What are Customer Receipts?
Customer receipts are documents that indicate that customers have received the provided goods and/or services from the Organization. This can be in the form of a Physically printed paper receipt or sent electronically (via a Lockbox) or via a Email containing a PDF. This will then be entered in the application, either manually one by one or in Bulk via a Spreadsheet.
How are Receipts Applied?
As mentioned above, once the receipt has been sent to the organization, it can either be entered manually one by one or in Bulk via a Spreadsheet. Once entered into the application, it can then be applied to an existing receivable transaction such as an Invoice, Credit Memo or Debit Memo. This will then update Customer Balances. If the receipt has been fully applied, it can then be cleared. The Receipt can then be matched to a Bank Statement line and reconciled using Cash Management.
Below demonstrates a Receipt application against a Transaction in Oracle Fusion:
Receipt Creation Types
Receipts can either be created Manually (from the browser or via a Spreadsheet) or Automatically. Receipt Types such as Standard, Miscellaneous and Lockbox Receipts can both be created Manually from the browser or via a Spreadsheet, while Automatic Receipts can support Bank Account Transfers or Credit Cards (note: Credit Cards are currently only supported in Fusion on-premise. Will be available soon in Cloud as well).
What are SmartReceipts?
What are Lockbox Receipts?
Lockbox Receipts is a service that most corporate banks offer for a long time. Banks collect all our receipts for us, produces an electronic file, and we then take that electronic file, pull it through what is known as a Lockbox. It requires a very tight integration between your customer and and your bank provider.
The benefit of using Lockbox Receipts is less manual intervention, speeds up collections, and converts your receivables into cash much more quickly. In case there are any issues with the file that the Bank has sent, there is an option to correct these errors using a Spreadsheet via FBDI.
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