Bank account transfers represent fund transfers between internal bank accounts.
Bank account transfers can be done either manually or automatically. The access to bank account transfer creation for a particular legal entity is subject to bank account use security. The bank account transfers are reflected in Cash Position automatically. Payment processing for bank account transfers is managed using Oracle Payments. Journal entries are created through a centralized sub ledger accounting engine. From the point of view of bank account ownership, you can either do an Intra-Company bank transfer or an Inter-Company bank transfer. Intra-company transfers represent cash transfers between two internal bank accounts that belong to the same legal entity, while Inter-company transfers represent cash transfers between two internal bank accounts that belong to two different legal entities. In case of such transfers, the system can produce balanced journal entries for both legal entities. And from the point of view of transfer currency, you can either do a Domestic bank transfer or an International bank transfer. In Domestic bank transfer, the currency of both bank accounts and the transfer amount is the same.
For example, you are transferring USD between two bank accounts that are denominated in USD. In International bank transfer, the currency of one bank account is the same as the currency of the transfer amount but the currency of the other bank account is different. For example, you are transferring USD from a bank account denominated in USD to the bank account denominated in AED.
Setting Up Bank Transfers
Before creating a bank transfer, complete the following steps:
Navigate to the Profile Options page using Otherà Profile menu.
- Search for CE: Bank Account Transfers profile.
- Select Cash Management and select OK.
- Set up transaction subtypes.
- Set up payment templates.
Creating a Bank Transfer
To create a bank transfer, complete the following setup steps:
Navigate to the Bank Account Transfers page under the Cash Management Super User responsibility.
- Click Create.
- Enter the bank account transfer information.
If you select a payment template, the bank account transfer attributes defined at the template level will default in automatically.
- Click Apply.
If you would like to validate the bank account transfer at the same time as saving it, click Apply and Validate. The bank account transfer will be available for further processing such as manual authorization, payment and journal creation only after it has been validated.
Authorizing a Bank Transfer
To authorize a bank transfer, complete the following setup steps:
Navigate to the Bank Account Transfer Authorization page under the Cash Management Super User responsibility.
Select the bank transfers from the displayed list and click Authorize Transfers.
If the transfer requires payment processing, they will now be automatically sent to Oracle Payments. If they do not require payment processing, they will now be available for journal creation.