Oracle Payables :Bills Payable Account setup
No Bills Payable Account If user have not set up the system to default a bills payable account, accounting entries will not be created for any bills payable. These transactions will be listed on the Payables Accounting Entries Report in the Exceptions section with an Invalid Account notation. To enable the accounting entries to be created, the following setups must be performed:
1. In the Payables Options window, Accounting Option tab, Payment Accounting region, specify from where user want the bills payable account to default: From Payment Document or From Supplier Site.
2. In the Financials Options page, Accounting tab, Future Dated Payment field, specify the default account for bills payable. The values default to new suppliers and sites in the following
order: Financials Options > Suppliers > Supplier Sites. The values default to bank accounts and payment documents in the following order: Financials Options > Bank Accounts.
3. When the setups are complete, rerun the Create Accounting process This is found in the Payables User guide under the Bills Payable section.
Future dated payment clearing account is set up in one place only -
Financial Options - Accounting tab.
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