Book Image

Oracle PeopleSoft Enterprise Financial Management 9.1 Implementation

By : Ranjeet Yadav
Book Image

Oracle PeopleSoft Enterprise Financial Management 9.1 Implementation

By: Ranjeet Yadav

Overview of this book

PeopleSoft financial management applications have been recognized as a leading ERP product across a wide range of industries that helps organizations automate their accounting operations, cut costs, and streamline business processes. They offer industry leading solutions for organizations' global needs, however complex they may be. PeopleSoft Enterprise Financial Management 9.1 Implementation is probably the only learning resource for a novice practitioner, who may otherwise have to rely on thousands of pages of documentation for such a complex ERP system. This book covers all the crucial elements of PeopleSoft Financials—a business processes, configuration, and implementation guide. This is the ideal one-stop resource before entering the world of PeopleSoft implementation. Beginning with the fundamentals of a generic financial ERP system, this book moves on to basic PeopleSoft concepts and then dives into discussing the individual modules in detail. You will see how to leverage financial modules such as Billing, Accounts Receivable, Accounts Payable, Asset Management, Expenses, and General Ledger. Dedicated chapters discuss key PeopleSoft features such as application security and commitment control for budgeting. You will learn fundamental ERP concepts such as the chart of accounts, used by organizations for recording and reporting financial transactions, and how to implement them in PeopleSoft through chartfields, business units, and SetIDs.
Table of Contents (16 chapters)
Oracle PeopleSoft Enterprise Financial Management 9.1 Implementation
Credits
About the Author
About the Reviewers
www.PacktPub.com
Preface
Index

Understanding payment application


So far, we have discussed various processes by which we can record a customer's outstanding items, and modify them as well as receiving payments from the customer. The last logical step in this cycle is applying the payment to open items. In real life, this seemingly simple task is complicated due to various factors. Consider following situations, which will give you a sense of various payment application considerations:

  • A customer has three open items for $300, $250, and $400. We receive a payment for $700. As this amount can pay only two items at the most, which items should this payment be applied to? What should be done with the remaining payment amount?

  • We receive a payment from a customer, but find out that currently there is no open item to which it can be applied. However, we know that a new invoice will be issued soon. What should we do with this payment?

  • A customer gets a 10 percent discount on an invoice for $1,000. However, we later promise an...