Assign remittance banks to your receipt methods to facilitate data entry and specify the General Ledger accounts Receivables will use when you enter or apply receipts.
You can assign multiple bank accounts to a receipt method, but you can only have one primary account for each currency defined for that receipt method.
Prerequisites
Define internal remittance banks. See: Bank Account Model Overview.
Navigate to the Receipt Classes window.
Query the receipt class or receipt method to which you want to assign this remittance bank.
Choose Bank Accounts.
Enter general Remittance Bank information, such as Bank, Branch, Account Name, and range of Effective Dates. You can only select active banks and bank branches.
If the creation method of the receipt class is Automatic, enter a Minimum Receipt Amount. This is the minimum amount in this currency that must be specified when you create automatic receipts with this receipt method.
Note: You can also define a minimum receipt amount at the customer profile level. Receivables uses the larger of the two minimum receipt amounts when creating automatic receipts.
If the remittance method for this receipt class is either Factoring or Standard and Factoring, specify the number of Risk Elimination Days for receipts created with this receipt class (optional). When you factor receipts, Receivables creates a short term debt to account for your risk in case of customer default. When you run the Automatic Clearing program to clear or risk eliminate these receipts, the debt is cleared y days after each receipt's maturity date, where y is the number of risk elimination days that you enter here.
If the remittance method is not No Remittance, enter the number of Clearing Days for receipts created with this receipt class (optional). Remitted receipts are cleared x days after their maturity date, where x is the number of clearing days that you enter here. Factored receipts are cleared immediately on the remittance date.
To be able to override this bank during the remittance process, check the Override Bank box.
If you do not want this to be the primary remittance bank account in this currency for this receipt method, uncheck the Primary check box. You can only assign one primary remittance account per currency to your receipt method. Receivables ensures that at least one remittance account per currency is primary.
In the GL Accounts tabbed region, enter GL Account information for this remittance bank.
In the Unearned Discounts and Earned Discounts fields, select an unearned discount activity type and an earned discount activity type from the lists of values.
If using Oracle Trade Management, then in the Claim Investigations field, select a claim investigation activity type.
If the creation method of the associated receipt class is Automatic, open the Formatting Programs tabbed region, then enter formatting program information.
To run a printing program when you format remittance batches for receipts remitted to you using this receipt method, enter a Remittance Print program. When you factor your remittances, Receivables notifies your print program so that it functions accordingly. You can use this program to create and send remittance advice to customers to whom you assign this receipt method.
To run a factoring print program when you format your batches of remitted receipts for this receipt method, enter a Factoring Print program. When you factor your remittances, Receivables notifies your factoring print program so that it behaves accordingly. You cannot enter a factoring transmission program for this receipt method if your bank branch account's factoring creation medium is magnetic medium.
Otherwise, save your work.