Standard Memo Lines

Standard memo lines are lines that you assign to a transaction when the item is not an inventory item (for example, ’Consulting Services’). You can assign memo lines to debit memos, on–account credits, debit memo reversals, chargebacks, commitments, and invoices. Receivables displays your standard memo lines as list of values choices during credit memo entry in the Credit Transactions window and during invoice entry in the Lines window. When you create chargebacks and debit
memo reversals, you can either use the standard line that Receivables provides or enter your own. You can create an unlimited number of standard memo lines.

If AutoAccounting depends on standard line items, Receivables uses the revenue account that you enter here along with your AutoAccounting setup to determine the default revenue, freight, AutoInvoice Clearing, Tax, Unbilled Receivable, Unearned Revenue, and Receivable accounts for invoices with this line item.

Warning: When you enter a standard memo line in the Lines window, place the cursor in the Description field and then use
the list of values to select a memo line. If AutoAccounting is based on Standard Lines and you type or copy the memo line
information, Receivables will not generate the proper accounting entries for this line when you save.
Receivables lets you enter tax code, unit list price, and unit of measure information for each standard memo line. You can also specify a standard invoicing and accounting rule for each standard memo line.

Oracle Applications Fusion Cloud - Inventory

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