Receipt Classes
Define receipt classes to determine the required processing steps for receipts to which you assign payment methods with this class. These steps include confirmation, remittance, and reconciliation. For example, you must create and remit a direct debit, but you must create, confirm, and remit a bill of exchange. You can specify any combination of these processing steps with one exception: if you confirm and reconcile, then you must also remit. If you enter No for all three of these steps, Receivables automatically creates your receipts as reconciled.
Receivables uses the payment method you assign to a receipt class to determine how to account for receipts you create using this receipt class.
For each receipt class, you can specify a creation method, remittance method, and whether to require bank clearance for receipts that you assign to this class.
To define a receipt class:
1. Navigate to the Receipt Classes window.
2. Enter a unique Name for your Receipt Class.
3. If you are creating a Notes Receivable receipt class, check the Notes Receivable check box. For more information, see: Notes Receivable.
4. Choose a Creation Method. If you choose Automatic, you can create receipts with this receipt class using the Automatic Receipt program. See: Creating Automatic Receipts. If you choose Manual, receipts using this receipt class must either be entered manually in the Receipts or QuickCash window, or imported into Receivables using AutoLockbox. See: Entering Receipts.
5. To require automatic receipts assigned to this receipt class to be confirmed before they can be remitted, check the Require Confirmation check box. You need to check this check box to confirm automatic receipts using this receipt class in the Confirm Automatic Receipts window. If you check this check box, the Create Automatic Remittances window does not let you create remittances for unconfirmed receipts that were created using a payment method with this receipt class. See: Confirming Automatic Receipts.
6. If you checked the Require Confirmation check box, choose a Remittance Method. The remittance method determines the accounts that Receivables uses for automatic receipts that you create using payment methods to which you assign this receipt class. Choose one of the following methods:
- Standard: Use the remittance account for automatic receipts using a payment method with this receipt class.
- Factoring: Use the factoring account for automatic receipts using a payment method with this receipt class.
- Standard and Factoring: Choose this method if you want Receivables to select receipts assigned to this receipt class for remittance regardless of the batch remittance method. In this case, you can specify either of these remittance methods when creating your remittance batches. See: Creating Remittance Batches.
- No Remittance: Choose this method if you do not require receipts assigned to this receipt class to be remitted.
Note: If the Require Confirmation check box is not checked and you choose a Remittance Method of 'No Remittance', automatic receipts that you create using this payment method and receipt class will be created as 'Confirmed.' See: Confirming Automatic Receipts.
7. To require receipts created using a payment method assigned to this receipt class to be reconciled before posting them to your cash account in the general ledger, choose one of the following Clearance Methods:
- Directly: Choose this method if you do not expect the receipts to be remitted to the bank and subsequently cleared. These receipts will be assumed to be cleared at the time of receipt entry and will require no further processing.
- By Automatic Clearing: Choose this method to clear receipts using the Automatic Clearing program. See: Automatic Clearing for Receipts. (Receipts using this method can also be cleared in Oracle Cash Management.)
- By Matching: Choose this method if you want to clear your receipts manually in Oracle Cash Management.
8. Enter the Payment Method to assign to this receipt class. See: Payment Methods.
See Also
Assigning Remittance Banks
Using Oracle Cash Management to Clear Receipts
