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General Ledger, Purchasing,AOL,Cash Management,Assets.
Financial Option > Payables > Supplier > Supplier Site > Invoice > Distribution and Schedule of Payment.
Distribution Set is to automatically distribute Invoice amount in to different GL Account code Combination.
Standard, Credit Memo, Debit Memo, Mixed, Prepayment, Expense Report, Withholding Tax, PO Default, Quick Match. Retainage Invoice
Pay, Primary Pay, RFQ, Purchasing, Procurement Card.
Payables automatically create balancing accounting entries for your invoice and payment transactions.
Three types of Offset Methods:
Pay Group is to group invoices into supplier category for payments.
In Payable Option under Interest Tab Allow Interest Invoices. Enable this option if you want to allow Payables to calculate interest for overdue invoices and create interest invoices for selected suppliers. Payables automatically creates interest invoices when you pay overdue invoices in a payment batch or with a Quick payment. If you pay an overdue invoice using a manual payment, Payables warns you that interest is due on the invoice and you should pay the invoice in a payment batch or with a Quick payment.
The date you want Payables to use as the default accounting date for invoices during invoice entry
Prepayment Settlement Days. Number of days you want Payables to add to the system date to calculate a default settlement date for a prepayment. Payables prevents you from applying the prepayment to an invoice until on or after the settlement date.
Level at which the tax has to be calculated.
Levels: line level, header level and tax code level
Days specified in this column is added to the system date to select the invoice for payment which has the maturity date falling within these days
Term date basis:
Date from which the due date will be calculated based on the payment term.
Pay date basis:
Selection criteria of invoices based on the due date or scheduled discount date.
Imme,30days, fixed due date, instalments ,proxima.
Restriction on the invoice for further processing.
Types: Manual and system holds. User can define any types of holds and can be attached to the invoice to stop further processing.
Any invoice that has been created from other than the functional currency.
Invoice created for the expense made by the employee. Expense report template Defining default values for expense items, and you can then choose those items from a list of values when you enter expense reports.
A feature that lets you create invoices for an expense that occurs regularly and is not usually invoiced. Monthly rents and lease payments are examples of recurring payments.
supplier, supplier site, payment term, payment method, distribution set(optional).
Rules defined for the amount of taxes that has to be recovered which is usually a function of the nature (or intended use) of the taxable item.
Check, electronic, wire, clearing, future dated(Bill of exchange). Two places where you assign the method one is financials option at supplier payables tab and he override option at supplier site level, payable tab.
Manual, quick and refund.
Sales, use tax, offset, user-defined, withholding tax.
Payment of invoice where the due date(maturity date) falls in the future.ex- bill of exchange.
Steps: Enable future date use in the future dated payments tab at the payables document.
setup--accounting--ap accounting periods
There is option of toggling between various status.
Never opened, Future ,Open, Closed ,Permanently closed.
he following are the Payment Programs which is used in the payment batches.
Build Payment Programs:
It groups the Invoices of the suppliers in the manner in which payment should be made.
Format Payment Programs:
This program is used to know the layout of the payment documents and accordingly format the payments.
Separate Remittance Programs:
If the Payment Documents does not contains the Remittance advice, then we need to run the Separate Remittance Programs other this will run along with Payment Documents.
Invoice Workbench used for entering and maintaining more complex invoices for which you require extensive online validation and online defaulting where as Invoice Gateway used for your everyday entry of invoice records. Use this window for rapid, high–volume entry of Standard and Credit Memo invoices that are not complex and do not require extensive online validation or defaulting of values during entry.
When you use the Invoice Gateway, you enter invoice header and line information in the same window, and can view only one record at a time. In the Invoice Workbench, you enter invoice header information in the Invoices window, and the related invoice distributions in the Distributions window. You can view multiple invoices at the same time in the Invoices window.
In the Invoice Workbench we can enter and apply prepayments. In the Invoice Gateway we cannot enter prepayments, but we can apply existing prepayments to invoices you enter.
When you check the Prorate in the Invoice Lines it will prorate expenses and Tax according to the Proportion of Line amount in the Invoice
Offset tax codes are used to record self–assessed taxes on invoices, while reducing or completely offsetting tax liability. Offset taxes have negative–amount rates, so when you use them, you enter negative–amount invoice tax distributions.
