123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Computer-Programming >> View Article

Cross Currency Payment In Oracle Fusion Financials Payment Work Bench :

By Author: Vishal
Total Articles: 3

In Oracle Fusion cross-currency payment option available in the previous version (Oracle Apps R12 And 11i ) this option is not available. It is one of the new future in Fusion Account Payables.

What Is Cross Currency Payment?
System allowed pay invoices in any currency, irrespective of the currency on the invoice.

For example, Invoice Created In INR If you want to pay USD system will allow making the payment
• while Creation Of invoice, you can manually select the payment currency, irrespective of the invoice currency.
While Making payment creation, based on exchange rates converts the invoice amount to the payment amount.

Key Benefits of this option
• Manage your cross-border transactions effectively.
• Comply with legal regulations and make payments in the prescribed currency mandated by the country authorities for the resident supplier.
• Save costs by making payments in the most stable currency and avoiding losses due to currency rate fluctuations.
Setups:
If you want to default on payment currency for BU Or Supplier
1. If you want to be set Business Unit Base Go Invoice Options select Invoice currency and payment currency's
2. If You want to set Supplier Base Go To supplier site level go to invoice tab and set your payment currency

The cross-currency payment feature is supported for prepayment type invoices also. A prepayment type invoice can also be created as a cross-currency invoice that is, the invoice currency is different from the payment currency. The prepayment application is feature is enhanced to support cross-currency transactions. You can apply the prepayment to an invoice provided the invoice currency of the invoice and the invoice currency of the prepayment are one and the same.
Conversion Rates

In addition to cross-currency rates, other conversion rates can apply when invoices and payments have different currencies. Following is the list of conversion rates:
• Invoice conversion rate: Converts the invoice currency to the ledger currency
• Cross-currency conversion rate: Converts the invoice currency to the payment currency
• Payment conversion rate: Converts the payment currency to the ledger currency

How Cross-Currency Payments Are Accounted

You can account for cross-currency payments individually or through the Create Accounting process. The accounting entries for the payment relieve the liability account in the invoice currency with an offset to the cash or cash clearing account in the payment currency.
Example

This table shows the invoice and payment accounting entries for an invoice with the following currency information:

Invoice amount and currency: 100 GBP

Payment currency: EUR

Ledger currency: USD

Total Views: 51Word Count: 392See All articles From Author

Computer Programming Articles

1. Java Vs Python: Which Programming Language To Master?
Author: Individual

2. 9 Myths Regarding Seo That You Simply Ought To Stop Basic Cognitive Process Nowadays
Author: emly

3. Selenium Testing – Common And Difficult Interview Questions
Author: Siyaram Ray

4. Concrete Scanning
Author: concrete scanning

5. Future Of Java Technology
Author: Individual

6. El Mejor Método Absoluto Para Lograr La Conversión De Ost A Pst
Author: EdbMails

7. Native Vs. Hybrid App Development: Which Approach To Choose In 2018?
Author: Alex Porubay

8. What To Do When Norton’s Firewall Block A Genuine Website?
Author: Daisy Matilda

9. Need Of Fundamental Web Development Knowledge
Author: Siyaram Ray

10. Data Analytics And Data Visualization - Job Opportunities
Author: pankaj singh

11. Creating Website – Essential Requirement For Web Development
Author: Siyaram Ray

12. Choosing The Right Technology For Your Mobile App
Author: Jules Arkley

13. Readymade Alibaba Clone Script For Next Generation
Author: Riya Dubay

14. Web Development – Top Programming Languages Needs To Learn
Author: Siyaram Ray

15. Why Redundancy, Scalability And High Availability Are Essential For Your Contact Center?
Author: Teckinfo

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: