The Receivables Management features enable federal agencies to comply with the requirements of the Debt Collection Act regarding the collection of interest and penalties on late payments.
The Assign Finance Charges procedure selects customers and invoices for which finance charges are to be accrued during the Accrue Finance Charges process, based on customer classes specified in the Define Finance Charge Groups window
The Waive Finance Charges window waives subsequent finance charges on selected customers or invoices.
The Accrue Finance Charges procedure lets you perform these tasks:
Create a debit memo for each finance charge type associated with each newly overdue invoice
Generate the Accrue Finance Charge Detail Report enabling users to view the debit memos created and the adjustment amounts for the debit memos
You can select an invoice and its associated debit memos and write-off all remaining balances in one step in the Invoice Write-off window, users.
You can enter manual cash receipts for customers and invoices to be applied, as appropriate, to previously created finance charge debit memos, invoices, or on account in the Cash Receipts window.
The Lockbox Finance Charge Application process lets you make automatic applications of federal finance charges prior to the principal application when processing receipts using the AutoLockbox process.
The Finance Charges Inquiry and Finance Charges Detail Inquiry windows provide summary data and details of the finance charges assessed respectively for each customer receivable.
The 1099-C Setup procedure creates an initial table of 1099-C data.
You can view and update the 1099-C data prior to producing the 1099-C forms or data files in the Maintain 1099-C Information window.
The 1099G Electronic Media process enables agencies to submit the 1099G Tape Report which summarizes 1099-G-Certain Government Payments information and associated 1096 information in electronic format as required by the IRS.
You can assign invoice statuses to overdue invoices, which enables the generation of the Receivables Activity Worksheet and the delinquent invoice electronic file in the Invoice Status window.
Related Topics
For information on the Receivables Management reports, see Receivables Management Report Procedures.
For information on the Receivables Management process, see Receivables Management Process.
Access to Receivables is required to define customers, enter transactions, and generate invoices.
Receivables setup steps, including setting up transaction types, association of receivable types with transaction types, customer classes, customer categories, and Receivables activities must be performed. If Oracle Applications Multiple Organization Support is implemented, a transaction type for each organization must be defined.
Finance Charge Types must be defined in the Define Finance Charges window.
A Receivables activity type for finance charge write-offs is recommended and required for reporting on the Receivables Activity Worksheet.
Setup for the Receivables AutoInvoice process must be completed.
The FV: Enable Lockbox Finance Charge Application profile option must be set to Yes to automatically run the Lockbox Finance Charge Application process when running Lockbox in Receivables.
Lockbox must be set up in Receivables to use the Receivables AutoLockbox program, which is required to run the Lockbox Finance Charge Application process in Oracle U.S. Federal Financials.
Setup for the Receivables Post QuickCash process must be competed to apply cash receipts.
Related Topics
Oracle U.S. Federal Financials Setup Overview,Oracle U.S. Federal Financials Implementation Guide
Receivable Types Setup,Oracle U.S. Federal Financials Implementation Guide
Finance Charges Setup,Oracle U.S. Federal Financials Implementation Guide
Defining Receivables System Options, Oracle Receivable User Guide.
Overview of AutoInvoice, Oracle Receivables User Guide.
Specify Profile Options,Oracle U.S. Federal Financials Implementation Guide
Lockboxes, Oracle Receivables User Guide.
QuickCash, Oracle Receivables User Guide.
To assign the finance charges defined in the Define Finance Charges window to all applicable customers and invoices not previously assigned finance charges, select Assign Finance Charges using the Submit Request window.
Note: The Assign Finance Charges Report is automatically printed on completion of the Assign Finance Charges process.
See: Using Standard Request Submission, Oracle Applications User Guide
See: Receivables Management Report Procedures
To prevent finance charges from being assigned or accrued on selected customers or invoices or to resume accrual of previously waived finance charges, navigate to the Waive Finance Charges window.
Note: To waive charges on all existing invoices for a particular customers, select Cascade to Invoices.
The following table describes selected fields on the Waive Finance Charges window.
| Field Name | Description |
|---|---|
| Operating Unit | You can select the operating unit without having to switch the responsibility. |
| Charge Type | Charge to be waived |
| Waive | Indicates charge is waived on all future invoices |
| Cascade to Invoices | Indicates charges on all existing invoices for customer are waived |
The Accruing Finance Charges report provides information on debit memos generated during the Accrue Finance Charges process.
You must run the Accrue Finance Charges procedure for each organization.
For finance charges accrued on Split Pay or Installment term invoices, the latest due date is used to calculate the accrual amount for all finance charges except interest when the Accrue for Installments check box is not selected.
New debit memos are created through the AutoInvoice process in Receivables. If the AutoInvoice completes, but not all debit memo transaction records are processed in the interface table, you must correct these records in the Receivables forms designated for correcting AutoInvoice exceptions. You then submit the AutoInvoice program from Receivables.
Enter the finance charge transaction date for the report.
If Original Invoice Date is selected, then the transaction date of the original invoice is the transaction date for the newly created finance charge debit memos and the terms from the original invoice are applied. If Original Invoice Due Date is selected, then the due date of the original invoice is the transaction date for the newly created finance charge debit memos. If System Date is selected, then the system date is the transaction date for the newly created finance charge debit memos.
Enter the general ledger date for the process. The general ledger date entered will be used as the general ledger date for the newly created finance charge debit memos.
The following table shows the report headings.
| In this heading... | Accrue Finance Charges Detail Report prints... |
|---|---|
| Organization | The name of the organization. |
| Ledger | The ledger you are printing the report for. |
The following table shows the column headings.
| In this column... | Accrue Finance Charges Detail Report prints... |
|---|---|
| Transaction Number | The number for your transaction. |
| Line Number | The journal entry line number for each journal entry line. |
| Finance Charge Type | The type of finance charge. |
| Amount | The transaction amount. |
Related Topics
Overview of AutoInvoice, Oracle Receivables User Guide
Using Standard Request Submission, Oracle Applications User Guide
To write-off an invoice and all associated finance charge debit memos with remaining balances, navigate to the Invoice Write-off window.
Note: The Invoice Write-off window provides only invoice level full write-offs. To write-off at other than the invoice level or partial write-offs, use the Oracle Public Sector Receivables Adjustments window.
The following table describes selected fields on the Invoice Write-off window.
| Field Name | Description |
|---|---|
| Operating Unit | You can select the operating unit without having to switch the responsibility. |
| GL Account | Accounting Flexfield; default from Activity Name |
| GL Date | Current date; must be open general ledger period |
| Type | Type; invoice or debit memo |
| Write Off Type | write-off type; invoice only |
| Write-Off | processes the write-off |
To enter manual cash receipts for customers and invoices to be applied to previously created finance charge debit memos in order of priority, invoices, or on account, as appropriate, navigate to the Cash Receipts window.
Note: To automatically apply receipts to finance charges, the Cash Receipts window must be used. The Enter Receipts window in Receivables does not provide this functionality.
The following table describes selected fields in the Cash Receipts window.
| Field Name | Description |
|---|---|
| Operating Unit | You can enter the operating unit without having to switch the responsibility. |
| Batch Name | Batch name; must be unique |
| Deposit Date | Current date |
| GL Date | Current date; must be open general ledger period |
| Currency | Currency code of the batch. Invoice applications must be of the same currency defined at the batch level. Debit memos are paid off in the same currency as the invoices |
| Receipt Class | Populated when batch source entered |
| Receipt Method | Populated when batch source entered |
| Bank Account | Populated when batch source entered |
| Rate Date | Date for which rate is selected |
| Rate Type | Multiple currency exchange rates for the same date. Values include user, corporate, spot, fixed, or other self-defined type. User refers to a rate that is not preseeded in the database a |
| Rate | Exchange rate used to convert foreign currency amounts into ledger currency. If the rate type selected is user, then the user must enter the exchange rate. The rate entered cannot be |
| Control | Number and total of all receipts on file; must be greater than zero |
| Actual | Number and total of all receipts entered |
| Difference | Difference between control and actual; must be zero to submit |
The following table describes selected fields on the Cash Receipts window, Receipt Information tab
| Field Name | Description |
|---|---|
| Customer Name | Customer name; defaults if invoice number entered |
| Location | Bill-to location for customer; defaults if invoice number field entered |
| Invoice Number | Invoice number; must have open status or non-zero balance; not required if customer name entered; cannot be duplicated in same batch
Note: If no invoice number is specified, all invoices for the specified customer are retrieved in date order. For each invoice selected, finance charges are paid first, in order of priority, until all cash is applied or all invoices are paid. Any remaining amount is put on account. |
| Receipt Number | Receipt number; cannot be duplicated for customer |
| Receipt Amount | Receipt amount; must be greater than zero |
| Receipt Origin | Receipt source description |
The following table describes selected fields on the Cash Receipts window, Misc. Information tab
| Field Name | Description |
|---|---|
| Customer Name | Customer name; defaults if invoice number entered |
| Location | Bill-to location for customer; defaults if invoice number field entered |
| Invoice Number | Invoice number; must have open status or non-zero balance; not required if customer name entered; cannot be duplicated in same batch
Note: If no invoice number is specified, all invoices for the specified customer are retrieved in date order. For each invoice selected, finance charges are paid first, in order of priority, until all cash is applied or all invoices are paid. Any remaining amount is put on account. |
| Line Number | Invoice line level cash application; applies only to invoices with MFAR transaction types |
| Receipt Date | Date of the receipt |
When running AutoLockbox in Receivables, the Lockbox Finance Charge Application process is automatically initiated after completion of the Validation phase of the Lockbox process.
See: Running AutoLockbox, Oracle Receivables User Guide
To initiate the Lockbox Finance Charge Application process when the receipt application has been changed after the completion of the Validation phase but prior to the completion of the Post QuickCash phase of the Lockbox process:
Navigate to the Submit Request window.
In the Name field, select Lockbox Finance Charge Application.
In the Operating field, select an operating unit.
In the Transmission Name field, select a transmission name.
Note: By submitting the Lockbox Finance Charge Application process, the federal finance charges are automatically applied prior to the principal of the new receipt application.
The Lockbox Finance Charge Application process should be submitted in these cases:
After the Validation phase, but prior to the Post QuickCash phase of the Lockbox process, a receipt is applied to an invoice when it was previously unapplied.
After the Validation phase, but prior to the Post QuickCash phase of the Lockbox process, a receipt application is changed from one invoice to another invoice. Any federal finance charges that belong to the original invoice should be unapplied..
To view summary and detail finance charge data for a particular customer receivable, navigate to the Finance Charges Inquiry window.
The following table describes selected fields on the Finance Charges Inquiry window.
| Field Name | Description |
|---|---|
| Invoice Number | Transaction number for the principal invoice. |
| Invoice Issue Date | Transaction date. |
| Amount Invoiced | Transaction amount for the principal invoice. |
| Finance Charges | All finance charge amounts assessed for the principal invoice. |
| Liquidations | Amounts that reduce the principal invoice and finance charges assessed. |
| Balance | Amount Invoiced + Finance Charges - Liquidations |
| Document button | Opens the Finance Charges Detail Inquiry window. |
The following table describes selected fields on the Finance Charges Detail Inquiry window.
| Field Name | Description |
|---|---|
| Document Number | Transaction number for the finance charge. |
| GL Date | General ledger date for the finance charge transaction. |
| Line | Finance charge transaction line. |
| Charge Type | Finance charge type of the transaction. |
| Liquidations | Amounts that reduce the finance charge transaction line. |
| Balance | Amount Invoiced + Finance Charges - Liquidations for the finance charge transaction line. |
To extract invoice information for 1099-C reporting, navigate to the Submit Request window.
Note: Run the 1099-C Setup process when ready to submit the 1099-C output forms.
In the Name field, select 1099-C Setup Process.
In the Operating Unit field, select an operating unit.
In the Creditors TIN field, enter the agency tax identification number.
In the Calendar Year field, select a year.
In the Receivables Activity field, select a type of receivables.
Note: If more than one Write-off Receivables activity exists, the 1099-C Report must be set up for each one.
In the Include Finance Charges field, select Yes or No.
Note: If No is selected, the process excludes finance charge write-off activity.
See: Using Standard Request Submission, Oracle Applications User Guide
To view or update Form 1099-C information for an organization, navigate to the Maintain 1099-C Information window.
The following table describes selected fields in the Maintain 1099-C Information window.
| Field Name | Description |
|---|---|
| Reportable | Default selected; if selected, indicates that all invoice information in window to be included in 1099-c report. |
| Creditors Name | Agency name as entered in define federal options window |
| Creditor's Federal ID | Agency name tax identification number |
| Date Canceled | Debt cancellation date |
| Amount | Invoice amount |
| Finance Charges | Amount of finance charges against invoice |
| Debt Description | User-enterable description of debt |
| Account Number | User-enterable account number for debtor |
| Bankruptcy | Indicates whether debt canceled due to bankruptcy |
| Fair Market Value of Property | Value of foreclosure or abandonment of property that occurred in connection with cancellation of debt |
To assign an invoice status to overdue invoices, navigate to the Invoice Status window.
Enter search criteria in the Find Invoices window.
To view the invoice or invoices queried, click Find.
To view the amount due on the displayed invoices and the number of days the invoices are past due, select the Amount/Days Late tab.
To view the receivable type for each invoice displayed, select the Receivable Type tab.
To assign an invoice status to an overdue invoice, select the appropriate record and click Status.
The Invoice Status window appears letting you assign additional status entries or maintain statuses for the invoices displayed.
To assign an additional invoice status, select an invoice status from the Status field.
To deactivate an invoice status, select the record and record a value in the end date column.
The invoice status is moved from the Invoice Status window to the Invoice Status History window.
To view the history records of each status assigned to an invoice, click History in the Invoices window.
The following table describes selected fields on the Invoices window.
| Field Name | Description |
|---|---|
| Operating Unit | You can select the operating unit based on your security profile and responsibility |
| Amount Due | Amount due on invoice |
| Days Late | Number of days invoice is past due; system calculation based on current date |
| History | Opens the Invoice Status History window, which displays the history of each status assigned to the invoice |
| Status | Opens the Invoice Status window, where users can assign an invoice status to an overdue invoice or delete statuses for an invoice |
The following table describes selected fields on the Invoice Status Window.
| Field Name | Description |
|---|---|
| Status | System-defined; status available to be assigned to each overdue invoice; cannot be deleted |
| Start Date | Invoice status start date; defaults to system date; cannot be changed once a row is saved |
| End Date | Invoice status end date; cannot be later than the system date |
Related Topics
Federal Finance Charges Open Interface in the Integration Repository, http://irep.oracle.com/ .