Send the bill to the banker for collection. Button options in Bills Receivables report. Bills receivable is a bill of exchange on which payment is expected to be received at a later date. Bills receivable report in Tally. ERP 9 displays all the outstanding receivables during a specified period. The Bills Receivable screen is displayed as shown below:. This report displays all outstanding receivables invoice-by-invoice, till date. This report takes into consideration only those party ledgers for which the option Maintain balances Bill-by-Bill option is enabled.
Hence, if your invoice date is 15th November but the effective date is 30th November, and then 30th November will be displayed here.
Credit period is calculated from the effective date. To view the complete breakup of all the bills, press the F1 : Detailed button. This view toggles with the button F1 : Condensed. For more information, refer Ageing Analysis report.
For more information, refer Bill-Party wise report. Details of F Configuration options are given below:. Automatic method: Receivables selects bills receivable that meet selection criteria for a remittance batch.
Manual method: Receivables lets you review the bills receivable included in a batch and update the selections before creating the remittance batch.
Receivables creates a receipt for each bill receivable that is remitted to the bank. The remittance method for the remittance batch determines when a receipt is created. You create a receipt to record the accounting event of the expected fund transfer.
Standard remittances: Run the Bills Receivable Maturity and Risk program to create receipts and apply them to bills receivable, either at the maturity date plus the number of collection days or at the remittance date plus the number of collection days, whichever comes later.
Receivables updates the status of the bill receivable to Closed when the receipt is applied to the bill receivable. Factored remittances: Receivables creates a receipt when a remittance is approved. For bills receivable that are factored with recourse, the receipt is applied to short-term debt and the status of the bill is updated to Remitted.
For bills receivable factored without recourse, the receipt is applied to the bill receivable upon remittance and the status of the bill is updated to Closed. Note: If you want to use the bill receivable number as the receipt number, check the Receipts Inherit Transaction Numbers box when you define the receipt method for the bills receivable remittance.
The clearing method of the bills receivable receipt class determines when Receivables clears receipts and recognizes cash in the remittance process of bills receivable. You indicate a clearing method when you define the receipt class with a creation method of Bills Receivable Remittance.
You enter the number of clearing days and risk elimination days when you define the bills receivable remittance receipt method assigned to the receipt class. Choose one of these clearing methods:. Directly: Receivables clears the receipt upon creation, and recognizes cash on the receipt date. Automatic Clearing: Run the Automatic Clearing program to clear receipts on the receipt dates plus the number of clearing days.
For standard remittances, the receipt date is either the maturity date plus the number of collection days or the remittance date plus the number of collection days, whichever comes later. For factored remittances, the receipt date is simply the remittance date. By Matching: Use Oracle Cash Management to clear the receipt and reconcile cash to your bank statements.
When you Complete a bill receivable or Accept a bill receivable if it requires acceptance , Receivables creates this journal entry:. When you Remit a bill receivable with a Standard remittance method, Receivables creates this journal entry:. On Maturity or Maturity plus the number of collection days if the bill is remitted on or after maturity , Receivables creates this journal entry:. Note: If the original transactions exchanged for the bill have deferred tax entries, Receivables also creates this journal entry:.
If the bill was remitted before maturity and if the original transactions exchanged for the bill have deferred tax entries, Receivables creates this journal entry on Maturity:. When you Eliminate the Risk on a factored bill receivable, Receivables creates this journal entry:.
When you Endorse a bill receivable without recourse or when you Risk Eliminate a bill receivable endorsed with recourse, Receivables creates this journal entry:. Note: The credit account depends on the last receivable classification of the bill prior to marking the bill as Unpaid. Important: Additional entries may result if a receipt created during the remittance process is reversed and if deferred VAT was moved to collected tax.
The tables in this section describe the accounting entries and bills receivable statuses throughout the entire remittance and clearing process. Each table shows, for a particular type of remittance, the actions that you can perform on a bill receivable and the corresponding accounting entries and status that Receivables creates. This table shows the accounting entries and statuses of a bill receivable for a Standard Remittance:.
