Setting up Receivables

Use this procedure to enable receivables for each Receivables Company that will receive an invoice from Intercompany Billing.

In order for each company to bill other companies, you must establish default Intercompany Billing processing rules in the Intercompany Billing panel.

  1. Open a receivables company record.
  2. Select the Intercompany Billing tab.
  3. Specify this information:
    Process Level
    Select a Process Level to use for all Intercompany Billing invoices. The Accounts Receivable Code that is contained within this process level will be the default Accounts Receivable Code for the Intercompany Billing invoices. Accounts Receivable reporting and processing is selected and sorted by process level.
    Customer
    Select an existing receivable company customer for all Intercompany Billing invoices. This customer represents the Receivables Company. To enable Intercompany Billing processing, this Company Customer must have all of these features:
    • Automatic Cash Application using the Remittance Application Method
    • Processing Method set to Open Item
    • Payment Terms and Memo Payment Terms codes where Terms Type is Net
    • Payment Code where Transaction Origin is Payable
    Billing Invoice Template
    Select a billing invoice template. You can specify a unique billing invoice format for each Accounts Receivable company.
    Invoice Prefix
    Establish a unique prefix for invoices across all sources of Receviable invoices.
    Credit Memo Prefix
    Establish a unique prefix for credit memos across all sources of Receivable credit memos.
    Credit Memo Reason Code
    Select a reason code to associate with possible credit type invoices
  4. In the Defaults for Settlements section, specify this information:
    Cash Code
    Select a cash code to use for payment receipts.
    Bank Transaction Code
    Select a bank transaction code to use for payment receipts.
    Bank Fee Code
    Select a bank fee code to use for bank fees that are associated with receiving a payment receipt.
    Note: A Payables Company must be set up for this same Receivables Company with a default vendor under the Intercompany Billing options
  5. Click Save.