Accounts receivable can be an asset account in the general ledger that documents bad debts to a business by customers who’ve purchases goods or services on credit. Accounts receivable can be contrasted with accounts payable, a responsibility to account in the GL that document’s money the business owes for the purchase of goods or services.
Accounts receivable, accounts payable and payroll are usually outlined as the top three mission-critical business procedures in a disaster recovery plan . Oracle Receivables provides four integrated workbenches that you can use to perform most of your day-to-day Accounts Receivable procedures. Transactions Workbench to process your invoices, debit memos, credit memos, on-account credits, chargebacks, and changes.
The Collections Workbench enables you to review customer accounts and perform collection activities such as recording customer calls and printing dunning words. The Bills Receivable Workbench lets you create, update, remit, and control your expenses receivable. Each workbench enables you to find critical information in a versatile way, see the total results in your defined format, and selectively take appropriate action. For example, in the Transactions Workbench, you can query transactions based on the bill-to or ship-to customer, currency, transaction number, or General Ledger date.
You can then review financial, application, and installment information, perform adjustments, make a credit memo, or complete the purchase. During set up, you define business fundamentals like the activities you process and their accounting distributions, your accounting structure, and various control features. Receivables uses to make data entrance more efficient and accurate. In addition, setup enables you to customize Receivables to hire the policies and procedures that you use in your business.
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You can create Receivables a number of different ways. The following visual shows the most satisfactory setup scenario. If you use the Oracle Applications Multiple Business Support feature to use multiple sets of books for just one Receivables set up, please make reference to the Multiple Organizations in Oracle Applications manual before proceeding.
If you plan to use Oracle Cash Management with Oracle Receivables, additional setup steps are required. Note: If you intend to use Multiple Reporting Currencies (MRC) with Receivables, additional setup steps are required. To find out more, make reference to the Multiple Reporting Currencies in Oracle Applications manual. The following steps may need to be performed to implement Oracle Receivables. These steps are discussed in detail in the Establishing sections of other Oracle product user guides. The Implementation Wizard guides you through the whole Oracle Applications setup, including system administration.
• controlling data security, which includes setting up obligations to allow access to a specific group of business data and complete a specific group of transactions, and assigning specific users to one or more of these responsibilities. The next table lists steps and a mention of their location within the Applications Implementation Wizard (AIW). Query With Accounting Flexfield and click on New.
Give your a name and save. Enter your sections names. Assign Flexfield Qualifiers to Company and Accounting segments. Select Company segment and then Click on Flexfield Qualifiers. Select Balancing segment qualifiers and save. Select Accounting segment and then select flexfield qualifiers. Select Natural Account Segment and save. Select Value place.