Receivable Transaction Types
Receivable Transaction Type determine how an AR transaction will be processed in the system .
Generally business has multiple requirements to process the invoicing , credit memos , debit memos and deposits.
Here are certain scenarios:
1> A business has a requirement to replace its malfunctioned products immediately without creating an invoice to customer.
2> A business has a requirement to evaluate its products without charging customer.
3> A business has a requirement to create different accounting rule to different products and even for customers.
Foundry Bean receivables management allows you to satisfy the different business requirement using different transaction types. You can add as many transaction types as par your requirement.
Entering Transaction Types
To see the existing Transaction Types defined in the system , click “AR Transaction Types”.
To view an existing Transaction Type , click “Detail” for a transaction type in the “AR Transaction Types” screen
To update an existing Transaction Type , click “Edit” for a transaction type in the “AR Transaction Types” screen
To enter a new Transaction Type , click “New AR Transaction Type”.
Choose the transaction class (Invoice, Credit Memo, Debit Memo, Deposit).
Enter Transaction Type name which is unique across your organization. The transaction type name should be easily identifiable from the invoice.
Transaction Prefix for the transaction type determine the naming convention for the invoice number. This number is incremental which will automatically store the last transaction number for this invoice type. Transaction Prefix for this transaction type is the first transaction number generated in the system for this transaction type.
To enter linked invoice type, credit memo or return order type , you may need to save the transaction type first without entering all the information and update whenever transaction types and order types are available.
Account generators
Account generators are linked with the transaction type to control revenue accounting, contract accounting, transaction accounting , receivables application.
Foundry Bean Financial system comes with standard account generators which can be modified or a new account generator can be created. The new account generator can be attached here to process accounting for this transaction type.
Workflows
Workflows are linked with the transaction type to process the transactions and approvals in pedefined way.
The following approval are currently linked with Transaction types :
Invoice Approval Workflow.
you can change the approval workflow or create a new workflow and link with the transaction type.
AR Transaction Accounts
The following categories of accounting are generated based on the account combination defined in the section
Receivable (AR)
Unbilled Receivable
Contract Liability
Contract Asset
Revenue
Tax
Freight
Charges
Clearing
