This article aims to provide an understanding of the basic functionality available in Oracle Fusion Receivables. Oracle Fusion Receivables offers integrated features for handling most day-to-day accounts receivable operations. Receivables functionality is managed through three main work areas: Billing, Receivables Balances, and Revenue Management. All three work areas provide access to general ledger account activities, including creating accounting, manual journal entries, and reviewing journal entries. Most functionalities available in Oracle EBS R12/11i remain unchanged, and the mandatory setups are also like those available in R12/11i. 

LET’S EXPLORE THE DIFFERENT WORK AREAS IN ORACLE FUSION RECEIVABLES

Billing Work Area

This area focuses on customer billing tasks. You can monitor and review incomplete transactions, approve and research pending adjustments, and use Auto Invoice to import transactions from other systems and automatically generate invoices and credit memos. Additionally, you can create new invoices, debit memos, credit memos, and on-account credit memos, as well as manage transactions such as updating, duplicating, crediting, adjusting, disputing, and previewing. Furthermore, you can create and manage customer records within this work area. 

Receivables Balances Work Area

Here, you can handle customer payment activities and manage accounts receivable balances. You can review open receipts, receipt batches, unapplied and on-account receipts and credit memos, receipt remittance batches, and funds transfer errors. This area allows you to create receipts manually, import them via lockbox or spreadsheet, or create automatic receipts. Moreover, you have the ability to handle receipts by applying, unapplying, reversing, or deleting them. Additionally, you can create invoice adjustments or chargebacks during the receipt application process. You also have the option to manage receipt remittances and perform tasks associated with managing accounts receivable balances, such as reconciling receivables and managing receivables accounting period statuses. 

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Revenue Management Work Area

This area focuses on tasks related to revenue recognition and adjustments. You can run the Recognize Revenue program to generate revenue distribution records for invoices and credit memos using invoicing and revenue scheduling rules. Additionally, you can perform revenue adjustments on transactions, including scheduling and unscheduling revenue, reviewing, adding, and expiring revenue contingencies, and transferring sales credits. You also have the capability to oversee revenue policies, revenue contingencies, and the regulations that automatically allocate revenue contingencies to transactions. 

Customer Information 

From either the Billing or Receivables Balances work area, users can manage customer information and account activities, both summarily and in detail. They can access customer account information by business unit, bill-to site, or across all units and sites, reviewing transactions, receipts, disputing and adjusting transactions, and accessing current or historical account activity. 

Oracle Fusion Receivables offers a comprehensive solution for day-to-day accounts receivable operations, covering customer billing, payment activities, revenue recognition and adjustments, receivable balances, and reconciliation to the general ledger. It introduces Smart Receipts, an automated cash application solution, and role-based work areas with embedded intelligence and focused to-do lists. Users can monitor transactions actively, drill down into details with reporting tools, and utilize Excel integration, tagging, watch lists, collaboration features, and context-sensitive embedded help. 

MANDATORY SETUPS IN ORACLE FUSION RECEIVABLES INCLUDE

1. Receivable System Options 
2. Receivable Activities 
3. Auto Accounting Rules 
4. Receipt Classes and Methods 
5. Remit To Addresses 
6. Approval Limits 
7. Statement Cycles 

NEW FEATURES IN ORACLE FUSION RECEIVABLES INCLUDE

• Auto Lockbox SmartReceipts: Enhanced functionality to automatically apply receipts using SmartReceipts. 
• Improved Matching: SmartReceipts accurately matches receipts to invoices with exception handling. 
• Tracking Metrics: Reduction of manual receipt applications by tracking metrics related to application failures. 
• Extended Functionality: SmartReceipts now applies to manually created or Excel-uploaded receipts. 
• Manual Entry Enhancement: SmartReceipts enables manual receipt entry via spreadsheet. 
• Recommendation System: Recommends potential matches for exceptions and prioritizes recommended invoices based on user-defined rules. 
• AutoMatch Rule Set: Offers options for automatic receipt application based on thresholds and customer information. 
• Excel Integration: Enhances user ability to process payments and remittance data by leveraging Excel functionality. 
• Reconciliation Efficiency: Facilitates quick reconciliation of receivables to the general ledger for faster book closing. 
• Automatic Identification: Automatically identifies exceptions and expands account balance information for optimal reconciliations. 
• Streamlined Processes: Enables uploading customer data through a simple spreadsheet template and automatic reversal of unprocessable receipts. 
• Transaction Delivery: Streamlines transaction delivery by sending printed transactions to customers via email. 
• Operational Efficiency: Centralizes customer payment processing across business units in a shared services environment. 
• Comprehensive Solution: Manages the entire lifecycle of bills receivable, including creation, acceptance, remittance, maturity, and accounting. 
• Improved Visibility: Utilizes a public web service to monitor customer creditworthiness throughout the order fulfillment process. 

From billing to revenue management, Fusion Receivables offers integrated solutions for efficient accounts receivable operations. With role-based work areas and advanced features like SmartReceipts, businesses can streamline processes and enhance productivity, gaining better visibility into customer creditworthiness along the way.

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