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Receipt methods gives the details on how customer makes payment like through check or electronic, etc. For a receipt class (receipt class decides the "Routing" of the receipt. i.e manual/auto, remit/no remit, clearing/no clearing), we can define one or more receipt methods. For each receipt class and receipt method combination, we can define one more bank accounts and accounting information.
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Answer / balu
I understood that, you are referring from accrual point of view. Ignore, if my understanding is wrong.
There are two ways/options to recognize goods or services for a period.
1. At receipt
2. At period end
As per accrual concept business should recognize the goods or services when they earned. So, here at above options (Common options for payables and procurement) business decides when to account the accrual, whether at the time of receipt or at period end.
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