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How Can Payments Be Accepted in Foreign Currency with Respect to the Matching Invoices? (Doc ID 2991515.1)

Last updated on JANUARY 04, 2024

Applies to:

Oracle Financial Services Revenue Management and Billing - Version 5.1.0.0.0 and later
Information in this document applies to any platform.

Goal

The goal of this article is to answer the question:

How can we make USD payments against Foreign Currency Bill and process the payment request with approval?

All payments are recorded in USD. This is true for Foreign Currency invoices as well. In addition to this the payments are processed only after approval.

The Payment Request UI in Oracle Revenue and Management and Billing (ORMB) enforces that the Payor Account currency, the Tender currency and the Payee Account currency should all be same.

How can we make USD payments against Foreign Currency Bill and process the payment request with approval?

STEPS
-----------------------
The issue can be reproduced at will with the following steps:
1. Create an account with currency as USD.
2. Create another account with currency as JPY.
3. Generate invoice for the JPY account.
4. Configure ORMB to create payment requests with approval required as "Yes".
5. Add Payment Request. In the Payor Account choose the account with USD currency. The tender source is automatically selected as Payor Account Currency. Select Match by Account/bill and give the JPY account/JPY bill. ORMB will throw an error for mismatch currency.
6. Add Payment Request. In the Payor Account choose the account with USD currency. The tender source is automatically selected as Payor Account Currency. Change the tender currency as JPY. Select Match by Account/bill and give the JPY account/JPY bill. ORMB will throw an error for mismatch currency.
 

Solution

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In this Document
Goal
Solution
References


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