Wednesday 16 May 2018

Payables Setup in Oracle Fusion : How to Define Payment Method in Oracle Fusion

Payables Setup in Oracle Fusion : How to Define Payment Method in Oracle Fusion

Payment Method in Oracle applications to make payment to your suppliers. It specifies in which format you are making the payment to your supplier. We can process payment to suppliers in different ways in Oracle applications. You can use a payment method to pay one or more suppliers. Oracle Payments supports several payment methods for funds disbursement.
 
In Oracle Financials, there are 4 payment methods.
  1. Check
  2. Electronic (EFT)
  3. Wire
  4. Clearing

 

Check:- If you want to do payment to your supplier in the form of Checks then you can use this payment method for this. You can associate a check number series for your current check book with this payment method and then associates and reconciles you check with the bank statement in future.

Electronics:- If you want to transfer payment to your supplier electronically then you should use this payment method. This payment method transfer fund to your supplier electronically to your supplier bank accounts. System will create one instruction file with all the Details of invoice and payment. This file will send to bank for payment

Wire:-

Wire Funds transfer initiated by contacting the bank and requesting wire payment to the bank of a supplier. A payment method where you pay invoices outside of Payables by notifying your bank that you want to debit your account and credit your supplier’s account with appropriate funds. You provide your bank with your supplier’s bank information, and your bank sends you confirmation of your transaction. Your supplier’s bank sends your supplier confirmation of the payment. You then record the transactions manually.

Clearing:-

In this process you will not make Payment physically. This is used as adjustment for intercompany transfers and transfer between the branches

Payables Setup in Oracle Fusion : How to Define Payment Method in Oracle Fusion

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