The system maintains debt on each individual obligation for an account. An account's debt is the sum of its obligations' debt. The following points are high level descriptions of the various financial transaction supported
Adjustments are used for many different financial effects on a obligation, including tax assessments, penalties, interest, and fees. The following points highlight important concepts related to adjustments
Over time, an obligation may have many adjustments.
An adjustment has a related financial transaction. The financial transaction contains the financial effects of the adjustment on the obligation's debt and on the general ledger.
Canceling an adjustment cancels the financial transaction. If the adjustment is eventually canceled, another financial transaction will be linked to the adjustment to reverse its financial effect.
Over time, many payments may be applied to an account's debt. The following points highlight important concepts related to payments:
A payment amount is ultimately directed towards an obligation via a payment segment.
If an account has multiple obligations that are in debt, the various payment segments created for the obligations may be grouped into a single Payment for the account.
A payment segment has a related financial transaction. A financial transaction contains the financial effects of the segment on the obligation's balances and on the general ledger.
Canceling a payment cancels the financial transaction. If the payment is eventually cancelled, another financial transaction will be linked to the related payment segment(s) to reverse their financial effect.
For bill based taxes, many bills are produced for an account over time. The following points highlight important concepts related to bills:
Bills are produced for an account for its bill-based obligations. Over time, many bills may be produced for an account.
A bill is created to levy charges for a single bill-based tax role and obligation.
Bills contain value details. Bill value details contain information about the values on which a bill’s charges are based, such as asset valuation details.
Bills contain calculation details. A bill calculation line contains information showing how the line was calculated and how it should be printed on the taxpayer's bill.
Bills contain bill segments. A bill segment has a related financial transaction. A financial transaction contains the financial effects of the bill segment on the obligation's balance and on the general ledger.
Canceling a bill cancels its financial transactions. When a bill is cancelled, other financial transactions will be linked to the bill for each bill segment to reverse the original financial transaction.
Copyright © 2007, 2016, Oracle and/or its affiliates. All rights reserved. Documentation build: 2.5.2016 10:21:45 [T1_1454696505000]