Letter of Credit
Posted: 06 July 2006 02:11 PM
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Hi

How can we bring in the concept of Letter of Credit and Document on Approval concepts in payments to suppliers and receipts from customers in AP and AR in Oracle Financials.
If anyone has an idea, please pass it on. Thanks in advance.

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Mahamood

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Posted: 06 July 2006 07:33 PM   [ # 1 ]
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Well I am not sure about AP, but in AR we have the concept of a credit memo which is nothing but a credit note being extended to the customer.
Lets say in AR, you billed a customer for 10telephones out of which 5 turned out to be defective which the customer returned. Then in this case you can raise a credit memo for this customer which can be attached to any future invoices for this customer to bring down the customer balance.

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Jasmeet Singh
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