Requirements for Completing a Receivables Transaction

Before you can complete a Receivables transaction, you must ensure that you have entered all required information. The information required to complete a transaction differs depending on the transaction class.

When you complete a Receivables transaction, this action creates payment schedules based on the payment terms and transaction date that you specified. If the transaction type on the transaction has Open Receivables set to Yes, Receivables includes the transaction in the standard aging and collection process. If you later change the transaction type to one with Open Receivables set to No, Receivables removes this transaction from the standard aging and collection process.

If you later need to set a completed transaction to Incomplete, the receipt method and payment instrument assigned to the transaction are retained.

Note: If your enterprise uses Control of Transaction Completion on some or all of your invoices and credit memos, then these transactions may require independent review and completion by a designated approver.

Different requirements apply depending on the kind of transaction:

• Standard Invoice

• Invoice with Rules

• Standard Credit Memo

Requirements for Completing a Standard Invoice

These requirements apply to a standard invoice (invoice without rules):

• The invoice must have at least one line.

• The accounting date of the invoice must be in an Open or Future period.

• The invoice sign must agree with the creation sign of the transaction type.

• The sum of the distributions for each line must equal the invoice line amount.

• If freight was entered for the invoice, you must specify a freight account.

• If the Require Salesperson Receivables system option is enabled, you must assign one or more salespersons to each line.

• If salespersons are assigned to each line, the total revenue sales credit percentage must equal 100 percent.

• All the activity date ranges for the setup values, for example, payment terms, must be valid for the invoice date.

• If the invoice uses an automatic receipt method, you must enter customer bank, branch, and account information.

Requirements for Completing an Invoice with Rules

These requirements apply to an invoice with rules:

• The invoice must satisfy the requirements for a standard invoice.

• Each line must have a revenue scheduling rule and a rule start date.

• Each line must have valid account sets.

• Any tax calculated or entered must have valid tax account sets.

Requirements for Completing a Standard Credit Memo

These requirements apply to a standard credit memo:

• The credit memo must satisfy the requirements for a standard invoice.

• You must enter at least one credit memo line and specify revenue account assignments for each line.

• You must specify a valid receivable account.

• If your credit memo is crediting tax, you must specify valid tax accounts.

• If your credit memo is crediting freight, you must specify valid freight accounts.

Note: You can't change a credit memo that you entered against an invoice or debit memo from Complete to Incomplete if you entered another credit memo against an item after the initial credit memo.You also can't change a credit memo that you entered against an invoice or debit memo from Incomplete to Complete if you entered and completed another credit memo against an item after the initial credit memo.