Define bills receivable creation receipt methods when you want to create bills receivable automatically using the Bills Receivable Transaction Batches window, the Bills Receivable Batch Creation concurrent program, or the Exchange action in the Transactions window. The receipt method designates the transaction type, maturity date, bill number, and minimum and maximum bill amounts, and determines how transactions are grouped into bills receivable.
You assign the creation method of Bills Receivable to receipt classes that you define for bills receivable creation receipt methods. This activates the Bills Receivable tabbed region for entering information specific to bills receivable creation receipt methods.
After you define bills receivable creation receipt methods, you must assign to transactions that you want to exchange for bills receivable a paying customer defined as drawee with a bills receivable creation receipt method. See: Flagging Transactions for Automatic or Direct Exchange into Bills Receivable.
Enter the grouping rule that the bills receivable creation receipt method uses to automatically group transactions into bills receivable.
Choose one of these grouping rules for the receipt method:
One per Customer: Group all transactions for a single customer into one bill receivable.
One per Customer Due Date: Group all transactions for a single customer that have the same payment schedule due date into one bill receivable. Transactions with a payment term of Immediate are included in the first available bill receivable that can accommodate their amount, irrespective of due date. This creates an effective grouping rule of One per Customer.
One per Invoice: Group all payment schedules for a single transaction into one bill receivable.
One per Payment Schedule: Create a separate bill receivable for each transaction payment schedule (no grouping). Transactions with a payment term of Immediate are included in the first available bill receivable that can accommodate their amount, irrespective of due date. This creates an effective grouping rule of One per Site.
One per Site: Group all transactions for a single customer address into one bill receivable.
One per Site Due Date: Group all transactions for a single customer address that have the same payment schedule due date into one bill receivable. Transactions with a payment term of Immediate are included in the first available bill receivable that can accommodate their amount, irrespective of due date. This creates an effective grouping rule of One per Site.
Navigate to the Receipt Classes window.
Enter a unique Receipt Class Name for this bills receivable receipt class.
Select Bills Receivable in the Creation Method field.
Enter a unique Name for this bills receivable creation receipt method. You might want to use a name that indicates the grouping rule used for this receipt method, or, if you are using multiple organizations, use part of the organization name.
Enter the Printed Name and Effective Dates for this receipt method.
Open the Bills Receivable tabbed region.
Check the Inherit Transaction Number box to use the transaction number as the bill number.
Note: This applies whenever there is a one-to-one relationship between the exchanged transaction and the bill receivable. If the bill receivable contains more than one transaction, then Receivables assigns the bill number according to the settings in the bills receivable transaction batch source.
Enter the Grouping Rule to use for this receipt method.
Enter Earliest or Latest in the Derive Maturity Date field to indicate whether to derive the maturity date for a bill receivable from the earliest or latest due date of all transactions grouped into the bill.
Enter the bills receivable Transaction Type for this receipt method.
The payment method defaults to Bills Receivable and you cannot change it.
In the Lead Days field, enter the number of days before the invoice due date that a transaction payment schedule can be exchanged for a bill receivable.
Enter the Minimum Amount in the functional currency for a bill receivable for this receipt method. If you enter a minimum amount, then a bill receivable is not created for the designated transactions unless their sum is greater than this amount.
Enter the Maximum Amount in the functional currency for a bill receivable with this receipt method.
If you enter a maximum amount, then a partial invoice amount that exceeds the maximum can remain unassigned. For example, an invoice of $1000 assigned to a bill receivable with a maximum amount of $900 leaves an open amount of $100.