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Manage Receipt Classes and Methods
Scenario
Supremo US Business unit needs to capture customer payments that will be reconciled in the Cash Management application. You need to define a receipt class and receipt method, and assign the appropriate bank account to meet this requirement.
Task:
Create a manual Receipt Class, where:
Name of the new receipt class is XXReceipt Class (Replace XX with 03, which is your allocated User ID.)
Receipts using this new receipt class will not be remitted
Organization will use Cash Management to clear their receipts
Log in to Oracle Financials Cloud.
Click on theReceipt Classesicon in theReceivableswork area.
Click on theCreatebutton.
In theReceipt Classwindow, enter the following information:
Name:XXReceipt Class (Replace XX with your allocated user ID.)
Creation Method:Manual
Remittance Method:No Remittance
Bank Account:The bank account that will be used to clear receipts for this receipt class.
Click on theSavebutton.
The new manual receipt class will be created.
To make sure that receipts using this receipt class will not be remitted:
Click on theRemittance Methodstab.
Select the check box next toNo Remittance.
Click on theSavebutton.
The receipts using this receipt class will now not be remitted.
Manage Balance Forward Billing Cycles and Payment Terms
Scenario
You are a consultant for a client who is implementing the Balance Forward Billing feature in Oracle Financials Cloud. You have been asked to define Balance Forward Billing Cycle as well as Balance Forward Billing Payment Terms so that your client can generate consolidated bills.
Task:
Create Balance Forward Billing Cycle, where:
Name of the cycle is XXCycle (Replace XX with 03. which is your allocated user ID.)
Bills are generated every day
Cycle is effective as Of January 1,2023
Log in to Oracle Financials Cloud.
Click on theBalance Forward Billingicon in theReceivableswork area.
Click on theCyclestab.
Click on theCreatebutton.
In theBalance Forward Billing Cyclewindow, enter the following information:
Name:XXCycle (Replace XX with your allocated user ID.)
Billing Frequency:Daily
Effective Date:January 1, 2023
Click on theSavebutton.
The new balance forward billing cycle will be created.
To create a Balance Forward Billing Payment Term:
Click on thePayment Termstab.
Click on theCreatebutton.
In theBalance Forward Billing Payment Termwindow, enter the following information:
Name:XXPaymentTerm (Replace XX with your allocated user ID.)
Billing Cycle:XXCycle (The cycle that you created in the previous step.)
Due Date:Next Business Day
Overdue Days:30
Click on theSavebutton.
The new balance forward billing payment term will be created.
Manage Receipt Classes and Methods
Scenario
Supremo US Business unit needs to capture customer payments that will be reconciled in the Cash Management application. You need to define a receipt class and receipt method, and assign the appropriate bank account to meet this requirement.
Task:
Create Receipt Method. where:
Name of the new receipt method is XXCheck (Replace XX with 03. which is your allocated User ID.)
Receipt method must be effective as of January 1. 2023
Log in to Oracle Financials Cloud.
Click on theReceipt Methodsicon in theReceivableswork area.
Click on theCreatebutton.
In theReceipt Methodwindow, enter the following information:
Name:XXCheck (Replace XX with your allocated user ID.)
Effective Date:January 1, 2023
Receipt Class:XXReceipt Class (The receipt class that you created in the previous step.)
Bank Account:The bank account that will be used to clear receipts for this receipt method.
Click on theSavebutton.
The new receipt method will be created.
You defined a Payment Terms Threshold Policy to defer revenue recognition of 120 days. An invoice is imported with split Payment Terms, consisting of the following five installments:
What revenue amount would be deferred on this Imported Invoice?
This is the revenue amount that would be deferred on this imported invoice. The Payment Terms Threshold Policy defers revenue recognition of 120 days, which means that only the first two installments (1000 and 4000) are within the threshold and can be recognized as revenue. The remaining three installments (1000, 2000, and 2000) are beyond the threshold and must be deferred until they are due. Verified Reference: [How You Manage Revenue Recognition - Oracle]
Manage Receipt Classes and Methods
Scenario
Supremo US Business unit needs to capture customer payments that will be reconciled in the Cash Management application. You need to define a receipt class and receipt method, and assign the appropriate bank account to meet this requirement.
Task:
Define Remittance Bank Account where:
Bank Account is associated with Receipt Method
Primary bank account is linked the Denver branch of Bank of America
Bank account number ends with 2870
Remittance bank account is effective as of January 1, 2023
GL Accounts section must contain the values below for company segment 120 Supremo Fitness
Log in to Oracle Financials Cloud.
Click on theRemittance Bank Accountsicon in theReceivableswork area.
Click on theCreatebutton.
In theRemittance Bank Accountwindow, enter the following information:
Name:XXRemittance Bank Account (Replace XX with your allocated user ID.)
Bank Account Number:The bank account number that you want to associate with the receipt method.
Bank Name:Bank of America
Branch Name:Denver
Account Type:Checking
Effective Date:January 1, 2023
Primary:Yes
GL Accounts:
Company Segment:120 Supremo Fitness
Account Code:12000
Account Name:Accounts Receivable - Supremo Fitness
Company Segment:120 Supremo Fitness
Account Code:12001
Account Name:Allowance for Doubtful Accounts - Supremo Fitness
Click on theSavebutton.
The new remittance bank account will be created.
