Oracle fusion accounts receivable module

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                      Introduction

                      This article will helps to understands basic functionality as available in Oracle Fusion Receivable. Oracle Fusion Receivables provides integrated functionality to perform most of day-to-day accounts receivable operations. Receivables functionality is managed via three Overview work areas: Billing, Receivables Balances, and Revenue Management. All three work areas provide access to general ledger account activities, including creating accounting, creating manual journal entries, and reviewing journal entries. Most of the functionalities available in Oracle EBS 11i/R12 are available as is and all the mandatory setups are also similar to the setups available in 11i/R12.

                      

                      Let us understand briefly about work areas-

                      Billing Work Area

                      Billing work area helps to perform tasks related to customer billing activities. Monitor and review incomplete transactions, and approve and research pending adjustments. Use AutoInvoice to import transactions from other systems and generate invoices and credit memos automatically according to your requirements. You can easily review and correct AutoInvoice import errors and resubmit AutoInvoice. Create new invoices, debit memos, credit memos, and on-account credit memos. Perform related activities to manage your transactions: update, duplicate, credit, adjust, dispute, and preview a transaction. You can also create a new customer record and manage existing customers from the Billing work area.

                      Receivables Balances Work Area

                      Use the Receivables Balances work area to perform tasks related to customer payment activities and the management of accounts receivable balances. Review actionable items, including open receipts and receipt batches, unapplied and on-account receipts and credit memos, receipt remittance batches, and funds transfer errors. Create receipts manually, import receipts via lockbox or spreadsheet, or create automatic receipts. Perform related activities to manage your receipts: apply, unapply, reverse, delete; create invoice adjustments or chargebacks during receipt application; and remit, clear, or risk eliminate factored receipts. You can manage receipt remittances: create, modify, and approve receipt remittance batches. You can also perform tasks related to managing accounts receivables balances, including reconciling receivables and managing receivables accounting period statuses.

                      Revenue Management Work Area

                      Use the Revenue Management work area to perform tasks related to revenue recognition and revenue adjustments. Run the Recognize Revenue program to generate revenue distribution records for invoices and credit memos that use invoicing and revenue scheduling rules. Perform revenue adjustments on one or more transactions, including scheduling and unscheduling revenue; reviewing, adding, and expiring revenue contingencies; and transferring sales credits. You can also manage revenue policies, revenue contingencies, and rules that assign revenue contingencies to transactions automatically.

                      Customer Information

                      From either the Billing or Receivables Balances work area, you have access to manage both customer information and customer account activities, in summary and in detail. You can review customer account information by a single business unit, bill-to site, or across all business units and bill-to sites. For each customer account, you can review transactions and receipts, dispute and adjust transactions, and drill down to current or historical customer account activity.

                      Oracle Fusion Receivables provides a comprehensive solution for running day-to-day accounts receivable operations. It includes a host of services for customer billing and payment activities, revenue recognition and adjustments, accounts receivable balances, and reconciliation to the general ledger. Oracle Fusion Receivables introduces SmartReceipts, an industry leading automated cash application solution, and role-based work areas that provide embedded intelligence and focused to-do lists of transactions, receipts, and other activities requiring immediate attention. You can actively monitor transactions and drill down to details with its sophisticated reporting tools. Oracle Fusion Receivables comes complete with Excel integration, tagging, watch lists, collaboration, and context-sensitive embedded help.

                      Fusion Receivable Mandatory setups are-

                      1. Receivable System Options
                      2. Receivable Activities
                      3. Auto Accounting Rules
                      4. Receipt Classes and Methods
                      5. Remit To Addresses
                      6. Approval Limits
                      7. Statement Cycles

                      New Features in Oracle Fusion Account Receivables

                      1. Auto Lockbox SmartReceipts -Fusion Receivables continues to support auto lockbox but has enhanced to apply receipts automatically using SmartReceipt.
                      2. Smartreceipt correctly match receipts to invoices based upon system generated recommendations that include exception handling
                      3. Reduce the number of future manual receipt applications by tracking metrics related to why the system could not automatically apply the receipt
                      4. SmartReceipts functionality is extended to the receipts that are created manually or uploaded through excel Fusion Receivable (Customer Receipts)
                      5. SmartReceipts Manual Receipt Entry Receipt Via Spreadsheet.
                      6. Smart receipt uses payment information to apply receipts
                      7. Recommends best potential matches for exceptions
                      8. Recommended invoices are prioritize and displayed to user based on user defined matching rules
                      9. Using calculated score, users can quickly decide which payments to apply and which exception recommendations to use
                      10. AutoMatch Rule Set-uses below 4 options-
                          1. Minimum Weighted Threshold- Auto apply process recommends transaction for receipt application if score exceeds for one or more transactions
                          2. Days of Closed Invoices Threshold- All transactions closed on or before the days provided as threshold value
                          3. Combined Weighted Threshold- Auto apply process to apply receipt to a transaction automatically
                          4. Customer Recommendation Threshold-Auto apply process adds customer information to the receipt if score exceeds threshold