Receipts Accounting in Oracle - Oracle EBS R12

https://receivablesar.blogspot.com/2019/04/httpsreceivablesar.html

Here below is the two types of the Receipts.

·         Standard Receipts:

Payment (such as cash or a check) that you receive from your customers for goods or services. Also known as cash receipts.

·         Miscellaneous Receipts:

The document that records payment received unrelated toreceivables, such as investments, interest, or refunds.

========================================================================

Accounting for Miscellaneous Receipt:

Cash	DR
Miscellaneous Cash		CR

Miscellaneous Cash Account is defined in Receivable Activities

Name: Miscellaneous Income

Type: Miscellaneous

GL Account Source: Activity GL Account

Activity GL Account: (01-001-222-33) Miscellaneous Cash Account

Cash Account is Defined in Receipt Classes > Bank Accounts

======================================================================= 

Accounting for Standard Receipt:

1. When you enter a Receipt without a Customer

Cash	DR
Unidentified Cash		CR

Cash Account and Unidentified Cash Account is defined in Receipt Classes.

2. When you select a Customer on the same Receipt

Unidentified Cash	DR
Unapplied Cash		CR

Unidentified Cash Account and Unapplied Cash Account are defined in Receipt Classes.

3. After Applying a Transaction on Receipt

Unapplied Cash	DR
Account Receivables		CR

Unapplied Cash Account is defined in Receipt Classes and Account Receivables Account is defined in Transaction types.

4. When Complete Receipt is entered at once. With Customer and Transaction Applied on the spot.

Cash	DR
Account Receivables		CR

--------------------------------------------------------------------------------------------------------------------------

Standard Receipt (on Account):

Receivables let you apply a receipt with an existing on-account credit to close one or more of your customer's open debit items. ... When the customer remits payment or $400, you can simultaneously apply this receipt with the on-account credit to close both the open invoices and their on-account credit.

In case of an On-Account receipt, there is no identified invoice against the receipt. Advance money is received from the customer and the invoice for the same can be raised at a later date.

Enter the Receipt with a Customer and select On Account in the Apply to Field, if the Invoice will have to be received in the Future or the Invoice is Unidentified or Advance has been received from Customer and the Invoice for the same can be received in the Future.

Cash	DR
On Account Cash		CR

Cash Account and On Account Cash Account is defined in Receipt Classes > Bank Account

When Invoice is Received or Identified for a particular Receipt then you can uncheck On Account and select the Particular Receipt.

On Account Cash	DR
Account Receivables		CR

On Account Cash Account is defined in Receipt Classes and Account receivables Account is defined on Transaction Types