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Oracle U.S. Federal Financials User Guide
Release 12.1
Part Number E13551-04
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Prompt Payment Process

Prompt Payment Process Overview

Oracle U.S. Federal Financials lets federal agencies comply with the Prompt Payment Act regarding when and how to pay commercial obligations.

Due Date Calculation

You can use the Due Date Calculation process to complete these tasks:

Economically Beneficial Discount

If the supplier offers a discount, the Economically Beneficial Discount process performs these tasks:

Invoice Returns

The Invoice Returns process lets agencies perform these tasks:

The Invoice Returns window captures the original invoice received date and the original invoice returned date for invoices that are deemed improper and returned to the supplier. The Due Date Calculation process checks to make sure that the improper invoice was returned to the supplier within the allotted time. The allotted time is set up in the payment Terms Types window. If the invoice is not returned within the allotted time, the due date for the new invoice is offset by the number of days over the allotted time it took an agency to return the original invoice to the supplier.

Prior Period Receipts

The Prior Period Receipts process lets agencies capture the actual receipt or acceptance date information that is used in the Prompt Payment due date calculation.

The Prior Period Receipts window records receipts or acceptance transactions that were received in a prior period that is now closed.

Assign Reason Codes

The Assign Reason Codes process lets agencies assign reason codes to invoices with interest paid, invoices with discounts lost, cancelled invoices, and credit memos.

The Assign Reason Codes window assigns reason codes to discount lost, interest paid invoices, cancelled invoices, and credit memos.

Related Topics

Prompt Payment Report Procedures.

Prompt Payment Process.

Prerequisites

Before using the prompt payment features, you must:

Related Topics

Federal Seed Data Setup,Oracle U.S. Federal Financials Implementation Guide

Oracle U.S. Federal Financials Setup Overview,Oracle U.S. Federal Financials Implementation Guide

Payment Terms, Oracle Payables Implementation Guide

Current Value of Funds Setup,Oracle U.S. Federal Financials Implementation Guide

Payment Terms Types Setup,Oracle U.S. Federal Financials Implementation Guide

Specify Profile Options,Oracle U.S. Federal Financials Implementation Guide

Automatic Interest, Oracle Payables User Guide

Receiving Transactions, Oracle Purchasing User Guide

Entering and Viewing Purchase Order Acceptances, Oracle Purchasing User Guide

Holiday and Non-Working Dates Setup,Oracle U.S. Federal Financials Implementation Guide

Federal Options Setup,Oracle U.S. Federal Financials Implementation Guide

Calculating the Due Date

To apply the correct due dates to the payment schedule before creating payment process requests:

  1. Using the Submit Request window, select Due Date Calculation.

  2. Select an operating unit.

  3. Select Final or Preliminary.

    Note: When the report is run in Preliminary mode, it provides a list of invoices to be updated by the procedure. When the report is run in Final mode, the due dates and discount dates are updated for the invoices selected. Once the report is run in Final mode, the invoices are not selected again.

Note: The Prompt Payment Due Date Report is automatically printed on completion of the Due Date Calculation process.

Related Topics

See: Prompt Payment Report Procedures

See: Using Standard Request Submission, Oracle Applications User Guide

Economically Beneficial Discount

No separate procedure is required to run the Economically Beneficial Discount process. For users of Oracle U.S. Federal Financials, the Economically Beneficial Discount process occurs transparently as part of the Payment Selection process during normal payment request processing in Payables.

Recording Invoice Returns

To record returned invoices, navigate to the Invoice Returns window.

The following table describes selected fields on the Invoice Returns window.

Invoice Returns Window Description
Field Name Description
Operating unit Operating unit of the record.

Note: The list of values include operating units assigned to the MO: Security profile.

Original Invoice Date Original date of invoice
Original Invoice Received Date Date invoice received
Invoice Returned Date Date defective invoice was returned to supplier

Note: Date must be greater than or equal to the original invoice received date.

Note: When the invoice is returned to the supplier, the supplier must resubmit the invoice using the same invoice number. (If the invoice is not placed on hold)

Warning: If the invoice is approved and returned to the supplier, the invoice will be paid.

Invoice Return Reason Code Select the reason code for returning invoice

Recording Prior Period Receipts

To record Prior Period Receipts information, navigate to the Find Prior Receipts window.

The following tables describes selected fields on the Find Prior Receipts window.

Find Prior Receipts Window Description
Field Name Description
Operating Unit Operating unit of the record.

Note: The list of values include operating units assigned to the MO: Security profile.

Receipt Number Receipt number

Note: If receipt information is not known, select purchase order or blanket purchase agreement in the PO number field.

Release Release number associated with every planned purchase order and every blanket purchase order

Note: The Release field is available only if the purchase order number associated with a planned purchase order or a blanket purchase order agreement is entered.

Line Line number

Note: The line field is available only if the purchase order of type Standard is entered.

Shipment Shipment number

Note: The Shipment field is available only if the PO number, Release, and Line are specified.

Find Opens the Prior Period Receipts window
Actual Date Enter the date used for the Due Date Calculation process.

Assigning Reason Codes

Assigning Reason Codes to Invoices

To assign reason codes to invoices, navigate to the Assign Reason Codes window, add the invoices and assign the reason code.

Note: Only unpaid invoices can be added to the Assign Reason Codes window in the Interest or Discount tab without a payment process request.

Assigning Reason Codes to Individual Invoices in a Payment Process Request

To assign reason codes to individual invoices in a payment process request in the Interest or Discount tab, navigate to the Assign Reason Codes window. Query the payment process request and assign the reason codes to the invoices automatically populated in the window.

Assigning Reason Codes to All Invoices in a Payment Process Request

To assign reason codes to all invoices in a payment process request in the Interest or Discount tab, navigate to the Assign Reason Codes window. Query the payment process request, enter a reason code in the Default Reason Codes field and select the Default Values button.

Note: The Prompt Payment Reason Codes for invoices in payment process requests can only be modified on an individual basis after defaulting.

The following table describe selected fields on the Assign Reason Codes window, Interest tab.

Interest Tab
Field Name Description
Operating Unit Operating unit of the record.

Note: The list of values include operating units assigned to the MO: Security profile.

Original Invoice Number Original invoice number
Interest Reason Code Interest reason code
Interest Invoice Number Interest invoice number

The following table describe selected fields on the Assign Reason Codes window, Discount tab.

Discount Tab
Field Name Description
Operating Unit Operating unit of the record.

Note: The list of values include operating units assigned to the MO: Security profile.

Invoice Number Invoice number
Discount Lost Reason Code Discount lost reason code

The following table describe selected fields on the Assign Reason Codes window, Cancelled tab.

Cancelled Tab
Field Name Description
Operating Unit Operating unit of the record.

Note: The list of values include operating units assigned to the MO: Security profile.

Invoice Number Invoice number
Cancelled Reason Code Cancelled reason code

The following table describe selected fields on the Assign Reason Codes window, Credit Memo tab.

Credit Memo Tab
Field Name Description
Operating Unit Operating unit of the record.

Note: The list of values include operating units assigned to the MO: Security profile.

Invoice Number Invoice number
Credit Memo Number Credit memo number
Credit Memo Reason Code Credit memo reason code