Accounting for Bills Receivable

Bills Receivable window doesn’t provide any view accounting menu option under the tools menu. You need to run the report ‘Journal Entries Report’ to check the bills receivable creation accounting entries (BR Dr Rec Cr). If you have created a receipt or an invoice or an adjustment and applied this to the BR then you can use the view accounting option on the receipt form, the adjustment form or the transactions form.

Invoice
When you Complete an invoice , Receivables creates this journal entry:
DR Receivable
                    CR Revenue
                    CR Tax

Bills Receivable
When you Complete a bill receivable (or Accept a bill receivable if it requires acceptance), Receivables creates this journal entry:
DR Bills Receivable
                             CR Receivables

Remitted Bills Receivable
When you Remit a bill receivable with a Standard remittance method, Receivables creates this journal entry:
DR Remitted Bills Receivable
                                            CR Bills Receivable

On Maturity (or Maturity plus the number of collection days if the bill is remitted on or after maturity), Receivables creates this journal entry:
DR Remittance
                           CR Remitted Bills Receivable

Note: If the original transactions exchanged for the bill have deferred tax entries, Receivables also creates this journal entry:
DR Interim Tax
                       CR Collected Tax
When you Clear the receipt, Receivables creates this journal entry:
DR Cash
DR Bank Charges
                             CR Remittance

Unpaid Bills Receivable
When you mark a bill receivable as Unpaid, Receivables creates this journal entry:
DR Unpaid Bills Receivable
                                                   CR Bills Receivable
Note: The credit account depends on the last receivable classification of the bill prior to marking the bill as Unpaid.

 

Oracle Applications Fusion Cloud - Inventory

Oracle Cloud/Fusion Manufacturing Cloud training will help you develop the fundamental skills required to set up and use the Manufacturing module. This training covers all the tasks, setups, forms and reports used in Manufacturing and related modules