It used in European Union, if you are a member of the European Union (EU), you can report on these zero–rated taxes using the Intra–EU VAT Audit Trail report.
Holds that we can apply manually or that Payables applies, prevent payment and, in some cases, creation of accounting entries for an invoice. We can remove holds that we apply, and we can manually release certain holds that Payables applies during Approval.
Payables provides some generic invoice holds for our use, and we can define our own, based on our invoice approval needs. We can also prevent payment of supplier invoices by placing a hold on the supplier rather than on each individual invoice.
There are two major category of hold
Manual hold we can create and release manually where as system hold is created by system and normally released by system after due rectification.
There are three types of holds we can use to prevent payment of an invoice
Invoice Hold:We can manually apply one or more Invoice Hold Reason Approvals (”holds”) to an invoice using the Invoice Holds window of the Invoice Workbench.
Scheduled Payment Hold: We can hold payment on part of an invoice by placing one or more of the scheduled payments on hold in the Scheduled Payments window of the Invoice Workbench.
Supplier Hold: In the Supplier Sites window, we can enable the Hold All Payments, Hold Unapproved Invoices, or Hold Unmatched Invoices options. We also have the option of specifying an Invoice Amount Limit for a supplier site.
In the Supplier Sites window, we can enable the Hold All Payments, Hold Unapproved Invoices, or Hold Unmatched Invoices options. We also have the option of specifying an Invoice Amount Limit for a supplier site.
Before you can pay or create accounting entries for an invoice, including prepbayments,
you must submit Approval for the invoice in one of three ways:
There are two ways to take discounts with Payables:
Match Approval Level: If we use Oracle Payables with Oracle Purchasing or another integrated purchasing product, we can perform online matching of invoices and original purchase orders or purchase order receipts. Matching ensures that we only pay for the goods and services we ordered and that our suppliers do not over–billed us. If we are billed for an item over the amount and quantity tolerances we define, the Payables Approval Program applies holds to the invoice and prevents payment until we release the holds.
The Payables Open Interface tables store invoice information. The Payables Open Interface Import program builds Payables invoices based on the invoice records in the Payables Open Interface tables.
After the import program builds the invoices, they can be viewed, modified, and approved in the Invoice Workbench.
The invoice data is from e–Commerce invoices from your suppliers, invoice records that you entered in the Invoice Gateway window, invoices that you loaded with Oracle SQL*Loader, lease invoices that were transferred from Property Manager, and credit card transaction data.
The following are the Invoice Matching Option available :
Purchase Order Matching:
2–Way. When you match to a purchase order or receipt, Payables Approval performs these control checks:
Quantity billed <= Quantity ordered (Symbol mean lessor)
Invoice price <= Purchase order price
3–Way. Control checks 1 and 2, plus:
Quantity billed <= Quantity received
4–Way. Control checks 1, 2, and 3, plus:
Quantity billed <= Quantity accepted
Payables uses several of Oracle Purchasing tables for matching. To implement matching in Payables, you need to load these tables with the data from your non–Oracle purchasing application.
The following are the list of such tables :
AutoInstall automatically installs these and other necessary Oracle Purchasing application tables when you install Payables.
The following are the pre-requisites:
You need to enter (in the Surcharge field on the Tax Definition) exact percentage that has to be applied on the Invoice amount.
For example: In a case where TDS Tax Rate is 2% and a Surcharge of 10% is applicable for this Tax. You should specify 0.2 in the Surcharge field.
Setup only Step 16-21 of the India Localization Setups. Refer to the Setup Overview chapter of the India Localization User Guide.
Following India Localization Setups need to be completed:
Invoice created for the TDS Authority and the Credit Memo for the Supplier would be consolidated for all Invoice distributions having the same TDS Tax Id.
TDS calculated on the Standard Invoice would be reversed in proportion of the amount applied to the Total Amount Standard Invoice bearing TDS.
TDS calculated on the Prepayment Invoice distribution to which the Standard Invoice is applied is considered for reversal. TDS Amount calculated on the applied Prepayment line would be reversed in proportion to the amount applied to the Total Amount Prepayment Invoice.
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