Define receipt classes to determine the required processing steps for receipts to which you assign receipt methods with this class. These steps include confirmation, remittance, and reconciliation. You can specify any combination of these processing steps with one exception: if you confirm and reconcile, then you must also remit. If you enter No for all three of these steps, Receivables automatically creates receipts assigned to this receipt class with a status of Cleared.
Receivables uses the receipt method you assign to a receipt class to determine how to account for receipts you create using this receipt class.
For each receipt class, you can specify a creation method, remittance method, and whether to require bank clearance for receipts that you assign to this class. If you are defining a receipt class whose creation method is Bills Receivable, then Require Confirmation, Remittance Method, and Clearance Method are disabled. If you are defining a receipt class whose creation method is Automatic, then the Remittance Method cannot be No Remittance.
Receivables lets your customers pay their invoices via credit cards and electronic funds transfer (both non-Automatic Clearing House direct debit and ACH bank account transfers).
To accept payment via credit cards or non-ACH direct debit, use your existing Receivables setup, or optionally define a new receipt class and receipt method to be used with these transactions.
To accept payment via ACH bank account transfer, define a new receipt class and receipt method to be used with these transactions. See: Receipt Methods.
Navigate to the Receipt Classes window.
Enter a unique Name for your Receipt Class.
If you are creating a Notes Receivable receipt class, check the Notes Receivable box. You cannot change this attribute after you assign a receipt method and then save this receipt class. See: Notes Receivable.
Choose a Creation Method.
If you choose Automatic, you can create receipts with this receipt class using the Automatic Receipt program.
See: Creating Automatic Receipts.
In addition, for these receipts, Oracle Payments is responsible for the funds capture process. See: Enabling the Funds Capture Process.
If you choose Manual, receipts using this receipt class must either be entered manually in the Receipts or QuickCash window, or imported into Receivables using AutoLockbox.
See: Entering Receipts.
If you choose Bills Receivable or Bills Receivable Remittance, Receivables enables the Bills Receivable or Bills Receivable Remittance tab.
To require automatic receipts assigned to this receipt class to be confirmed before they can be remitted, check the Require Confirmation box. Check this box to confirm automatic receipts using this receipt class in the Confirm Automatic Receipts window.
If you check this box, then:
The Create Automatic Remittances window does not let you create remittances for unconfirmed receipts that were created using a receipt method with this receipt class. See: Confirming Automatic Receipts.
Receivables will not let you create refund credit card receipts that were created using a receipt method with this receipt class. See: Setting Up Receivables for Credit Card Transactions and Payments.
If you are defining a receipt class for use with ACH bank account transfers, then you should not check this box.
Choose a Remittance Method. The remittance method determines the accounts that Receivables uses for automatic receipts that you create using the receipt method assigned to this receipt class. Choose one of the following methods:
Standard: Use the remittance account for automatic receipts or for standard bills receivable assigned to a receipt method with this receipt class.
Factoring: Use the factoring account for automatic receipts or for factored bills receivable assigned to a receipt method with this receipt class.
Standard and Factoring: Choose this method if you want Receivables to select receipts assigned to this receipt class for remittance regardless of the batch remittance method. In this case, you can specify either of these remittance methods when creating your remittance batches. See: Creating Remittance Batches.
No Remittance: Choose this method if you do not require receipts assigned to this receipt class to be remitted.
Note: If the creation method is Automatic, then you cannot select No Remittance as the Remittance Method.
To require receipts created using a receipt method assigned to this receipt class to be reconciled before posting them to your cash account in the general ledger, choose one of the following Clearance Methods:
Directly: Choose this method if you do not expect the receipts to be remitted to the bank and subsequently cleared. These receipts will be assumed to be cleared at the time of receipt entry and will require no further processing. Choosing this method is the same as setting Require Bank Clearance to No in previous releases of Receivables.
By Automatic Clearing: Choose this method to clear receipts using the Automatic Clearing program. See: Automatic Clearing for Receipts. (Receipts using this method can also be cleared in Oracle Cash Management.)
By Matching: Choose this method if you want to clear your receipts manually in Oracle Cash Management.
Enter the receipt method to assign to this receipt class. See: Receipt Methods.