Oracle purchasing allows you to control the goods you order through inspection, transfer, receiving, and internal delivery. Here are the five types of receipts Oracle purchasing that you should know about:
• Cascade transactions
• Substitute receipts
• Blind receiving
• Express transactions
• Unordered receipts
1. Cascade transactions
You use cascade transactions when you want to enable cascading for different receipts. It means the quantity you receive will automatically get recorded in each of the eligible shipments according to their respective dates.
2. Substitute receipts
These receipts show the substitute items that you received in place of the orders you actually placed. For example, if you receive mustard seeds instead of mustard oil, you should record mustard seeds in your substitute receipt.
3. Blind receiving
You need to use blind receiving when the receipt form does not show the actual quantity you received. Oracle’s purchasing receipts ignore the differences unless you add them manually as blind receiving. If you receive 250 kilos of sugar instead of 200 kilos, you need to add 50 kilos as blind receiving to match the books of accounts later.
4. Express transactions
Use express transactions if you receive materials quickly. You can add express transactions for the entire receipt made for your purchase order. It is also possible to enable express transactions as your default receipt system if you usually receive orders quickly.
5. Unordered receipts
As the name suggests, you use unordered receipts if you receive unordered items. Sometimes, suppliers send extra items if they are in a hurry. If you receive additional items that you didn’t order, you can add them to your unordered receipts column.
The five types of receipts Oracle purchasing ensures that you can prepare your accounting books correctly. A small mistake in your purchase journal can lead to a difference in your final balance sheet. Therefore, keep these receipts in mind when you prepare your purchase journal using Oracle accounting software.
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