1.
Standard Invoices: Standard invoices are
the invoices issued by a supplier to the buyer, representing the amount due for
the products or services the supplier has provided to the buyer.
Standard invoices
can be either matched to a purchase order or not matched. A standard invoice
must be positive amount
2. Mixed
Invoices: Mixed invoices are the invoices which can have either positive or
negative amounts and can be matched to both purchase orders and invoices.
3. Credit
Memo: Credit memo is an invoice raised by the supplier to the buyer with
negative amount. It reduces the supplier balance and reduces the liability.
For example the customer has returned some of the goods
that he purchased; the supplier sends a credit memo to the buyer to adjust the
balance.
4. Debit Memo: Debit memo is an invoice raised by the
customer to supplier with negative amount. The functionality of Debit Memo is
same as Credit Memo. Both are to reduce the liability. The purpose of Debit
Memos is to record a credit for a supplier who does not send you a credit memo.
Unlike in AR, both Credit memo and Debit memo are with negative signs in Payables.
5. Prepayment: Prepayments are the invoices raised to
record advance payments to a supplier or employee.
6. Expense Reports: Expense reports are the invoices that
represent amount due to an employee for all his business related expenses.
7. Retainage Release Invoices: Retainage release is the
act of releasing, or paying, that portion of a payment that was withheld until
a substantial portion or all of the service procurement work is completed. The
amounts retained during the life of the contract must be released and paid to
the supplier or sub-contractor once all or a substantial portion of the work is
completed.
Oracle Payables uses the Retainage Release Request to
create a type of invoice called Retainage Release. A retainage release invoice
has lines, which are copied from the original standard progress invoices, which
show an amount left to be released.
Retainage release invoices can only be entered manually
in the Invoice Workbench window.
8. Withholding Tax:
After you apply withholding tax to an invoice, you can optionally create
invoices to remit withheld tax to the tax authority. Payables can automatically
create withholding tax invoices, or you can perform this task manually. If you
choose to automatically create withholding tax invoices, you must choose
whether to do this during Invoice Validation or during payment processing.
9. PO Price Adjustment Invoices: PO Price Adjustment Invoices are used for
recording the difference in price between the original invoice and the new
purchase order price. For example, If a supplier sends an invoice for a change
in unit price for an invoice you have matched to a purchase order, PO Price
Adjustment Invoices can be used to adjust the invoiced unit price of previously
matched purchase order shipments or distributions without adjusting the
quantity billed.
PO price adjustment invoices can be matched to both
purchase orders and invoices.
10. Quick invoices: Used for quick, high-volume invoice
entry for invoices that do not require
extensive validation and defaults. After entry, you import these into the
Payables system. Validation and defaulting occur during import
Labels: Invoice Types