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White Paper On Prepare and Record Payments
White Paper On Prepare and Record Payments
White Paper
Manage Payments Business Process –
Prepare and Record Payments
An Overview of Payments Process
INTRODUCTION
Objectives ………………………………………………………………………………………………………………….…….3
Manage Process and Account Payments to suppliers and employees which will enable and
confirm the system that they are paid and accounted accurately.
Once invoices are approved (if workflow enabled) and validated then Prepare and record
payment explains about the different scenarios to pay an invoice(s) and account.
2.1.2 Purpose
The purpose of this document is to provide a brief functional design of the Business Process –
Manage Payments for Prepare and Record Payments.
This document will describe the existing functionality with the new interface for Single/Batch
Payments and payment related windows.
A “Payment Process Request” is a request created by a source product for Oracle Payments
payment services. The payment process request originates in the source product during the
documents payable selection process and contains:
Payment Method
A payment attribute on a document payable. The payment method indicates the medium by
which a first party payer makes a payment to a third party payee. Payment methods also include
other information used during the early stages of payment processing, such as validations and
rules that determine how payment methods can be assigned to documents payable.
Quick Payment
This feature is needed for paying documents payable (invoices, expense reports,
prepayments, debit/credit memos and Payment Requests) outside a Payment Process
Request.
Documents can be selected regardless of the payment terms, payment method, or due
date. For example, you can create a Quick payment for an invoice that is not yet due.
User pays an invoice with a single payment instead of a Payment Process Request.
If the Print Now box is checked at payment creation time, the payment will be printed
immediately to a printer that the user chooses from a list of values.
If the Create Accounting box is checked at payment creation time the accounting will be
created immediately. User has a choice to decide whether the accounting should be draft
or final.
Manual Payment
When you create a payment outside of the system, you can record the payment and
update the invoices that you paid.
As a manual payment is only recorded in Payables, and not actually sent out, the user
can override some payment controls. For example, a single payment can be recorded for
multiple Pay Alone invoices. A single payment can also be recorded for supplier invoices
that have the Hold All Payments supplier option enabled.
Refund Payment
A refund closes out an outstanding credit balance with a Third-Party. (A third-party may
be a customer or a supplier)
Note:
The user pays a debit or credit memo. A refund is a payment in a negative amount. The
user is required to enter a paper check number to facilitate automatic reconciliation in
cash management. In event the supplier only sends a credit memo and no check, the
credit memo will be “netted” out with future invoice payments and no refund would be
recorded.
Enter all Payment details with mandatory fields Business Unit, Payee, Payment Date,
Disbursement Bank Account, PPP, Payment Method and upon all selecting Payment Type as
Quick/Manual/Refund.
Advanced Tab is to the advanced Options like Account and Post to GL, Print Now. Bills Payable
and Conversion options like Currency rate, Conversion type and Conversion date.
A “Payment Process Request” (PPR) is a request created by a source product for Oracle
Payments payment services. The payment process request originates in the source product
during the documents payable selection process and contains:
(2) Information that allows Oracle Payments and the source product to identify the request and
(3) Optional payment processing instructions. The source product may submit payment process
requests to Oracle Payments via user action or concurrent program.
Review the installments and resubmit the process to complete the payment process.
Document selection and Confirm Payments are handled by Payables (AP) code while Build
Payments and Format payments are handled by Payments (IBY) code.
Manage Payments
View Payment
To view batch payment that are completed, Click the Manage Payment Process Request from
right navigation pane.
• Minimize data entry by saving you from re-keying frequently used values, which simplifies and
expedites pay runs.
• Retrieve cash requirements for the invoices that will be selected for payment by running the
Schedule Cash Requirements Report.
• Submit specific payment process requests by specifying a template that is used as a parameter
and which contains all the information needed for submitting the particular payment process
request.
13 Manage Payments - Prepare and Record Payments
• Use a template as a starting point for submitting pay runs.
Reissuing a payment means that the original payment is automatically voided and the new
payment is issued using the information provided by the user (new check number, new payment
date, new exchange rate (applicable to foreign currency payments), and voucher number (if
sequencing is used)).
When you void a payment, or confirm a stop payment, Payables automatically reverses the
payment status and accounting records for the invoices that you paid. Payables automatically
reverses and voids interest invoices associated with a void payment or stop payment.
Initiate Stop
This report lists unpaid or partially paid invoices that match parameters you enter. The report
does not include cancelled or fully paid invoices.
If you submit the Cash Requirement Report with No for the Summary Option parameter, the
report lists all unpaid or partially paid invoices for a currency, by payment date and supplier
name, starting with those invoices with the earliest due or discount date. Payables subtotals the
amount due for each supplier and then for each payment date.
If you submit the Cash Requirement Report with Yes for the Summary Option parameter, the
report lists the cash requirements by supplier for each currency and each payment date without
displaying each invoice.
Click Report name to view the output of the report and log details to download.
The user can void a payment by providing a Void date and a GL date for the void.
A payment can only be voided if the status of Payment is negotiable, stop initiated (or issued in
the case of a Bills Payable). If the payment being voided has been made for any prepayment
invoice AND if that prepayment has been applied to a standard invoice then payment cannot be
voided.