Defining Bank Accounts
This section includes the following topics:
Defining Internal Bank Accounts
Defining Customer Bank Accounts
Defining Supplier Bank Accounts
Defining Multiple Currency Bank Accounts
Defining Foreign Currency Bank Accounts
Defining Internal Bank Accounts
You define internal bank accounts to define bank accounts for which you are the account holder. Oracle Receivables uses internal bank accounts to receive payments from customers. Oracle Payables uses internal bank accounts to disburse funds to suppliers.
Prerequisite
You have installed Oracle Receivables.
Define custom payment formats for Payables payment documents if you are defining a disbursement bank account. (Optional). See: Payment Formats.
To define a basic bank account for receipts:
1. In the Banks window query an existing Bank.
2. Choose the Bank Accounts button. Enter the Bank Account Name and Bank Account Number. Optionally enter an Account Type and Description.
3. If you want to use Bank Account validation, enter Check Digits.
4. Select Internal Account Use.
5. In the GL Accounts region, enter a Cash Account.
6. In the Receivables Options region, enter GL Account information for Remitted Receipts, Factored Receipts, and Short Term Debt.
8. Optionally enter contact information in the Contact region.
Prerequisite
You have installed Payables
To define a basic bank account for disbursements:
1. In the Banks window query an existing Bank.
2. Choose Bank Accounts. Enter the Bank Account Name and Bank Account Number.. If you will use this bank for payments you make with the EDI Gateway, enter an Account Type. Optionally enter a Description. The currency defaults from your functional currency.
If you want to use Bank Account validation, enter Check Digits.
3. Select Internal Account Use.
4. In the GL Accounts region, enter a Cash Account.
5. In the Payables Options region, enter default information for your payment batches. Record whether you allow zero-amount payments and whether this is a pooled account.
6. Optionally enter contact information in the Account Contacts region.
Defining Customer Bank Accounts
If you use Oracle Receivables, you can enter bank account information for your customers. Receivables uses this information when you receive electronic payments from your customers.
To define a customer bank account:
1. In the Banks window query an existing Bank.
2. Choose the Bank Accounts button. Enter the Bank Account Name and Bank Account Number. Optionally enter an Account Type and Description.
If you want to use Bank Account validation, enter Check Digits.
3. Select Customer Account Use.
4. Optionally enter contact information in the Contact region.
See Also
Bank Accounts Window Reference
Automatic Receipts.
Automatic Offsets
Defining Supplier Bank Accounts
You can enter information for bank accounts for which your supplier is the account holder. You then assign these accounts to the supplier and its sites. Payables uses this bank information when you create electronic payments for your suppliers.
Prerequisite
Define the suppliers and supplier sites that use the bank account to receive electronic payments. See: Entering Suppliers.
To define a supplier bank account:
1. In the Banks window query an existing Bank.
2. Choose the Bank Accounts button. Enter the Bank Account Name and Bank Account Number. Enter the EDI ID number. Optionally enter an Account Type and Description. Optionally change the account currency, which defaults from your functional currency.
If you want to use Bank Account validation, enter Check Digits.
3. Select Supplier as the Account Use.
4. In the Supplier Assignments region list the supplier, and optionally list supplier sites, that use the account to receive electronic payments.
5. Optionally enter account holder information in the Account Holder region.
Optionally enter contact information in the Account Contacts region.
7. In the Bank Accounts region of the Suppliers and Supplier Sites windows, verify for each supplier and site that all appropriate bank accounts are listed. For suppliers and supplier sites with multiple bank accounts, designate as the primary bank account one bank account per period and per currency. See: Bank Accounts Region of the Supplier and Supplier Sites windows
Defining Multiple Currency Bank Accounts
If you define a multiple currency bank account, you should use manual payment reconciliation with it. Payables stores the payment currency you enter when you initiate a Payment Batch, enter a manual payment, or create a Quick payment. The bank file details you receive from a bank will contain the bank account currency. Since the payment and bank account currencies could differ when you use a multiple currency bank account, automatic reconciliation could result in numerous exceptions.
If you define a multiple currency bank account for payments, the currency of the bank account must be the same as your functional currency.
Prerequisites
Enable the Use Multiple Currencies Payables option.
To define a multiple currency bank account:
- If you are defining a bank account for receipts, in the Receivables Options region, enable the Multiple Currency Receipts option.
- If you are defining a bank account for disbursements, in the Payables Options region, enable the Multiple Currency Payments option and enter Realized Gain and Realized Loss accounts.
Defining Foreign Currency Bank Accounts
Prerequisites
Enable the Use Multiple Currencies Payables option.
To define a foreign currency bank account:
- If you are defining a bank account for disbursements, in the Payables Options region, enter Realized Gain and Realized Loss Accounts.
See Also
Bank Accounts Window Reference
Bank Account Validation by Country
Foreign Currency Transactions
Creating Foreign Currency Payments
Entering Flexible Addresses
