How to create on account Receipt in Oracle Fusion

How to create on account Receipt in Oracle Fusion

In this post , We are going to discuss about on account receipt in oracle fusion. We do create receipts in oracle fusion , to receive the payments from our customers against the AR Invoices. When we got the payment from the customers , then we do register those payments in the form of receipt in oracle fusion. On account receipt is one of the type of Oracle Receipts. We have two types of receipts in oracle fusion and that is called On Account receipt and un-applied receipt in oracle fusion.Here below we will define more about how to create on account Receipt in Oracle Fusion.

What is on account Receipt in Oracle Fusion ?

When we do create the receipt in oracle fusion , We do provide the customer information's from which we have receive the payment or receipt. After providing the customer details for the receipt, we have the option to apply that receipt against the open AR Invoices created for that customer. When we do apply the receipt against the Open AR Invoices for the customer then we do call this receipt as applied receipt. If we don't apply the receipt to any Open AR Invoices or some time we don't know against which Invoice we have received this payment/receipt then we don't adjust that Invoice against any AR Invoice , then those receipts called un- applied receipts. On account receipt is also more similar like the un- applied receipts where we dont apply the receipt against the open AR invoices and these receipt created only with Customer Information's. 

As per the process wise , un-applied and on account receipt is more similar but there is only one additional step involved in on account receipts. After creating the receipt , we manually put that receipt to 'On Account' status. 

Basically we do put receipts on 'on account' status when we have received the customer advance payments or additional amount as compared to the actual invoice. On Account is just the process or indication in our GL books that that much amount of payment we have received in advance from customers and have to adjust in future or need to return back to customer. This is all about on account Receipt in Oracle Fusion.

Steps to create on account Receipt in Oracle Fusion

Step1:- Navigator>Receivables>Account Receivables

 

How to create on account Receipt in Oracle Fusion

 

Step2:- Navigate to the enter Receipts Screen 

 Navigator-->Receivable >Account Receivables 

Task Pane: Receipts/ Create Receipts

How to create on account Receipt in Oracle Fusion

Step3:- Choose the receipt type (Standard) and select the Business Unit for the receipt to be applied  -Change the defaulted currency if you want to use a Bank Account in another currency.

Select the Receipt Method  (determines the bank account to which the cash gets deposited)
 Enter the Receipt Number.
 Enter the remittance amount.in the Entered Amount field .

If you will create the Receipt without assigning customers then after accounting the receipt will be booked to the Un identified Account.

How to create on account Receipt in Oracle Fusion

Step4:- Assign a Customer.
Navigate down to the Customer section of the window.  Search for the customer you wish to apply the remittance. Choose Customer & Customer Site

When we create Receipts with assigning Customer then after accounting the receipt will be booked to Un-Applied Account.

How to create on account Receipt in Oracle Fusion