balance exactly matches the
amount of the receipt. If the receipt amount does not exactly match this
customer's account balance, Post QuickCash uses the next rule in the set. This
rule calculates your customer's account balance by using the values you
specified for this AutoCash Rule Set's open balance calculation and the number
of Discount Grace Days in this customer's profile class. This rule also
includes all of this customer's debit and credit items when calculating their
account balance. This rule ignores the value of the Apply Partial Receipts
option.
This AutoCash Rule uses the following
equation to calculate the open balance for each debit item:
Open Balance = Original Balance + Late
Charges - Discount
Receivables then adds the balance for
each debit item to determine the customer's total account balance. The 'Clear
the Account' rule uses this equation for each invoice, chargeback, debit memo,
credit memo, and application of an Unapplied or On-Account receipt to a debit
item.
Note: The discount amount for each item
depends upon the payment terms of the item and the value of the Discounts field
for this AutoCash Rule Set. The number of Discount Grace Days in this
customer's credit profile, along with the payment terms assigned to their
outstanding invoices, determine the actual due dates of each debit item.
Clear Past Due Invoices: This rule is
similar to the 'Clear the Account' rule because it applies the receipt to your
customer's debit and credit items only if the total of these items exactly
matches the amount of this receipt. However, this rule only applies the receipt
to items that are currently past due. A debit item is considered past
due if its due date is earlier than the receipt deposit date. This rule
considers credit items (i.e. any pre-existing, unapplied receipt or credit
memo) to be past due if the deposit date of the receipt is either the same as
or later than the deposit date of this pre-existing receipt or credit memo. In
this case, this rule uses a pre-existing receipt or credit memo before the
current receipt for your AutoCash receipt applications.
If this AutoCash Rule Set's open balance
calculation does not include late charges or disputed items, and this customer
has past due items that are in dispute or items with balances that include late
charges, this rule will not close these items. This rule ignores the value of
the Apply Partial Receipts option.
Clear Past Due Invoices Grouped by
Payment Term: This
rule is similar to the 'Clear Past Due Invoices' rule, but it first groups past
due invoices by their payment term, and then uses the oldest transaction due
date within the group as the group due date. When using this rule, Receivables
can only apply the receipt if the receipt amount exactly matches the sum of
your customer's credit memos and past due invoices.
A debit item is considered past due if
the invoice due date is earlier than the deposit date of the receipt you are
applying. For credit memos, Receivables uses the credit memo date to determine
whether to include these amounts in the customer's account balance. For
example, if you are applying a receipt with a receipt date of 10-JAN-93, credit
memos that have a transaction date (credit memo date) on or earlier than
10-JAN-93 will be included. Credit memos do not have payment terms, so they are
included in each group.
Match Payment with Invoice: This rule
applies the receipt to a single invoice, debit memo, or chargeback that has a
remaining amount due exactly equal to the receipt amount. This rule uses the
values that you enter for this AutoCash Rule Set's open balance calculation to
determine the remaining amount due of this customer's debit items. For example,
if Finance Charges is No for this rule set and the amount of this receipt is
equal to the amount due for a debit item minus its late charges, this rule
applies the receipt to that debit item. If this rule cannot find a debit item
that matches the receipt amount, Post QuickCash looks at the next rule in the
set. This rule ignores the value of the Apply Partial Receipts option.
Use
Customer Profiles to group customer accounts with similar creditworthiness,
business volume, payment cycles, and late charge policies. For each profile
class you can define information such as credit limits, payment terms,
statement cycles, invoicing, and discount information. You can also define
amount limits for your late charges and statements for each currency in which
you do business.
Define
your standard customer profiles in the Customer Profile Classes window. These
profiles contain generic options that you can use to group your customers into
broad categories.
For
example, you might define three categories: one for prompt paying customers; one
for late paying customers with high late charge rates; and a third for
customers who mostly pay on time, with discount incentives for early payment.
You can also use the profile class 'DEFAULT,' which Oracle Receivables
provides.
You
can assign a profile class to customer accounts and sites on the Create
Customer page or the Account Profile subtab of the Account Overview page. The
customer profile class you assign provides the default values, which you can
optionally customize to meet specific requirements for each account or site.
Profile
class options set at the account or site level take precedence over those
defined at the customer profile class level.
For
statement site, dunning site, and late charges site profile amounts,
Receivables uses the profile amounts defined at the site level only if
the site is assigned a dunning, statement, or late charge business purpose and
you set the AR: Use Statement, Dunning, and Late Charges Site Profiles profile
option to Yes. Otherwise, Receivables uses the profile amounts defined
on the billing site.
Prerequisites
Optionally
define interest tiers and charge schedules, if you are using charge schedules
when calculating late charges.
To define a new customer profile
class:
1.
Navigate
to the Customer Profile Classes window.
2.
Enter
a Name and a brief description of this profile class.
3.
Check
the Active check box to make this profile class active.
Attention:
Active
profile classes appear in the Profile Class list on the Create Customer page or
the Account Profile subtab of the Account Overview page.
4.
Enter
other profile class information.
5.
Use
the Late Charge Profile tab to enter default information for late charge
calculations.
6.
Open
the Profile Class Amounts tabbed region, then enter the Currency in which
customers assigned to this profile class will do business. For each currency
that you enter, define the currency rates and limits for customers using this
profile class, including Credit Limit and exchange rate information.
You
also use this tab to continue defining your late charge policy.
Attention: If you do not assign an interest
rate to a currency, Receivables does not calculate late charges for past due
items in that currency.
Note:
If
Credit Management is installed, then Credit Management matches the currencies
assigned in the profile class with the credit usage rules in Order Management
to identify the transactions to include in a credit review.
Defining Freight Carriers and Ship Methods
A
freight carrier is a commercial company that transports shipments to and from
customers, suppliers, and internal organizations. You must set up each
carrier's information as a party in Oracle Shipping Execution before shipping
goods; you should assign a carrier to each delivery. You also must associate a
general ledger account with each carrier to collect associated costs.
Before
you set up the carriers:
Collect general information about each
carrier
Determine the types of services that
your carriers offer and that you use
Open
and close accounting periods in your calendar to control the recording of
accounting information for these periods. Receivables lets you open future
accounting periods while your current period is still open. Receivables also
lets you reopen previously closed accounting periods and enter receivables
activities without transferring transactions to the general ledger when you set
your accounting periods to 'Future.'
Define
your receivables calendar in the Accounting Calendar window. Receivables
references the statuses of these accounting periods to control transaction
entry and journal entry creation to your general ledger. You cannot enter an
activity in a closed accounting period.
When
you close an accounting period, Receivables automatically generates the Collection Effectiveness Indicators report.
An
accounting period can have one of the following statuses:
Closed:
Journal
entry, posting, and transaction entry are not allowed unless the accounting
period is reopened. Receivables verifies that there are no unposted items in
this period. Receivables does not let you close a period that contains unposted
items.
Close
Pending: Similar
to Closed, but does not validate for Unposted items. Journal entry, posting,
and transaction entry are not allowed unless the accounting period is reopened.
Future: This period is
not yet open, but you can enter transactions in this period. However, you cannot
post in this period until you open it.
Not
Opened:
This period has never been opened and journal entry and posting are not
allowed.
Open: Journal entry
and posting are allowed.
1.
Navigate to the Open/Close Accounting Periods window.
2.
To update the status of an accounting period, place the cursor in the Status
field next to that period, then enter a new status.
3.
To open the next accounting period after the Latest Open Period, choose Open
Next Period. Receivables changes the status of the next period to 'Open.'
4.
Save your work.
