How do oracle payments work?

 Payment is the liability of an organization that will be paid off in an agreed timeframe, Okay I understand the basics of invoice processing and payments, in this digitalized world there are tons of sites that will explain the P2P cycle and the accounting impact, I understand this traditional way of getting ERP processes but as a newcomer to the Oracle functional financial consultant how do I know how payments will take place and the relevant configuration needed for it.

To put it in simpler terms, there are two types of payment processing that we might opt for, i.e. Manual payment processing or Automatic payment processing

Manual payment processing:

Payments are made manually by running PPR (Payment process Request), after this has been run, we get the payment file, and the same file is uploaded into the bank site. From the specified path, the files would be picked up and the payments are cleared, then the UTR (Unique transaction references) is given in the bank statement which can be downloaded from the bank site.

Comment: I will cover the bank statement - Automatic & Manual in a separate post

Automatic payment processing:

Payments can be made manually, or the process can be automated. Let's assume that the payments are run manually and then the interaction with banks happens automatically. 


This illustrates the Host-to-Host payments via SFTP folder interactions


As always, I welcome all your comments to enhance the quality of the contents 





 

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