Multi-Currency Accounts
Oracle Revenue Management and Billing allows you to change the currency in which an account is invoiced. While the charges on a bill must be in a single currency, accounts can now be billed in different currencies over time. For example, when a person opens an account, he/she might be billed in US Dollars. However, with the Multi-Currency Accounts feature enabled, the same account can be billed in Euros in the near future. You can use the Multi-Currency Accounts functionality when:
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You set the Multi-Currency Accounts (C1_MLTCURACC) feature configuration.
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The account’s person class is enabled for open item accounting. In other words, the Open Item Accounting check box of the account’s customer class is selected.
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The account does not have any active or pending loans, payment plans, payment arrangements, or recurring charge contracts.
The following are some limitations while using the Multi-Currency Accounts functionality:
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Overdue charges in multiple currencies may not be referred to a collection agency. Such cases would be handled via a manual referral.
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Because the account's customer class must be enabled for open-item accounting, you can only use Overdue Processing to collect overdue bills. The Collections and Severance processes are not supported for open-item accounting.
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Write offs involving multiple currencies must be performed manually.
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Budgets, deposits, pay plans, and payment arrangements are not supported.
***instead of the total account balance across the application.
To use the Multi-Currency Accounts functionality, you need to:
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Set the Multi-Currency Accounts (C1_MLTCURACC) feature configuration
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Define required currencies along with currency symbols
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Define invoice currencies for divisions. This is because while changing the invoice currency of an account, you can only view those invoice currencies that are associated to the account’s division.
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Define the required exchange rates for currency conversion
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Create tender control and deposit control for every invoice currency defined in the system
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Define an adjustment type that you want to use during currency conversion, and link it to the relevant adjustment profile
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Define an adjustment type that you want to use during Write off process, and link it to the relevant adjustment profile
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Define a contract type that you want to use during over payments to transfer the credit balance to other contracts
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Set the collection method of the account’s customer class to Overdue
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Setup auto-pay to debit the bill amount, and not the account’s balance
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Setup the account’s customer class to keep credits on a separate contract
The following business processes are enhanced for implementing the Multi-Currency Accounts functionality:
Related Topics:
For more information on... | See... |
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How to set the Multi-Currency Accounts (C1_MLTCURACC) feature configuration | Setting the C1_MLTCURACC Feature Configuration |
Parent Topic: Oracle Revenue Management and Billing Financial Services Business Processes