Payables and Cash Management - EBS (MOSC)

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Trust Account Management

in Payables and Cash Management - EBS (MOSC) 1 commentQuestion

We are in the live-auction and online auction business. We usually receive the buyer payments in a trust account and also pay the sellers out of the same bank account. In Australia, there will be new compliance requirement that we have to prove the payment on each specific equipment is received and the same money has been used to pay the respective seller and ourselves for commission & value added services.

I'm wondering if any Oracle EBS (we are on 12.1.3) function and process that can help us meet this new requirement. The challenge will be the lack of information on the payments flowing through the banks/credit card companies, which usually do not contain specific information to identify which equipment the payment is for.

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