Transaction Types in Fusion Receivables

We assign the transaction types to invoices, debit memos, commitments, chargeback, credit memos, on–account credits, and bills receivable. Oracle Receivables use transaction types to default payment term, account, tax, freight, creation sign, posting, and receivables information.

Oracle Receivable provides two predefined transaction types:

1.       Invoice

2.       Credit Memo.

Following are the seeded classes provided by oracle

1.       Invoice

2.       Chargeback

3.       Credit Memo

4.       Debit Memo

If Auto Accounting depends on transaction type, Receivables uses the general ledger accounts that you enter here in Reference accounts section, along with your Auto Accounting rules, to determine the default revenue, receivable, freight, tax, unearned revenue, unbilled receivable, finance charges, and AutoInvoice clearing accounts for transactions you create using this type.

Task Name: Manage Transaction Type

The following explains the settings for the fields:

Transaction Type Set - the value establishes the Business Units within the chosen set, that can use this transaction type

Legal Entity - if you want to restrict the usage of this transaction type within a single Legal Entity, enter a value here, otherwise leave it blank

Class - indicates the classification of this transaction, valid values are: Chargeback, Credit Memo, Debit Memo, Invoice

Transaction Status - is the default status of this transaction type, valid values are: Open, Closed, Pending and Void

Creation Sign - indicates the default sign of your transaction, valid values are: Positive, Negative, Any

Generate Bill - indicates whether transactions using this type can be printed via Invoice Printing, valid values are: Yes or No .

Invoice Type - if you create a chargeback against this transaction type, the value you enter here will be the transaction type of the new Invoice created

Credit Memo Type - default transaction type to use when crediting this transaction type, this field is disabled when Class is Credit memo 

Payment Terms - default payment terms for this transaction, this field is disabled when Class is Bills Receivable or Credit memo

Open Receivable - indicates whether this transaction's balance impacts a Customer's Receivable balance

Allow Freight - indicates whether or not you can associate freight to this transaction type

Post to GL - indicates whether the accounting entries of this transaction should post to the General Ledger

Natural Application Only

• Checked - activities against this transaction can only bring its balance towards zero
• Unchecked - activates against this transaction can increase it's amount, i.e. a negative balance becomes more negative and a positive balance becomes more positive

Allow Overapplication

• Checked - activities against this transaction can cause the sign of the balance to change
• Unchecked - activities against transaction cannot exceed its remaining balance