The following scenario illustrates the creation of a receivable transaction and the updates the transaction makes to the budgets, journals, and AR specific inquiry tables. The receivable is setup to bill the customer in the form of an invoice and it is also included on a statement.
In order to record a receivable that will be billed to a customer, you must manually process a RE (Receivable) Transaction. The following steps need to be performed:
Create a RE transaction from the Transaction Catalog.
Complete the Header tab. The Header stores information that applies to all components of the RE transaction. You can optionally complete any of the fields on the transaction Header before navigating to the Vendor section.
Complete the Vendor tab.
Enter a Customer code.
Enter a Billing Profile.
Enter an Address Code (Conditional - required if no default Billing Address has been established for the Customer Code).
Select Regular (default) or Summary for the Receivable Type field. In most cases, the default AR Department and AR Unit do not need to be changed. If you need to change either value, keep in mind that the customer code, the Billing Profile code, the AR Department and the AR Unit must be available on the Customer Account Options table. The AR Department and AR Unit accept wildcard value of ALL.
Enter a Due Date (Conditional - optional entry only when for an Invoice Billing Type).
Enter Invoice Instructions (Optional). When billing with invoices, the billing instructions from the Billing Profile will default on the RE transaction. You can override the default from Billing Profile. When billing with statements, the billing instructions can only be specified on Billing Profile and not on the RE transaction.
Legal Action (Optional) - If you need to mark an RE Transaction as Legal Action, select the Legal Action check box. Automatic finance charges will not be applied to RE transactions that have a Legal Action set to Yes.
Suppress Bill Generation (Optional) - You can suppress the printing of an invoice by selecting the Suppress Invoice Billing check box on the RE transaction.
When an invoice is suppressed, it will update the Invoice (INVQ) table, but will not be included when the invoices are printed.
Suppressing finance charges (Optional) - To avoid finance charges from being applied to the RE transaction by the automatic finance charge process, select the Suppress Auto Fin Charge check box.
Complete the Accounting tab.
Insert an Accounting line.
Enter an Event Type (Conditional - required only if you want to override the default event type inferred from the Allowable Event Type for Transaction Code table.)
Enter the Line Type. The default is A - Principal. You change the line type when you want the billing amount to be posted as something other than principal. For example: interest, late fee, admin fee, NSF fee.
Enter Line Amount.
Enter Accounting Template or populate the COA fields.
Perform the Validate action to validate for errors.
If errors exist, fix the errors and repeat Step 5. If no errors exist, then continue with Step 7.
Perform the Submit action to submit the transaction.
Related Topic(s):
For general information about editing or creating transactions, refer to the Transactions User Guide.