How to setup Transaction Types In Oracle Cloud Receivables
In this blog we will see what is a transaction types in oracle and how to setup transaction types in oracle receivables.
Transaction Types setup in Oracle receivables:
Transaction types in oracle are used to default tax, freight, creation sign , receivables information etc on the transaction.
Transaction types in oracle receivables also checks whether your transaction entries will update your customers' balances and whether Receivables will posts these transactions to your general ledger or not.
In oracle you can associate transaction types with the invoice sources in the Transaction Sources window . This will speed data entry while creating transaction and credit transaction.
There are two predefined transaction types in oracle receivables:
1. Invoice
2. Credit Memo.
Detailed Steps to create Transaction Types in oracle receivables
1. Navigate to the Receivables Responsibility >Setup >Transactions >Transaction Types
2. In operating Unit field by default will have current operating unit.
3. Enter the unique Name and Description of the transaction type.
4. Select a Class for the transaction type.
How to setup Transaction Types In Oracle Receivables
Below are the seeded classes available in oracle
1. Invoice
2. Chargeback
3. Credit Memo
4. Debit Memo
5. Deposit
6. Guarantee
For the case of credit memo
5. Set Open Receivable is to Yes,
Customer balances will be updated each time when we create a debit memo, credit memo, chargeback, or on-account credit with this transaction type in receivables. these will also be included in the standard aging and collection processes in receivables.
6.Select the Post to GL checkbox
If this check box is selected you will be able to post transactions with this type to general ledger.This box should always be checked if the class is Deposit or Guarantee.
7.Select Print.
This can overridden while entering transactions in transaction window in receivables.
8. Select Transaction Status of From the LOV. The values available are open, Closed, Pending, or Void.
9.Select the Allow Freight box.
This will allow freight to be entered for transactions having transaction type
10.Select the Tax Calculation box.
Tax calculation will be performed only for the transactions which will have this transaction type and this check box is selected. If this checkbox is not selected then receivables will not calculate the tax for the transaction with this transaction type.
11.Select Creation Sign.
The default values selected in this is Positive Sign for transaction types having class of either Guarantee or Deposit. If we use Cash Basis accounting in that case Transaction's creation sign should be Positive Sign, Negative Sign, or Any Sign. This filed can not be updated once selected for any transaction types.
12.Check the Natural Application Only box. This cannot updated once saved this transaction type.
13.Enter the account values like receivable account , freight account etc .these account will be defaulted when we create any transaction for this transaction type.
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