Setup>Options>Financials
Overview:
Use the Financials Options window to define the options and defaults that you use for your Oracle Financial Applications. The values entered here are shared by Oracle Payables, Oracle Purchasing and Oracle Fixed Assets.
Accounting
The values entered here are used for accounting of payable transactions.
Future Periods: Payables uses this value to limit the number of future periods you can maintain in the Control Payables Periods window. This value comes from the GL Set of Books definition.
Liability Account: Payables assigns this account as the default Liability Account for all new suppliers you enter. You can override this value during supplier entry.
Prepayment Account: This account refers to Prepayment account. The Financials Option value defaults to new suppliers, and the supplier value defaults to new supplier sites.
Future Dated Payment Account: This account refers to future dated payment account. This value defaults to all new suppliers and new bank accounts. The supplier value defaults to all new supplier sites.
Discount Taken Account: This account refers to discount taken account.
PO Rate Variance Gain/Loss: Payables uses these accounts to record the exchange rate variance gains/losses for your inventory items. Any exchange rate variance for your expense items is recorded to the charge account of the purchase order.
Expenses Clearing Account: Payables uses this as a temporary account to record information about credit card transactions imported from Self-Service Expenses using the Invoice Import program.
Supplier Entry
This region is used to control supplier entry and PO matching.
RFQ Only Site: The value entered here will default to all new supplier sites created in the system. You cannot create purchase orders in Purchasing for a supplier site, if this flag is enabled.
Hold Unmatched Invoices: If you enable this option for a supplier site, Payables applies a Matching Required hold to an invoice if it has Item type distributions that are not matched to either a purchase order or receipt. Payables applies the hold during Validation. The value entered here will default to all the new suppliers created in the system.
Invoice Match Option: This option indicates how you want to match the invoices. The value entered here will default to the new suppliers created in the system.
Purchase Order: Match invoices to purchase orders.
Receipts: Match invoices to purchase order receipts.
Supplier Number Entry: This option specifies if supplier number will be manually entered or automatically generated by the system.
Automatic: The system automatically assigns a unique sequential number to each supplier when you enter a new supplier.
Manual: You enter the supplier number when you enter a supplier.
Supplier Number Type: Type of supplier number you want Payables to use for supplier number entry. If you choose automatic as supplier number entry, then supplier number type should always be Numeric.
Alphanumeric: Numbers, characters, or a combination.
Numeric: Numbers only.
Next Automatic Number: If you select the Automatic Supplier Number Entry method, enter the starting value you want the system to use for generating unique sequential supplier numbers. After you enter a number and save your changes, the system displays the number that it will assign to the next new supplier you enter.
Supplier Payables
The values entered in this region will default to new suppliers being defined.
Payment Terms: Payables uses payment terms to automatically calculate due dates, discount dates, and discount amounts for each invoice you enter. The value entered here will default to all the new supplier entered in the system.
Payment Method: Payment method refers to method of payment. The value entered here will default to all the new suppliers entered in the system.
Check
Clearing
Electronic
Wire
Receipt Acceptance Days: If you create interest invoices for late payment, enter the number of days in your receipt acceptance period. If you enable the Recalculate Scheduled Payment Payables option, Validation recalculates your invoice due date based on this value.
Always Take Discount: Enable this option to have Payables always take an available discount for a supplier, regardless of when you pay the invoice. The values entered here will default to all the new supplier created in the system.
Pay Alone: If an invoice has the Pay Alone option enabled, Payables creates a separate payment for each invoice. If the Pay Alone option is not enabled for an invoice, the invoice will be paid with other invoices for the same supplier site on a single payment. The value entered here will default to all the new suppliers created in the system.
Supplier Purchasing
The values entered here will default to the Purchasing region of the Suppliers window. The supplier values default to new supplier sites for the supplier, which default to new purchasing documents for the supplier site.
For reference of the fields, please refer Process 2.1.1 Supplier Header Definition, Purchasing Region section.
Encumbrance
This region is used to enable encumbrance accounting and to specify the default encumbrance types.
Use Requisition Encumbrance: Enable this option to encumber funds for requisitions. If you enable this option, Purchasing creates journal entries and transfers them to General Ledger to encumber funds for purchase requisitions.
Encumbrance Type: If you enable Use Requisition Encumbrance, you must select an encumbrance type by which you can identify your requisition encumbrance journal entries. Purchasing assigns this encumbrance type to the encumbrance journal entries it creates for purchase requisitions.
Reserve at Completion: If you enable Use Requisition Encumbrance, indicate whether you want requisition preparers to have the option to reserve funds. If you do not enable this option, only requisition approvers will have the option to reserve funds.
Use PO Encumbrance: Enable this option to encumber funds for purchase orders, purchase order and receipt matched invoices, and basic invoices (not matched). If you enable this option, Purchasing encumbers funds for purchase orders and Payables encumbers funds for variances during Validation for purchase order and receipt matched invoices. If you enable this option and enter a non-purchase order matched invoice, Payables will encumber funds for it during Validation. All Payables encumbrances are reversed when you create accounting entries. If you enable Use Requisition Encumbrance, you must also enable this option.
PO Encumbrance Type: If you enable Use Purchase Order Encumbrance, select a purchase order encumbrance type by which you can identify your purchase order encumbrance journal entries. Purchasing assigns this encumbrance type to the encumbrance journal entries it creates for purchase requisitions and purchase orders.
Invoice Encumbrance Type: If you use purchase order encumbrance, select an invoice encumbrance type by which you can identify your invoice encumbrance journal entries. Payables assigns this encumbrance type to the encumbrance journal entries that it creates when Validation approves an unmatched invoice or an invoice matched to a purchase order or receipt for which there is a variance. We recommend that you use an encumbrance type different from the Purchasing encumbrance type so you can identify invoice encumbrances.
Tax
This region is used to default tax code to suppliers and define the rounding rule for tax amounts.
Default Tax Code: The value entered in this field will default to all new suppliers defined in the system.
VAT Registration Number: The field refers to Value Added Tax (VAT) registration number for your organization.
Default Recovery Rate: If you want to specify a rate that will default to tax recovery rules and tax codes you define, then enter the rate.
Calculation Rules: Used to determine the rounding rule and precision of tax amounts.
Human Resources
This region is used for the options and defaults for entering employee information in the Enter Person window.
Business Group: Enter the name of the business group that you want to associate with Purchasing.
Expense Reimbursement Address: Select the default address you want to use on payments for employee expense reports: Home or Office. The system uses this default for each new employee you enter. You can override this default during employee entry or expense report entry.
Use Approval Hierarchies: Enable this option to use positions and position hierarchies to determine approval paths for your documents within Purchasing.
Employee Number Method: You can enter your employee numbers manually or let the system generate sequential employee numbers.
Automatic: The system automatically assigns a unique sequential number to each employee when you enter a new employee.
Manual: You enter the employee number when you enter an employee.
Use National Identifier Number: The system automatically enters the employee’s National Identifier Number as the employee number. For example, a Social Security number for a United States employee.
Next Automatic Number: If you select the Automatic Employee Numbering method, enter the starting value you want the system to use for generating unique sequential employee numbers.
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