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AP Payments Management | Oracle ERP Cloud | QuickReads

Check out our "AP Payments Management" Quick Read which covers AP Payment creation, Managing AP Payments, Application of AP Invoices, and Accounting. Explore our quick recap on Account Payables(AP) Invoices and Payments.

February 2, 2023

AP Payments Management | Oracle ERP Cloud | QuickReads

 

Check out our “AP Payments Management” Quick Read which covers AP Payment creation, Managing AP Payments, Application of AP Invoices, and Accounting.

Here is a quick recap on Account Payables (AP) Invoices and Payments.

Accounts payable (AP), sometimes known as “payables,” is the term used to describe a business’s current short-term obligations to its suppliers or creditors. A company’s payables are listed as a current obligation on its balance sheet.

The business division or department in charge of making payments due by the company to suppliers and other creditors is referred to as “AP” in another, less prevalent usage.

  • A transaction that registers a payment against an AP bill or AP adjustment is known as an AP payment.
  • You can retrieve the payment information for each payment entry by using the AP payment object.
  • For instance, you can use one or more payment detail objects to apply line-level credits and discounts to a payment entry.

 

Business Benefits

  • Reduce the time and effort needed to process payments and invoices.
  • Eliminate manual data entry, the errors that come with it, and the need to rekey or reprocess invoices to avoid additional effort.
  • When invoices aren’t matched to POs or aren’t properly coded, make exception processing simpler in payments and others.
  • Boost vendor connections and Optimize payment terms
  • Increase visibility throughout the A/P process.
  • Streamline accrual procedures, enhance reconciliation, and create more accurate financial reporting

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