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Manage Aging Methods
Scenario
Your organization needs to create their own a-bucket aging method for reporting purposes.
Task
Create a new 4-bucket Aging Method in the Collections application, where:
Name Of the aging method is XXAging Method (Replace XX with 03, which is your allocated User ID.)
Aging method is accessible to all business units
Aging buckets are 45 days apart
Last bucket is 91 days
See the explanation below.
Log in to Oracle Financials Cloud.
Click on theAging Methodsicon in theReceivableswork area.
Click on theCreatebutton.
In theAging Methodwindow, enter the following information:
Name:XXAging Method (Replace XX with your allocated user ID.)
Description:Custom aging method for reporting purposes.
Aging Buckets:
1:0 to 45 days
2:46 to 90 days
3:91 to 135 days
4:136 to 180 days
Last Bucket:181 days
Available to All Business Units:Yes
Click on theSavebutton.
The new aging method will be created.
Manage Collectors
Scenario:
You are responsible for defining a new collector. who will perform collection activities across multiple business units.
Task:
Create a new Collector. where:
Name of the collector is (Replace XX with 03. which is your allocated User ID.)
Collector must be available to all business units.
Collector maps to employee FASXX Student (Replace xx with 03, which is your allocated User ID.)
See the explanation below.
Log in to Oracle Financials Cloud.
Click on theCollectorsicon in theReceivableswork area.
Click on theCreatebutton.
In theCollectorwindow, enter the following information:
Name:XXCollector (Replace XX with your allocated user ID.)
Type:Employee
Employee:FASXX03 (Replace xx with your allocated user ID.)
Available to All Business Units:Yes
Click on theSavebutton.
The new collector will be created.
Manage Receipt Classes and Methods
Scenario
Supremo US Business unit needs to capture customer payments that will be reconciled in the Cash Management application. You need to define a receipt class and receipt method, and assign the appropriate bank account to meet this requirement.
Task:
Define Remittance Bank Account where:
Bank Account is associated with Receipt Method
Primary bank account is linked the Denver branch of Bank of America
Bank account number ends with 2870
Remittance bank account is effective as of January 1, 2023
GL Accounts section must contain the values below for company segment 120 Supremo Fitness
See the explanation below.
Log in to Oracle Financials Cloud.
Click on theRemittance Bank Accountsicon in theReceivableswork area.
Click on theCreatebutton.
In theRemittance Bank Accountwindow, enter the following information:
Name:XXRemittance Bank Account (Replace XX with your allocated user ID.)
Bank Account Number:The bank account number that you want to associate with the receipt method.
Bank Name:Bank of America
Branch Name:Denver
Account Type:Checking
Effective Date:January 1, 2023
Primary:Yes
GL Accounts:
Company Segment:120 Supremo Fitness
Account Code:12000
Account Name:Accounts Receivable - Supremo Fitness
Company Segment:120 Supremo Fitness
Account Code:12001
Account Name:Allowance for Doubtful Accounts - Supremo Fitness
Click on theSavebutton.
The new remittance bank account will be created.
Manage Receipt Classes and Methods
Scenario
Supremo US Business unit needs to capture customer payments that will be reconciled in the Cash Management application. You need to define a receipt class and receipt method, and assign the appropriate bank account to meet this requirement.
Task:
Create Receipt Method. where:
Name of the new receipt method is XXCheck (Replace XX with 03. which is your allocated User ID.)
Receipt method must be effective as of January 1. 2023
See the explanation below.
Log in to Oracle Financials Cloud.
Click on theReceipt Methodsicon in theReceivableswork area.
Click on theCreatebutton.
In theReceipt Methodwindow, enter the following information:
Name:XXCheck (Replace XX with your allocated user ID.)
Effective Date:January 1, 2023
Receipt Class:XXReceipt Class (The receipt class that you created in the previous step.)
Bank Account:The bank account that will be used to clear receipts for this receipt method.
Click on theSavebutton.
The new receipt method will be created.
Manage Receipt Classes and Methods
Scenario
Supremo US Business unit needs to capture customer payments that will be reconciled in the Cash Management application. You need to define a receipt class and receipt method, and assign the appropriate bank account to meet this requirement.
Task:
Create a manual Receipt Class, where:
Name of the new receipt class is XXReceipt Class (Replace XX with 03, which is your allocated User ID.)
Receipts using this new receipt class will not be remitted
Organization will use Cash Management to clear their receipts
See the explanation below.
Log in to Oracle Financials Cloud.
Click on theReceipt Classesicon in theReceivableswork area.
Click on theCreatebutton.
In theReceipt Classwindow, enter the following information:
Name:XXReceipt Class (Replace XX with your allocated user ID.)
Creation Method:Manual
Remittance Method:No Remittance
Bank Account:The bank account that will be used to clear receipts for this receipt class.
Click on theSavebutton.
The new manual receipt class will be created.
To make sure that receipts using this receipt class will not be remitted:
Click on theRemittance Methodstab.
Select the check box next toNo Remittance.
Click on theSavebutton.
The receipts using this receipt class will now not be remitted.
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