This table shows the accounting entries and statuses of a bill receivable for a Remittance Factored with Recourse:. This table shows the accounting entries and statuses of a bill receivable for a Remittance Factored without Recourse:. Use the Receivables Export function to export the remittance batch information in the Maintain Remittance Batch window to a file.
In the Maintain Remittance Batch window, query a remittance batch that has not yet been approved and display the fields in the Bills Receivable window that are required by the bank. Use the Export function from the Tools menu to save the information of this batch to a file.
The bank uses the information in the file to confirm and select bills receivable to include in the remittance batch. Use the Import API to import data from bills receivable remittance batches that were confirmed by banks or created in another system. You can call the Import API through a feeder program or a customized user window. The Import API validates these items:. Receipt Method corresponds to a valid bills receivable remittance receipt method with a Remittance Bank Account assigned to it.
Use the Remittances window to create a bills receivable remittance batch. All bills receivable with the status Pending Remittance are eligible for selection. In creating a bills receivable remittance batch, Receivables uses the currency and the remittance bank information to select bills receivable. You can specify additional selection criteria to limit the bills that are selected for remittance. Note: Bills receivable with the status Unpaid are eligible for selection if the Include Unpaid Status box is checked in the Criteria tabbed region.
Based on the remittance bank information of the batch, Receivables selects bills receivable that have:. Note: You can change the batch remittance bank information after the remittance batch is created. However, you will receive a warning if the remittance bank of any bill receivable in the batch is different from the new remittance bank of the batch, unless the Allow Override box is checked on that bill receivable.
You can create a bills receivable remittance batch using the Auto Create method or the Manual Create method. Auto Create selects all bills receivable that meet the selection criteria of the batch. Manual Create gives you the option to review the bills receivable and change the bills selected before creating the batch.
Create: Create a bills receivable remittance batch using the specified selection criteria. Approve: Initiate the accounting event for the specific type of bills receivable remittance. You can track the progress of a bills receivable remittance batch by referring to the batch process status.
Valid statuses are:. When you create a remittance batch, Receivables validates the status, currency, and remittance bank information of the bills receivable included in the batch. Receivables then selects bills receivable in maturity date order, starting with the earliest maturity date.
Note: Once a bill receivable is selected for a remittance batch, you cannot apply customer payments or other activities to the bill, or select the bill for another remittance batch. Define a receipt class with a creation method of bills receivable remittance, Oracle Receivables Implementation Guide.
Define bills receivable remittance receipt methods and assign bank accounts to receipt methods, Oracle Receivables Implementation Guide. Navigate to the Remittances window. You cannot change the Batch Type. Enter the Currency for this batch. The default is your functional currency, but you can change it. You can only group bills receivable with the same currency into a remittance batch. Enter the Remittance and GL Dates. The default Remittance Date is the current date, but you can change it.
The default GL Date is the current date. However, if the current date is not in an open period, then the default is the last date of the most recent open period. The GL Date must be in an open or future period. If your format requires that you submit to the remittance bank printed bills receivable along with the magnetic transmission, check the Include Printed Bills Receivable box.
Choose a Remittance Method. The default is Factoring. Choose Standard to remit this batch to the bank for collection of the bills receivable on maturity date; or choose Factoring to borrow money against the bills receivable before maturity date. Note: If you choose Factoring, the With Recourse box is checked by default. Use this check box to indicate whether the bank has the right of recourse in the event a customer defaults on the bills receivable.
The box is unchecked if you choose Standard. Choose a Receipt Class. The list of values displays only receipt classes with a creation method of Bills Receivable Remittance and a Remittance Method for the batch.
The receipt class determines the processing steps of the remittance. Choose a Receipt Method. The list of values displays only receipt methods assigned to the Receipt Class with a Remittance Method for the batch. You can select only active receipt methods for remittances.
In the Media Reference field, enter your user-defined reference to include on a magnetic transmission of the remittance to the bank optional. Enter Remittance Bank information for this batch. You can only select a remittance bank that has bank accounts assigned to the receipt method selected for this remittance batch. The default is the primary remittance bank account of the receipt method, if the primary remittance bank account is in the same currency as that of the remittance batch.
