Using remittance and confirmation accounts for cheque receipting
Hi All
We are implementing R12.1.3 in Greece and the Client use 3 GL accounts when receipting cheque's as they are not always banked straight away
ie 52.07 is the main GL cash account however accounts 52.91 and 52.99 are used as transit accounts for when customers send in checks. Checks payment first hit 52.99 then go to 52.91 then finally go to 52.07 when the check finally clears
I read in the oracle AR Accounting for Transaction document (http://docs.oracle.com/cd/A60725_05/html/comnls/us/ar/act4trx.htm) that this type of accounting can be done with remittances to allow cheques to clear. as the accounting can go through confirmation and then remittance account before finally clearing to the banks cash account. However when i look through the AR implementation guide remittances are only referred to in the electronic receipting processes rather then the manual receipting process, which has sort of stumped me.
We are implementing R12.1.3 in Greece and the Client use 3 GL accounts when receipting cheque's as they are not always banked straight away
ie 52.07 is the main GL cash account however accounts 52.91 and 52.99 are used as transit accounts for when customers send in checks. Checks payment first hit 52.99 then go to 52.91 then finally go to 52.07 when the check finally clears
I read in the oracle AR Accounting for Transaction document (http://docs.oracle.com/cd/A60725_05/html/comnls/us/ar/act4trx.htm) that this type of accounting can be done with remittances to allow cheques to clear. as the accounting can go through confirmation and then remittance account before finally clearing to the banks cash account. However when i look through the AR implementation guide remittances are only referred to in the electronic receipting processes rather then the manual receipting process, which has sort of stumped me.
0