Payables & Cash Management

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    Tausif Mulla
    Bank Charge Bearer code
    Topic posted February 25, 2019 by Tausif MullaBronze Medal: 1,250+ Points, tagged Cash Management, Collections, Compliance, Configuration, Financials, General Ledger, Invoice Imaging, Payables, Security, Setup / Administration, Subledger Accounting, Subscriptions 
    95 Views, 3 Comments
    Title:
    Bank Charge Bearer code
    Summary:
    Bank Charge Bearer code
    Content:

    Hi,

    We have a scenario where we would like to record the bank charges for each payment transaction (whether to be owned by the supplier or the organization).

    Currently in oracle cloud, we have invoice amount which gets paid to the supplier. For example, we have $100 invoice and we make payment advice to supplier through EFT from our bank for $100, but bank in turns pays to supplier $100 + charges $1 as bank transaction charges. 

    How can we record these type of transaction in oracle cloud payables ? Cash management can record bank fees, interest etc, but here we are referring to bank transaction charges of 0.2% for every transaction done by bank.

    We can see a field called "Bank Charge Bearer Code" (LOV = following service level, Payee, Payee pays express charges, Payer, Shared, etc.) and "Bank Charge Deduction type" fields at Supplier creation, Submit payment process request etc.

    Can we leverage these fields for the scenario mentioned above? If not what is the workaround ?

    Thanks !

    Tausif Mulla

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