For Oracle Receivables, you have two places for entering high level
rules for how the system is to process your data: the System Options
screen (in Oracle Receivables) and the Profile Options (updated by the
System Administrator). Both are critical to how the system works.
System Options encompass various areas:
- Accounting Options
- Tax Options
- Invoices and Customers Options
- Miscellaneous Options
Use Accounting to:
- Assign this instance to the proper set of books. This is key if you want to pass anything to Oracle General Ledger;
- Define the default accounts for currency exchange gains and losses, taxes, and unallocated revenue;
- Determine how to deal with discounts;
- Indicate whether or not you want interest charges (as calculated as part of the statement process) to be added to the customer balance.
Use Tax to:
- Define how you will process taxes;
- Assign the Sales Tax Location Flexfield;
- Decide how to format the tax information on documents such as invoices.
Note that even if you use the default Sales Tax Location Flexfield you must key over it and then save in order to initiate the processes to create the applicable views. This is critical for any tax processing.
Use Invoices and Customers for:
- Tuning AutoInvoice (if your Message Level is higher than one and you do not really need to trace your data, you greatly increase your run time). Set to “1″ unless you have a problem you need to research.
- Defining how you wish customer and address numbering to occur. Note that you can import your existing customers prior to going live using the old number and then switch to automatic numbering once you go live.
- Deciding whether or not you will allow deletion of incomplete invoices (usually OK).
- Indicating if you will allow payment of unrelated invoices. This is helpful if you occasionally have one customer pay the bills for another customer and you do not want to create relationships. But, note that this is touchy area regarding possible kiting of funds.
Use Miscellaneous for:
- Defining parameters for the Collections Effectiveness Indicators report;
- Indicating how information is to appear on the printed documents such as invoices;
- Specifying if you will require a salesrep on a transaction (based on your business);
- Deciding if you will require an address to apply receipts (rarely a good idea but there may be reasons to do this for your business).
You also have the ability to determine the due dates for chargebacks (when the customer short pays a specific invoice and you create a new invoice for the difference). I recommend that you always use the “Invoice Due Date” for the Chargeback date otherwise, you are rewarding the customer for short paying.
System Options encompass various areas:
- Accounting Options
- Tax Options
- Invoices and Customers Options
- Miscellaneous Options
Use Accounting to:
- Assign this instance to the proper set of books. This is key if you want to pass anything to Oracle General Ledger;
- Define the default accounts for currency exchange gains and losses, taxes, and unallocated revenue;
- Determine how to deal with discounts;
- Indicate whether or not you want interest charges (as calculated as part of the statement process) to be added to the customer balance.
Use Tax to:
- Define how you will process taxes;
- Assign the Sales Tax Location Flexfield;
- Decide how to format the tax information on documents such as invoices.
Note that even if you use the default Sales Tax Location Flexfield you must key over it and then save in order to initiate the processes to create the applicable views. This is critical for any tax processing.
Use Invoices and Customers for:
- Tuning AutoInvoice (if your Message Level is higher than one and you do not really need to trace your data, you greatly increase your run time). Set to “1″ unless you have a problem you need to research.
- Defining how you wish customer and address numbering to occur. Note that you can import your existing customers prior to going live using the old number and then switch to automatic numbering once you go live.
- Deciding whether or not you will allow deletion of incomplete invoices (usually OK).
- Indicating if you will allow payment of unrelated invoices. This is helpful if you occasionally have one customer pay the bills for another customer and you do not want to create relationships. But, note that this is touchy area regarding possible kiting of funds.
Use Miscellaneous for:
- Defining parameters for the Collections Effectiveness Indicators report;
- Indicating how information is to appear on the printed documents such as invoices;
- Specifying if you will require a salesrep on a transaction (based on your business);
- Deciding if you will require an address to apply receipts (rarely a good idea but there may be reasons to do this for your business).
You also have the ability to determine the due dates for chargebacks (when the customer short pays a specific invoice and you create a new invoice for the difference). I recommend that you always use the “Invoice Due Date” for the Chargeback date otherwise, you are rewarding the customer for short paying.
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