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:

• You set the Multi-Currency Accounts (C1_​MLTCURACC) feature configuration.

• 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.

• 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:

• Overdue charges in multiple currencies may not be referred to a collection agency. Such cases would be handled via a manual referral.

• 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.

• Write offs involving multiple currencies must be performed manually.

• Budgets, deposits, pay plans, and payment arrangements are not supported.

To use the Multi-Currency Accounts functionality, you need to:

• Set the Multi-Currency Accounts (C1_​MLTCURACC) feature configuration

• Define required currencies along with currency symbols

• 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.

• Define the required exchange rates for currency conversion

• Create tender control and deposit control for every invoice currency defined in the system

• Define an adjustment type that you want to use during currency conversion, and link it to the relevant adjustment profile

• Define an adjustment type that you want to use during Write off process, and link it to the relevant adjustment profile

• Define a contract type that you want to use during over payments to transfer the credit balance to other contracts

• Set the collection method of the account's customer class to Overdue

• Setup auto-pay to debit the bill amount, and not the account's balance

• 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:

• Creating Adjustments for an Adjustment Data File

• Generating Bills

• Applying Payments

• Monitoring Overdue Debt

• Generating History

Related Topics:

Parent Topic: Oracle Revenue Management and Billing Financial Services Business Processes