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09 - Receipt Remittance and Accounting

This document discusses receipt and remittance accounting in Oracle ERP. It describes the different types of receipts including unidentified receipts, unapplied receipts, on account receipts, and applied receipts. It also explains how the clearance method set up in the receipt class impacts which accounts are debited in the receipt accounting entries.

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351 views

09 - Receipt Remittance and Accounting

This document discusses receipt and remittance accounting in Oracle ERP. It describes the different types of receipts including unidentified receipts, unapplied receipts, on account receipts, and applied receipts. It also explains how the clearance method set up in the receipt class impacts which accounts are debited in the receipt accounting entries.

Uploaded by

Anusha
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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OracleErpGuide.com

Contents
Receipt and Remittance Accounting .................................................................................. 3
Receipt Accounting Cycle ......................................................................................................... 4
Create or View a Receipt Class and Method ................................................................................................. 4
Unidentified Receipts .................................................................................................................................... 6
Unapplied Receipts ....................................................................................................................................... 8
On Account Receipt ....................................................................................................................................... 9
Applied Receipts.......................................................................................................................................... 11
Effect of Clearance Method on Receipt Accounting ................................................................................... 13

Buy Full Book Set: ........................................................................................................... 18

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Receipt and Remittance


Accounting

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Receipt Accounting Cycle


Receipts are accounted based on whether these are Unidentified, Unapplied, On Account or
Applied Receipts

Create a Receipt Class and Attach accounts at the Bank Account assigned to it.

Create or View a Receipt Class and Method

Go to Task “Manage Receipt Classes and Methods”

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Search and Select a Receipt Class and Click on Edit Pencil Icon

Click on a Remittance Bank Account assigned to Receipt Class and Click Edit Pencil Icon.

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See the Accounts Assigned as above. These accounts will be used to create journals when the
“GOOGLE-CHECK” Receipt Class (and “GOOGLE-CHECKS” Receipt Method) is used for
creating a Receipt.

Unidentified Receipts
These are receipts where Customer is not specified. Go to Hamburger MenuAccounts
Receivable (Under “Receivables”) and Click on “Create Receipt” from Right Side Menu

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Enter a Receipt as above. Customer is Not Specified on Receipt. Click “ActionsAccount in


Draft” and then Click “View Accounting”

Cash A/c Dr
Unidentified Cash Cr

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Unapplied Receipts
When Customer is specified on earlier Receipt but not applied to Invoice

Specify Customer Name, Account and Site for the Receipt. Save the Receipt and Click
“ActionsAccount in Draft” and then Click “View Accounting”

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The New Accounting Entry Generated is.


Unidentified Cash Dr
Unapplied Cash Cr

The NET Accounting Entry is (NET effect of above lines) – Unapplied Receipt
Accounting
Cash Dr
Unapplied Cash Cr

On Account Receipt
Navigate to Receipt Applications and Select 'On Account'

Click on “ActionsMoreCreate On-Account Application”

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Enter Application Date and Click OK

Click “Save” to Save Receipt and Choose “ActionsAccount in Draft”. Then Click “View
Accounting”

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The NET effect of the above Lines is (On Account Receipt Accounting)
Cash Dr
On Account Cash Cr

Applied Receipts

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First Remove the “On Account Application” (Keep Cursor on “On Account” Application and
Click on “Unapply application”)

Then Click “Add Application” and Apply Receipt to Invoice as above. Click “Save” to Save
the Receipt.

Then Click “ActionsAccount in Draft” and Click “View Accounting”

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The NET effect of above accounting lines is (Applied Receipt Accounting)


Cash Dr
Receivables A/c Cr

Effect of Clearance Method on Receipt


Accounting

Remitted Cash A/c

The debited Cash Account in a Receipt depend upon Clearance Method of the Receipt Class

E.g. If Clearance Method is 'By Matching', then 'Remitted Cash A/c' will be debited

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See the Above Receipt Class with Clearance Method = “By Matching”. Click on Edit Pencil
Icon for the Remittance Bank Accounts.

See that the “Remittance” Account is enabled above. Click “Save and Close”

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Create a Receipt with “GOOGLE-CHECK-2” Receipt class as above. Save the Receipt. And
Click “ActionsAccount in Draft” and then “View Accounting”

See that the “Remitted Cash A/c” is Debited in above Receipt Accounting.

When at the time of Bank Reconciliation this Receipt is Matched with a Credit on Bank
Statement, that time 'Cash A/c' will be Debited
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At the time of Bank Reconciliation Matching

Cash A/c Dr
Remitted Cash Cr

Cash A/c
If Clearance Method is 'Directly', then 'Cash A/c' will be debited

See above, the Clearance Method for the Receipt Class is “Directly”

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See the Receipt Entered for a Receipt Class GOOGLE-CHECKS (with Clearance Method =
“Directly”). Click “ActionsAccount in Draft” and then Click “View Accounting”

See above. “Cash A/c” is debited for the Receipt

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Buy Full Book Set:


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9,500+ Snaps

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