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Managing Customer Deposits/Prepayments

edited May 9, 2018 5:45PM in Financial Consolidation and Close 1 comment

Summary

Looking for a way to manage customer deposits/prepayments in cloud

Content

We are looking for the best way to manage customer deposits/prepayments in cloud.  Currently in Oracle EBS we use the commitment functionality which does not appear to be available in the cloud.  Basically clients send us money as a deposit/prepayment.  Sometimes they do not yet have a contract or know what they will be spending the money on or when. 

We need to initially book the receivable and deferred revenue when invoice is sent.  Then we need to release the revenue/reduce the liability as work is performed.  We also need to report on the balance.  We have a complicated, manual work around but are wondering if there is a better way.  Does anyone have advice on how to accomplish this or know if there is functionality similar to the commitment functionality in cloud?

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