Choose the Print Program. Receivables uses the Print Program for the print format on paper. The default is the print program that you selected for the remittance bank, with the remittance bank assigned to receipt method of this batch. You can override the default for this program. Enter the Deposit Number reference to include in the magnetic transmission of the remittance batch optional.
Note: The Count and Amount fields display the number and total amount of bills receivable selected for this remittance batch. Receivables assigns a unique Request ID number for your concurrent request every time you run a task or tasks from the Remittance Batch Actions window. Open the Selection Criteria tabbed region, and enter selection criteria to create a remittance batch for specific bills receivable transactions or drawees optional.
Leave a field blank if you do not want to limit your query. Choose the Auto Create button or the Manual Create button. If you choose the Auto Create button, go to step Manual Create lets you review, in the Maintain Remittance Batch window, bills receivable that meet the selection criteria of this batch.
Check the Select box to include a bill receivable in the batch, or choose bills receivable from the list of values. See: Maintaining Bills Receivable Remittances. Create: Create a remittance batch of bills receivable. Receivables checks the Select box in the Bills Receivable Portfolio Management window to indicate that bills receivable were selected for a pre-approved remittance batch.
Cancel: Cancel a remittance batch that was not approved. This deselects bills receivable from the batch, making them available for inclusion in a different remittance batch. Approve: Approve the remittance batch to initiate the accounting event that reclassifies the bills receivable that were selected for remittance. Depending on the remittance method, the status of the bills receivable is updated to Standard or Factored. You can print a report for the remittance in any status.
Print Bills: Run the Print Program that you selected for this batch to print bills receivable on paper. You can perform all three tasks in one step. Choose the OK button. Receivables displays the Process Status of your batch and a unique Request ID number for your concurrent request. Important: If your batch has a status of Started Creation and the concurrent process terminates, you must delete the batch and resubmit the bills receivable remittance creation process.
Tip: Use the Bills Receivable Remittance Batch management report to review the status of your bills receivable remittance batch. Remittance Minimum Total: Enter a minimum amount for this remittance batch. Receivables does not create a remittance if the total amount of the selected bills receivable is less than the minimum total specified for the batch. Remittance Maximum Total: Enter a maximum amount for this remittance batch.
Bills receivable with the earliest maturity dates are selected first. To ensure that the total amount of bills receivable is as close to the maximum total as possible, Receivables selects a bill receivable for inclusion in the batch if the bill maturity date is within the maturity date range of the batch, and if including the bill does not cause the remittance total to exceed the maximum amount.
Bills Receivable Transaction Type: Specify the bills receivable transaction types to include in the batch. Drawee Issued: Check this box, and leave the Signed and Unsigned boxes unchecked, to include only bills that are issued by drawee. Signed: Check this box to include only bills receivable that require drawee acceptance. Leave the box unchecked to include only bills receivable that do not require drawee acceptance.
Unsigned: Check this box, and leave the Drawee Issued and Signed boxes unchecked, to include only unsigned bills receivable.
Include Unpaid Status: Check this box to include bills receivable with the status of Unpaid. Drawee Bank: Select only bills receivable for drawees with the specified drawee bank name.
Drawee Branch: Select only bills receivable for drawees with the specified drawee bank branch. Bills Receivable Sort Criteria: The primary sort criteria for the selected bills receivable is maturity date in ascending order.
You can specify additional sort criteria, in ascending or descending order, by bills receivable transaction Number or Amount, or by bills receivable Transaction Type. Drawee Sort Criteria: You can sort in ascending or descending order using one of the Drawee selection criteria. This sort comes after the maturity date and bills receivable sort criteria.
Use the Maintain Remittance Batch window to update the selection of bills receivable in a remittance batch. You can select and deselect bills receivable for a remittance batch in the Maintain Remittance Batch window until the batch is approved. Depending on the remittance method, approving a remittance batch updates the status of the bills receivable from Pending Remittance to either Remitted or Factored.
Use the Bills Receivable Portfolio Management window to manage bills receivable remittances after they are approved. You navigate to the Maintain Remittance Batch window from the Remittances window. There are two ways to navigate to the Maintain Remittance Batch window:.
