Types of Bank Statement Formats in oracle cloud

Types of Bank statement formats in oracle cloud

In this post we will see the different types of bank statement formats available across the banks globally in oracle cloud and what are the main types of bank statement format in oracle cloud.

Bank statement is the record of your payments and receipts for a particular period of time. This is generally sent by bank to the customers every month end.

In short you can say a bank statement is a list of all transactions for a bank account over a set period, usually monthly.  

The statement includes deposits, charges, withdrawals, as well as the beginning and ending balance for the period. 

Here we will see what are the most widely used bank statement formats by banks in oracle for reconciliation purpose.

Types of bank statement formats in oracle cloud

a). SWIFT MT940 Bank statement format

b). BAI2 bank statement format

SWIFT MT940 Bank statement format

This is an electronic bank statement which by developed by SWIFT. It is a well standard structured customer statement.

Below is the example of MT940 bank statement format

Types of bank statement formats in oracle

BAI2 Bank statement Format 

BAI stands for Bank Administration Institute. It is a financial services association, they have developed a bank statement format called as  BAI format, which is a standard to enable cash management balance reporting.

Below is the example of BAI2 bank statement format

Types of bank statement formats in oracle

Bank statement formats in oracle cloud | Types of bank statements in oracle cloud

What is a Trial Balance Report in oracle Cloud

In this post let us understand what is trial balance report in oracle cloud and what is the importance trial balance report in oracle cloud as well.

What is Trial Balance report in oracle cloud

Trail balance report is list of all general ledger accounts with their balances for any point of time. This list contains all the accounts with their all credit and debit entries. The debit balances will be presented under debit column and the credit balance will be presented under credit column.

What is the Importance of Trial balance report in oracle cloud 

Importance of trail balance report

Trial balance report is heart of any business. It is most useful and important when you perform any adjustments. You will be interested to see the trail balance before and after the adjustment.

Let’s say in some case the trial balance did not "balance" then it signal’s an error somewhere between the journal and the trial balance.

Let’s understand Importance of Trial balance report in oracle with an example:

Let’s say you and an expense account 001 and Liability account 002. Let say you have purchase some goods form XYZ and you need to pay 500 USD to supplier then the account entries will be shown below.

What is the Importance of trial balance report

Now whenever you run your trial balance report in general ledger it will appear like this.

What is the Importance of trial balance report

Importance of trial balance report in case of adjustment

Let’s say you have made some adjustment in that case you will be interested to see the trial balance.

Suppose in above case you have received the good’s but those seems to be defective goods and you have returned it. In that case you have reversed the entries and you will be interested to see the trail balance.

The trial balance report in that will look like this.

What is the Importance of Trial Balance Report

What is trial balance report in oracle  | What is trial balance in oracle cloud  | What is the Importance of Trial balance report in oracle

How to Create bank statement transaction codes in oracle cloud

What is bank statement transaction codes 

In this post we will see how to create bank statement transaction codes in oracle cloud cash management.

Bank statement transaction codes are standardized codes used to identify the type of transaction that has occurred on a bank statement. These codes provide a uniform way of classifying transactions and help to ensure that bank statements are consistent across different financial institutions.

One must must define bank transaction codes in Oracle Cash Management if we wish to use Oracle's electronic bank statements with the Auto Reconciliation features.

Below are the detailed steps given to create bank statement transaction codes in oracle cloud in cash management.

Step 1: Navigator>Setup and maintenance

bank statement transaction codes in oracle cloud

Step 2 : Select offering as Financials

                                                 how to create bank statement transaction codes in oracle cloud

                                                            Create bank statement transaction codes in oracle cloud

Step 3 : Search for the task Manage bank statement transaction codes

Step 4 : Now click on the Plus (+) Icon

                                                 How to create bank statement codes in oracle cloud cash management

Step 5 : Enter the Transaction code , Description and Transaction Type and click save and close

How to create bank statement codes in oracle cloud

After creation of bank statement transaction in code in cash management will appear like this

How to create bank statement transaction codes in oracle cloud 

How to create AR transaction in oracle Cloud

How to create AR transaction in Oracle Cloud receivables

Below are the detailed steps given for "How to create AR transaction in oracle cloud receivables"

Here we will discuss about how to create AR transaction in oracle cloud 

Step 1 Home>Receivables>Billing

       click in image to open

Step 2 : Click on Create Transaction

   How to create AR transaction in oracle Cloud

Step 3 : Enter the information required to create AR transaction in oracle cloud receivables (Transaction source will be Manual ) other information like transaction types ,bill to customer, payment details.

Under Invoice lines : Enter the item details

How to create AR transaction in oracle cloud receivables 

How to create AR transaction in Oracle cloud receivables How to create AR transaction in Oracle cloud

Step 4: If you want to enter additional details like sales order information click on the Click on the Details Icon beside Line

Step 5:  Once all details are filled click on complete and close.

                               

How to create AR transaction in Oracle Cloud | How to create AR transaction in Oracle Receivables 

How to set up approval limits in Oracle Cloud Receivables

How to set up approval limits in Oracle Cloud Receivables

Approval limits in Oracle Receivables refer to the maximum amount that a user or role can approve for a transaction or a set of transactions. These limits can be set up in the system to ensure that only authorized individuals are able to approve transactions that exceed a certain amount.

In Oracle Cloud Receivables, there are two types of approval limits: transaction limits and summary limits.

Transaction limits are applied to individual transactions, and they specify the maximum amount that a user or role can approve for each transaction. Summary limits, on the other hand, are applied to sets of transactions, such as invoices or credit memos, and they specify the maximum total amount that a user or role can approve for a group of transactions.

Approval limits can be set up in the Oracle Receivables system using the Approval Management Engine (AME). The AME allows administrators to define approval rules and workflows that are based on various criteria, including transaction type, amount, and user or role.

When a transaction is submitted for approval, the AME evaluates the approval rules and determines which user or role should be responsible for approving the transaction. If the transaction amount exceeds the approval limit for the assigned user or role, the transaction is automatically routed to the next level of approval.

By using approval limits in Oracle Receivables, businesses can ensure that their financial processes are properly controlled and that only authorized individuals are able to approve transactions that exceed certain thresholds.

Steps :- How to set up approval limits in Oracle Cloud Receivables

Step 1:-Go to Navigator->Setup and Maintenance

How to set up approval limits in Oracle Cloud Receivables 

Step 2:- Search  for the task Manage Approval Limits

How to set  up approval limits in Oracle Cloud Receivables 

Step 3:-  You can see the existing Receivable Approval Limits in oracle cloud in the below Page.

Note : Click on the + icon to create new approval Limits in oracle Receivable for Users.

How to set up approval limits in Oracle Cloud Receivables 

Step 4:- Enter the user name to create receivable approval Limits in oracle for these below AR Transactions 

                                                                

Step 5:- You can setup Approval Limits for the users as shown below.

approval limits in Oracle Cloud Receivables 

                                                                                                                                                               

Receivables Approval Limits in Oracle Cloud|Approval Limits in Receivable|How to Setup Approval Limits in Oracle cloud|Approval Limits