Explain the process of recievables in oracle financials. : oracle accounts receivable
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Answer / Dev Dutt Joshi
In Oracle Financials, the Accounts Receivable (AR) module manages customer invoices and cash collections. The process includes:
1. Invoice Creation: Create an invoice for goods or services provided to customers.
2. Invoice Approval: Get the invoice approved by the necessary approvers, depending on your organization's setup.
3. Invoice Posting: Post the invoice to make it available for customer payment and update accounts accordingly.
4. Customer Payment: Customers can make payments via various methods such as cash, check, or electronic funds transfer.
5. Receipt Creation: Create a receipt for the received payment, which updates the customer account balance.
6. Bank Reconciliation: Compare the bank statement with recorded transactions to ensure accuracy and make necessary adjustments.
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