What is Receipt Class and Receipt Methods in Oracle Fusion. Setups for the Receipt Class and Receipt Methods in Oracle

What is Receipt Class in Oracle Fusion. Setups for the Receipt Class

 

 

Receipt Class

Receipt Class determines the flow of the Customer Receipt in the system. It determines receipt creation method remittance method clearance method and which receipt method associated and bank account details will use for receipt.

Receipt classes specifies whether receipts are created manually or automatically. For manual receipts, you can specify whether to automatically remit it to the bank and/or clear your accounts. For automatic receipts, you can specify a remittance and clearance method, and whether receipts using this class require confirmation

Receipt Method

Receipt Method Associates with the Receipt Class. Receipt Method basically used to determine the Banking information for the Customer Receipt. With Receipt Method, We attach Bank Accounts and associates GL accounts with that bank.

 

 

Receivables uses receipt methods to account for your receipt entries and applications. Receipt methods also determine a customer's remittance bank information.

 

You can assign multiple remittance banks to each receipt method, but only one bank account can be the primary account for each currency. For each remittance bank branch account assigned to a receipt method, you must define all of your receipt accounts. You can then assign your receipt methods to your receipt sources to use with your AutoLockbox and manually entered receipts.

You remit receipts in several currencies for a single receipt method, then you must enter at least one remittance bank per currency. At least one of these remittance banks must be primary.

The receipt class you assign to each of your receipt methods determines the processing steps that Receivables requires for receipts that you create using this receipt method. These steps include whether to require confirmation, remittance, and bank clearance for receipts that you create with a specific receipt class.

 

 

 

Step1:- 
Go to Navigator è Setup and Maintenance

 

Step2:-

Find the Manage Receipt Class and Methods As below.

 

 Step3:- We can find the Existing Receipt Class and create the New Receipt Class with the '+' icon as created below.

 

 

Step3:- Enter the Receipt Class Name.
We will also specifies creation Method, Remittance Method and Clearance Method for the receipt.
Click on the '+' icon to create Receipt method for the Receipt Class.

 
Step5:- Enter the Receipt Method as below and Create the Banking Information for the Receipt Method as below.

What is Receipt Class and Receipt Methods in Oracle Fusion. Setups for the Receipt Class and Receipt Methods in Oracle