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Oracle Lease and Finance Management (OLFM) Invoice in Receivables Requires a Creation Date and GL Date to be the Same (Doc ID 1995558.1)

Last updated on SEPTEMBER 13, 2016

Applies to:

Oracle Receivables - Version 12.1.3 and later
Information in this document applies to any platform.


You send invoices, for your Lease contracts, 30 to 90 days in advance using print lead days feature in Oracle Lease and Finance Management (OLFM).

The manner in which OLFM interfaces with AR provide results that is not satisfactory.
OLFM utilizes the payment streams (amounts and due Dates) it generates along with the Payment Terms = Immediate to send invoices to AR.

For example, a stream with a due date of 02-Apr-14 and contract with lead days of 90 days will result in the following invoice created in AR:
Creation Date = 02-Jan-15 (90 days prior to due date)
Transaction Date = 02-Apr-15 (stream element date)
Due Date = 02-Apr-15 (derived based on Transaction date and Payment Terms)
GL Date = 02-Apr-15 (derived based on transaction date)

You require the GL Date to be the same as the Creation Date, (02-Jan-15 in the example above) to create accounting in the current period, for the following reasons:

1. To be able to account in GL for early receipts. If accounting has not been created for Invoice AR does not allow one to create accounting for the receipt.
2. To use the exchange rate of the creation date instead of one in the future, for more precise hedging.
3. Re-Class Assets from Non-Current to Current
4. To account for the VAT Tax Liability – Statutory requirement to account for Tax when invoice created.

Previously, Oracle provide the following:
"GL date for the transaction should not be earlier than the transaction date and due date. It can be later but not earlier.
If it is earlier, then it will mean that you are recognizing Receivable before the bill is issued to the customer."

As this appears to be a legitimate request, what changes should be made in OLFM so that when it interfaces with AR the Creation date will equal the GL Date?


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