Query an existing unapproved remittance batch in the Remittances window and then choose Maintain,. Enter a new remittance batch and choose the Manual Create button. Choose Bills Receivable Numbers from the list of values. You can only query bills receivable that have the same currency and remittance bank as the remittance batch, unless the Allow Override box is checked for the remittance bank.
Check the Select box to include bills receivable in this remittance batch. Receivables updates the Remittance Amount and Count for this batch. To deselect a bill receivable, uncheck the Select box. When you are satisfied with your selections, choose the Actions button to open the Remittance Batch Actions window.
Depending upon the function security set up by your system administrator, you may be able to perform all three of these tasks at the same time.
Choose from these tasks:. Note: In a remittance batch, you can only print unsigned bills receivable that have not already been printed. Create: Create a remittance batch of selected bills receivable and check the Select box in the Bills Receivable Portfolio Management window for each selected bill receivable. Approve: Initiate the accounting event to reclassify the bills receivable transactions selected for remittance. Cancel: Cancel a remittance batch that has not been approved. This deselects bills receivable from the batch, making them available for inclusion in another remittance batch.
You can update the selection of bills receivable for this batch until the remittance is approved. You format bills receivable remittances on magnetic media for transmission to your remittance bank. You can also print the bills receivable document on paper for remittance purposes. You can format or print bills receivable remittance batches as often as you need to both before and after approval.
You select the print program when creating a bills receivable remittance batch. You can assign a print program to a bills receivable remittance by entering a print program in the Remittance Print field in the Formatting Programs region of the Remittance Banks window, or in the Print Program field in the Remittances window. Receivables prints the bills receivable using the print program. You can also specify a printing program when you assign a remittance bank to a bills receivable remittance receipt method.
Oracle Payments provides you with the ability to configure and format electronic files for submission to financial institutions. Navigate to the Maintain Remittance Batch window by querying an existing remittance batch or creating a new remittance batch. If a customer drawee makes a payment prior to a bills receivable remittance batch being approved, you can either:.
Deselect the bill receivable from a remittance batch in the Maintain Remittance Batch window and apply the payments directly to the bill receivable in the Receipts workbench. Cancel the bill receivable in the Bills Receivable Portfolio Management window and apply the payment directly to the transactions included in the bill receivable.
Use the Bills Receivable Maturity and Risk program and report to create and apply receipts for standard remitted bills receivable, and to apply receipts and eliminate risk on bills receivable factored with recourse. The report lists the adjustments to each bill receivable and shows all receipts that were cleared by the program run. You can run the Bills Receivable Maturity and Risk program to accomplish a number of different tasks in relation to bills receivable remittances.
These tasks are:. Unapply the receipt from short-term debt and apply it to the bill receivable at the maturity date plus risk elimination days for remittances factored with recourse. Update the bill receivable status to Matured Pending Risk Elimination at the maturity date plus risk elimination days, and update the bill status to Closed for eliminating risk on bills factored with recourse.
Approve the endorsement adjustment, change the bill receivable status to Closed, and move any deferred VAT associated with the bill receivable from the Deferred VAT to the Output VAT accounts when eliminating risk on bills endorsed with recourse. For standard remitted bills receivable, Receivables both creates the receipt and applies it to the bill receivable.
The apply date is the same as the receipt date. Receivables normally performs these operations on the bill maturity date. If the bill was remitted with insufficient time for the bank to collect the funds from the drawee by the maturity date, then Receivables performs these operations on the remittance date plus the number of remittance bank collection days. You can clear receipts for standard remitted bills receivable manually, or use the Automatic Clearing program to clear receipts that have a clearance method of Automatic Clearing.
For bills receivable factored with recourse, Receivables applies receipts created at the time of remittance to bills receivable and eliminates the risk on each bill. The apply date is the bill receivable maturity date plus the number of risk elimination days. You can enter any date in an open GL period. For standard remittances, Receivables uses the GL date you enter here unless the date is not in an open period, in which case it will use the GL date on the bill. If the GL date on the bill is also not in an open period, then it will use the first day of the next available open period.
For factored remittances, Receivables uses the GL date you enter here unless the date is not in an open period, in which case it will use the GL date entered for the remittance. If the GL date entered for the remittance is also not in an open period, then it will use the first day of the next available open period.
