Payment Types

Payment Types

The following table describes each payment type. 

Type	Description
Payment Process Request	A payment that's processed through a payment process request.
Quick	A single payment that's created without submitting a payment process request.
Manual	A payment created outside of Payables and then recorded in Payables.
Refund	A payment for a negative amount that closes an outstanding credit balance.

Manual:

When you want to create a payment outside of Payables, such as a check or wire transfer, you can record the payment within Payables and update the invoice or invoices that you paid.
In manual payment, we have to write the check manually and then enter the same details into system and hand over the same check to Supplier.
With a Manual payment, you can override some payment controls of Payables. You can record a single Manual payment for multiple Pay Alone invoices. You can record payment for invoices that are associated with any payment method except Electronic.

Quick:

You can create and print a system-generated payment to pay a supplier for one or more invoices. You can also create a check, save it, then print it later. System will print payment details on the check.
When you create a quick payment, you can select an invoice irrespective of the payments’ terms and due date. For example, you can create a Quick payment for an invoice that is not yet due.
Note:

• Before making payment, Invoices must be validated, uncanceled, and without holds.
• If you are creating an electronic payment, you must assign supplier banks to your supplier.
• You can enter and pay a foreign currency invoice only if your Allow Multiple Currencies Payables option is enabled, and you have defined a multi-currency or foreign currency denominated bank account.

Refund:

When we received, funds return from the suppliers we record them as refund. Refund is kind of a single payment to a supplier or customer, usually to reimburse them in two cases:

1. When one or more credit/debit memos on their supplier account in Oracle Payables
2. When one or more credit/debit memos on their customer account in Oracle Receivables

Refund payment will be a “negative” amount payment issued to record the reimbursement received, and to clear the specified memo.