Set up Oracle Receivables according to the steps outlined in the Setup Checklist. These steps include setting up products related to Oracle Receivables, such as Oracle General Ledger. You may have previously completed these steps when setting up a different Oracle Applications product.

Oracle Advanced Collections requires the following items to be implemented:

• Currencies. See: Defining Currencies.

• Daily conversion rate types and daily rates. See: Defining Conversion Rate Types and Entering Daily Rates.

  You must also set the default exchange rate type in Oracle Credit Management to be able to convert data from multiple currencies to your operating currency. See: Defining Credit Management System Options.

• Aging buckets. See: Aging Buckets and Interest Tiers.

• Lockboxes. See: Lockboxes.

• Receipt methods. See: Receipt Methods.

• Credit memo workflow. See: Credit Management Application Workflow.

• Approval Limits. See: Approval Limits.

• Collectors. See: Collectors.

• Transaction Types. See: Define Transaction Types.

  When setting up transaction types, do not allow negative numbers for invoices or debit memos.

   Set Up Payment Options for Credit Card and EFT Payments:

If you want to accept credit card or EFT payments in Oracle Advanced Collections through Oracle Payments then you need to set up these payment options correctly in Oracle Receivables.

1. Create a new remittance type for Collections Credit Card Payments and set it up as a credit card remittance.

2. Create a new remittance type for Collections EFT Payments and set it up as a cash remittance.