Manage Receipt Classes and Methods

To process payments and issue receipts, you must define the payment and receipt methods as well as provide accounting information.

When you set up receipt classes and methods, you associate a type of credit to the account. Examples of these are:

• Cash payments

• Credit card payments

• Bank account payments

You can use the predefined receipt classes and methods, or create new ones to suit your requirements.

Note: This task shows examples of creating receipt classes and methods for credit cards, bank account payments, and cash payments.

1. Sign in as FINUser.

2. In the Setup and Maintenance work area, go to the Manage Receipt Classes and Methods task:

   • Offering: Financials

   • Functional Area: Customer Payments

3. To create a receipt class and method for credit card payments:

   1. Click Create.

   2. Enter or select the following values for these fields:

      Field	Value
      Name	Credit Card
      Creation Method	Automatic
      Remittance Method	Standard
      Clearance Method	By Matching

   3. In Receipt Methods, click Add Row.

   4. Enter or select these values for these fields:

      Field	Value
      Name	Credit Card
      Printed Name Note that this is the name that appears on documents when you print them.	Credit Card
      Effective Start Date	01/01/2000

   5. In Details, Automatic Processing, enter or select these values for these fields:

      Field	Value
      Receipts inherit transaction numbers	Select the check box.
      Number of Receipts Rule	One per Invoice
      Receipt Maturity Date Rule	Earliest
      Lead Days	0
      Customer Payment Method	Credit Card

   6. In Funds Transfer Error Handling, click Add Row.

   7. Enter or select these values for these fields:

      Field	Value
      Error Code	$$$$
      Description	Insufficient Funds
      Activity Class	Receipt
      Action	Reverse Receipt
      Notes	Authorization or payment failed.

   8. Click Remittance Bank Accounts, then click Add Row.

      The Create Remittance Bank Account page appears. On this page, you associate the bank account you created.

      Remittance accounts are used when you use electronic fund transfer (EFT) as a mode of payment.

   9. Fill out these fields using information about your bank account:

      Field	Value
      Business Unit	Select your business unit.
      Bank	Select your bank.
      Branch	Select your branch.
      Account	Select your bank account.
      Minimum Receipt Amount	0.01
      Effective Start Date	1/1/2000

   10. In GL Accounts, enter discount values for these fields as appropriate for your institution:

       • Unearned Discounts

       • Earned Discounts

   11. Click Save and Close.

   12. Click Save and Close.

   Some fields may already be populated with values. These values were derived when you set up your enterprise structure.

4. To create a receipt class and method for bank account payments:

   1. On the Manage Receipt Classes and Methods page, click Create.

   2. Enter or select these values for these fields:

      Field	Value
      Name	IBY_Receipt Class
      Creation Method	Automatic
      Remittance Method	Standard
      Clearance Method	By Matching

   3. In Receipt Methods, click Add Row.

   4. Enter or select these values for these fields:

      Field	Value
      Name	IBY_Bank Account Transfer
      Printed Name Note that this is the name that appears on documents when you print them.	IBY_Bank Account Transfer
      Effective Start Date	01/01/2000

   5. In Details, Automatic Processing, enter or select these values for these fields:

      Field	Value
      Receipts inherit transaction numbers	Select the check box.
      Number of Receipts Rule	One per Invoice
      Receipt Maturity Date Rule	Earliest
      Lead Days	0
      Customer Payment Method	Bank Account Transfer

   6. In Funds Transfer Error Handling, click Add Row.

   7. Enter or select these values for these fields:

      Field	Value
      Error Code	$$$$
      Description	Insufficient Funds
      Activity Class	Receipt
      Action	Reverse Receipt
      Notes	Authorization or payment failed.

   8. Click Remittance Bank Accounts, then click Add Row.

      The Create Remittance Bank Account page appears. On this page, you associate the bank account you created.

      Remittance accounts are used when you use electronic fund transfer (EFT) as a mode of payment.

   9. Fill out these fields using information about your bank account:

      Field	Value
      Business Unit	Select your business unit.
      Bank	Select your bank.
      Branch	Select your branch.
      Account	Select your bank account.
      Minimum Receipt Amount	0.01
      Effective Start Date	1/1/2000

   10. In GL Accounts, enter or select values for these fields as appropriate for your institution:

       • Unearned Discounts

       • Earned Discounts

       Some fields may already be populated with values. These values were derived when you set up your enterprise structure.

   11. Click Save and Close.

   12. Click Save and Close.

5. To create a receipt class and method for cash (manual) payments:

   1. On the Manage Receipt Classes and Methods page, click Create.

   2. Enter or select these values for these fields:

      Field	Value
      Name	Manual
      Creation Method	Manual
      Remittance Method	Standard
      Clearance Method	By Matching

   3. In Receipt Methods, click Add Row.

   4. Enter or select these values for these fields:

      Field	Value
      Name	Cash
      Printed Name Note that this is the name that appears on documents when you print them.	Cash
      Effective Start Date	01/01/2000
      Debit Memos Inherit Receipt Numbers	Select this check box.

   5. Click Remittance Bank Accounts, then click Add Row.

      The Create Remittance Bank Account page appears. On this page, you associate the bank account you created.

      Remittance accounts are used when you use electronic fund transfer (EFT) as a mode of payment.

   6. Fill out these fields using information about your bank account:

      Field	Value
      Business Unit	Select your business unit.
      Bank	Select your bank.
      Branch	Select your branch.
      Account	Select your bank account.
      Minimum Receipt Amount	0.01
      Effective Start Date	1/1/2000

   7. In GL Accounts, enter or select values for these fields as appropriate for your institution:

      • Unearned Discounts

      • Earned Discounts

      Some fields may already be populated with values. These values were derived when you set up your enterprise structure.

   8. Click Save and Close.

   9. Click Save and Close.