Accounts receivable is an asset account in the general ledger that documents money owed to a business by customers who have purchases goods or services on credit.
Accounts receivable can be contrasted with , a liability account in the GL that documents money the business owes for the purchase of goods or services.
Accounts receivable, accounts payable and payroll are usually listed as the top three mission-critical business processes in a disaster recovery plan .
Oracle Receivables provides four integrated workbenches that you can use to perform most of your day–to–day Accounts Receivable operations. You can use the Receipts Workbench to perform most of
your receipt–related tasks and the Transactions Workbench to process your invoices, debit memos, credit memos, on–account credits, chargebacks, and adjustments. The Collections Workbench lets you review customer accounts and perform collection activities such as recording customer calls and printing dunning letters. The Bills Receivable Workbench lets you create, update, remit, and manage your bills receivable.
Each workbench lets you find critical information in a flexible way, see the results in your defined format, and selectively take appropriate action. For example, in the Transactions Workbench, you can query transactions based on the bill–to or ship–to customer, currency, transaction number, or General Ledger date. You can then review financial, application, and installment information, perform adjustments, create a credit memo, or complete the transaction. All of the windows you need are accessible from just one window, so you can
query a transaction once, then perform several operations without having to find it again.
Receivables Setups in R12:
Overview of Setting Up:
During setup, you define business fundamentals such as the activities you process and their accounting distributions, your accounting structure, and various control features. Setup is also the time to define
comprehensive defaults that Receivables uses to make data entry more efficient and accurate. In addition, setup lets you customize Receivables to employ the policies and procedures that you use in your business.
You can set up Receivables a number of different ways. The following graphic shows the most complete setup scenario. If you use the Oracle Applications Multiple Organization Support feature to use multiple sets of books for one Receivables installation, please refer to the Multiple Organizations in Oracle Applications manual before proceeding. If you plan to use Oracle Cash Management with Oracle Receivables, additional setup steps are required.
Note: If you plan to use Multiple Reporting Currencies (MRC) with Receivables, additional setup steps are required. For more information, refer to the Multiple Reporting Currencies in Oracle Applications manual.
Related Product Setup Steps:
The following steps may need to be performed to implement Oracle Receivables. These steps are discussed in detail in the Setting Up sections of other Oracle product user guides.
Set Up Underlying Oracle Applications Technology
The Implementation Wizard guides you through the entire Oracle Applications setup, including system administration. However, if you do not use the Wizard, you need to complete several other setup steps, including:
• performing system–wide setup tasks such as configuring concurrent managers and printers
• managing data security, which includes setting up responsibilities to allow access to a specific set of business data and complete a specific set of transactions, and assigning individual users to one or more of these responsibilities.
• setting up Oracle Workflow
General Ledger Setup Steps:
The following table lists steps and a reference to their location within the Applications Implementation Wizard (AIW).
- Define Chart of Accounts
- Define Currencies
- Define Calendars
- Define Calendar Period Types
- Define Ledger
- Assign Ledger to a Responsibility
Define Chart of Accounts:
Navigation: General Ledger –> Setups –> Flexfields –> Key –> Segments.
Query With Accounting Flexfield and click on New.
Give your coa name and save.
Click on Segments.
Enter your segments names.
Navigation: General Ledger –> Setups –> Flexfields –> Key –>Values.
Enter the below information and click on find button.
Enter the company values names and save your work.
Like wish define values for all reaming segments.
Navigation: General Ledger –> Setup –> Currencies –> Define.
Enter information and save.
Define Calendar Period Types:
Navigation: Setup –> Financials –> Calendars –> Types.
Enter the information and save.
Navigation: Setup –> Financials –> Calendars –> Accounting.
Define Ledger :
See this post for how to define Ledger in R12.
Assign Ledger to a Responsibility:
Navigation: System Administrator –> Profile –> Systems.
Click on find.
Assign Ledger to GL Responsibility.
Oracle Inventory Setup Steps:
Define Operating Unit: