Receivables use payment methods to account for your receipt entries and applications. Payment methods also determine a customer's remittance bank information.You can assign multiple remittance banks to each payment method, but only one bank account can be the primary account for each currency. For each remittance bank branch account assigned to a payment method, you must define all of your receipt accounts. You can then assign your payment methods to your receipt sources to use with your AutoLockbox and manually entered receipts.The receipt class you assign to each of your payment methods determines the processing steps that Receivables requires for receipts that you create using this payment method. These steps include whether to require confirmation, remittance, and bank clearance for receipts that you create a specific receipt class.

This video demonstrates How to Define Payment Methods in Oracle EBS R12 HRMS:

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