A bill receivable is a document that your customer formally agrees to pay at some future date (the maturity date). The bill receivable document effectively replaces, for the related amount, the open debt exchanged for the bill. Bills receivable are often remitted for collection and used to secure short term funding.
Oracle Receivables provides a comprehensive solution to managing the entire life cycle of bills receivable: creation, acceptance, remittance, updates, history, and closing.
Creating Bills Receivable
Oracle Receivables treats a bill receivable as a separate transaction. You can create bills receivable individually through the Bills Receivable window, directly exchange a completed invoice for a bill receivable in the Transactions workbench, or create bills receivable in batch using the Bills Receivable Transaction Batches window or the Bills Receivable Batch Creation concurrent program. You can create signed, unsigned, and customer–issued (promissory note) bills receivable.
Remitting Bills Receivable
You can remit bills receivable to a bank or factoring company using the Remittances window. Choose to factor remittances with or without recourse. Optionally print bills receivable as supporting documentation for the bank or for your own records. Run the Bills Receivable Maturity and Risk program and report to apply receipts and eliminate risk on remitted bills factored with recourse. You can further automate the creation of a remittance batch by using the inbound API.
Managing Bills Receivable
Use the Bills Receivable Portfolio Management window as an analysis tool and to record changes to a bills receivable transaction. You can:
- Record customer acceptance of a bill receivable
- Endorse a bill
- Manage risk associated with factored bills
- Mark a bill as unpaid or protested
- Cancel a bill
- Recall a bill from a remittance batch
- Exchange one bill for another
- Place or remove a bill on hold
- View bill details, including the current status
- View the life cycle of events for each bill
- Utilize folder functionality to meet your analysis needs
You can also review bills receivable transactions using the Collection and Receipt workbench features. To further automate the update of items not paid by a customer, you can choose to utilize the Unpaid Bills Receivable API.
Bills receivable is same like the debtor the only and the minor difference between is while selling the goods on the credit we open the debtor account and when the debtor give bills in regards of the payment of the credit goods purchased we open the bills receivable accounts and if the bill is not matured on the due-date or dishonoured we again transfer the bills receivable in the debtors account.
1. Create an invoice (transaction) in transaction window. Enter the paying customer details. Enter a payment method which is associated with a bills receivable receipt class. The payment method should contain a bills receivable transaction type.