For endorsed remittances, Receivables uses the GL date originally entered at the time the endorsement was created unless the date is not in an open period, in which case it will use the GL date you enter here.
If the GL date you enter here is not in an open period, then it will use the first day of the next available open period. Effective Date: Enter the effective date for this program and report. Receivables performs all operations on bills receivable based on this date. If you do not enter a date, Receivables uses the current date.
Transaction Type: Enter a bills receivable transaction type to include bills receivable of this type only. Maturity Date From: Enter the first bills receivable maturity date to include in the program and report.
Maturity Date To: Enter the last bills receivable maturity date to include in the program and report. Include Endorsed: Enter Yes to include endorsed bills receivable. Enter No to exclude endorsed bills receivable. Include Factored: Enter Yes to include bills receivable factored with recourse. Enter No to exclude factored bills receivable. Include Remitted: Enter Yes to include remitted bills receivable. Enter No to exclude remitted bills receivable.
Use the Receipts workbench to reverse or unapply receipts for bills receivable, if the receipts are applied to the bills receivable and not to short-term debt. You can reverse or unapply receipts that were created for payments received from customer drawees or receipts that were created from the remittance process. Note: For bills receivable factored with recourse, receipts are applied to short-term debt before the bill maturity date plus risk elimination days.
Use the Bills Receivable Portfolio Management window to recall bills receivable and reverse the receipt applications. When you reverse a receipt for a bill receivable, Receivables automatically creates reversal journal entries for the receipt application.
If the receipt is reversed before the maturity date, the status of the bill receivable is updated to Pending Remittance. If the receipt is reversed after the maturity date, the status of the bill receivable is updated to Unpaid.
When you unapply a receipt for a bill receivable, Receivables automatically creates reversal journal entries for the receipt application. If the receipt is unapplied before maturity date, the status of the bill receivable is updated to Pending Remittance.
If the receipt is unapplied after maturity date, the status of the bill receivable is updated to Unpaid. Creating Bills Receivable Oracle Receivables treats a bill receivable as a separate transaction. Remitting Bills Receivable You can remit bills receivable to a bank or factoring company using the Remittances window. Managing Bills Receivable Use the Bills Receivable Portfolio Management window as an analysis tool and to record changes to a bills receivable transaction.
You can: Record customer acceptance of a bill receivable Endorse a bill Manage risk associated with factored bills Mark a bill as unpaid or protested Cancel a bill Recall a bill from a remittance batch Exchange one bill for another Place or remove a bill on hold View bill details, including the current status View the life cycle of events for each bill Utilize folder functionality to meet your analysis needs You can also review bills receivable transactions using the Receipt workbench features.
Bills Receivable Reporting Oracle Receivables offers several reports that are specific to bills receivable. Bills Receivable Creation There are four methods in Oracle Receivables for exchanging transactions for bills receivable: Manually, using the Bills Receivable window and the Assignments window. Directly, by exchanging a transaction in the Transactions window for a bill receivable. Bills Receivable Accounting After you exchange a transaction for a bill receivable, the transaction is reduced by the exchanged amount.
Accounting for the bill receivable occurs: when the bill receivable is accepted by the drawee or when a bill receivable that does not require acceptance is completed. Manually Creating a Bill Receivable Use the Bills Receivable window to manually create a bill receivable and assign transactions to the bill. After you enter general information to create the bill, you can: Enter drawee and remittance bank information.
Accept a bill. See: Accepting a Bill Receivable. Otherwise, enter or update the transaction batch Source. Enter or update the bills receivable transaction Type. Enter the bill receivable Maturity Date.
Enter a Currency for the bill. The default is the functional currency. Enter an Issue Date for the bill. Open the Main tabbed region. Enter the customer drawee Location, Address, and Contact.
Select a legal entity. Open the More tabbed region. Enter any internal Comments about this bill. These comments are for internal use only and do not appear on the printed bill. Enter a Special Instruction for this bill. Special instructions appear on the printed bill. Optionally enter reference information. Prerequisites Define customer drawees. Define customer banks and bank accounts. To enter bills receivable bank account information: Navigate to the Bills Receivable window.
