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Manage Balance Forward Billing Cycles and Payment Terms Scenario You are a consultant for a client who is implementing the Balance Forward Billing feature in Oracle Financials Cloud. You have been asked to define Balance Forward Billing Cycle as well as Balance Forward Billing Payment Terms so that your client can generate consolidated bills. Task: Define Balance Forward Payment Terms, where: Name of the payment term is XXNet 30 (Replace XX with 03, which is your allocated user ID.) Payment terms are accessible to all business units Discounts are applicable to the full invoice amount Discounts are applicable even when the customer does not send a full payment Payment terms are effective as of January 1. 2023
Correct Answer:
See the explanation below for solution Explanation: Log in to Oracle Financials Cloud. Click on the Payment Terms icon in the Receivables work area. Click on the Create button. In the Payment Terms window, enter the following information: Name:XXNet 30 (Replace XX with your allocated user ID.) Description:Net 30 payment terms Billing Cycle:All Cycles Due Date:Next Business Day Discount Days:30 Discount Amount:2% Discount Type:Percentage Discount Allowed:Yes Discount Allowed Even If Partial Payment:Yes Effective Date:January 1, 2023 Click on the Save button. The new balance forward payment terms will be created. To make the payment terms accessible to all business units: Click on the Business Units tab. Select the check box next to All Business Units. Click on the Save button. The payment terms will now be accessible to all business units.