Query or enter a bill receivable. Open the Bank Accounts tabbed region. Select a customer drawee bank account. In the Remittance Bank region, select a remittance bank account. Related Topics Creating a Bills Receivable Remittance Batch Manually Assigning Transactions to a Bill Receivable Use the Assignments window to manually assign transactions to a bill receivable, remove transactions from a bill receivable, and review assigned transactions.
To manually assign transactions to a bill receivable: Navigate to the Bills Receivable window. Choose the Assignments button. If you want to assign a partial amount, update the Amount Assigned.
Save your work. Repeat steps 4 to 7 for each transaction that you want to assign to the bill. To assign transactions to a bill receivable using selection criteria: Navigate to the Bills Receivable window. Choose the Quick Assign button. Enter Customer selection criteria. Flagging Transactions for Automatic or Direct Exchange into Bills Receivable To exchange a transaction for a bill receivable using the Bills Receivable Transaction Batches window, the Bills Receivable Batch Creation concurrent program, or the Exchange action in the Transactions window, you must update the transaction with a bills receivable creation receipt method.
Bills receivable transactions inherit the bank account entered on a flagged transaction if: the drawee is also a bill-to site and the bills receivable creation receipt method does not have a grouping rule of One per Customer or One Per Customer Due Date. If the grouping rule on the bills receivable creation receipt method is One per Customer or One per Customer Due Date, then the bills receivable transaction inherits the bank account only if: the bank account is assigned to the primary drawee site and the primary drawee site is a bill-to site.
Prerequisites Define bills receivable creation receipt methods, Oracle Receivables Implementation Guide. Define customer drawees. Define customer banks in the transaction currency. To flag transactions for automatic or direct exchange into bills receivable: Navigate to the Transactions window. Query or enter the transaction that you want. When you submit the batch, you can also print bills receivable if: the bills receivable transaction type assigned to the batch source is for bills that require acceptance, and the transaction type contains a format program.
Numbering Bills Receivable Transactions If only one transaction is exchanged for a bill receivable, then Receivables uses the transaction number as the bill number if: The Inherit Transaction Number box is checked for the bills receivable creation receipt method assigned to the exchanged transaction, and The transaction number is not already used by another transaction with the same batch source as the bill receivable.
Batch Statuses A bills receivable batch has one of the following statuses after it is submitted: Creation Started: The Bills Receivable Batch Creation concurrent program is running. To automatically batch transactions for bills receivable: Navigate to the Bills Receivable Transaction Batches window. Select an operating unit. Enter or update the bills receivable transaction batch Source. Enter the Batch Date. Enter the batch GL Date. Enter the Issue Date for bills receivable created with this batch.
Enter a bills receivable Currency optional. Enter any internal Comments. Enter any Special Instructions for this bill. Open the Selection Criteria tabbed region optional. Select transactions by payment schedule Due date range or Transaction date range. Choose the Submit button. If you choose Create, check the Print box if you want to print bills receivable. Request Parameters Enter the following parameters to specify the desired options for the batch.
Print Enter Yes to print the bills receivable. Batch Source Enter a batch source. Batch Date Enter the batch date. Issue Date Enter the issue date for bills receivable created with this batch. This type of loan has a bill of between months.
Debt settlement made within that time will not be subject to interest. However, if the debtor requests an extension of the payment period, interest will be charged according to a monthly extension. Other Receivables This receivable is of a broader type, as it includes interest receivables, salary receivables, employee advances, and tax refunds. Due to their general nature, notes can be reported separately on the balance sheet. Accounts receivable shows receivables arising from the sale of goods and services produced by the Company.
What these accounts receivable want are bills paid in money. Therefore shipment of items to be stored is not recorded as receivables until the items deposited have been sold out. The accounts receivable from sales in installments will be separated into current and non-current assets depending on the installment period. If the installment period exceeds one year, it is not reported to exist assets but enters another group of assets.
This is the definition of accounts receivable, the difference between accounts payable and receivable, and the types of accounts receivable in accounting that can illustrate the obligation to pay loans to other parties. Managing accounts receivable is not easy, but it can provide benefits and drive business achievement if done well. Also, because receivables in accounting are current assets, they must be appropriately maintained to continue to benefit.
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