You created a bills receivable that is factored with recourse and applied a wrong receipt to the short-term debt before the bill maturity date plus the risk elimination days. Which actions are true? (Choose two.)
A.
If the bills receivable is recalled before the maturity date, the status of the bills receivable is updated to Protested.
B.
If the bills receivable is recalled after the maturity date, the status of the bills receivable is updated to Hold.
C.
If the bills receivable is recalled after the maturity date, the status of the bills receivable is updated to Recall.
D.
If the bills receivable is recalled before the maturity date, the status of the bills receivable is updated to Pending Remittance.
E.
If the bills receivable is recalled after the maturity date, the status of the bills receivable is updated to Unpaid.
Suggested Answer:CD🗳️
For bills receivable factored with recourse, receipts are applied to short term debt before the bill maturity date plus risk elimination days. For receipts applied to short term debt, use the Recall action to recall the bill receivable and reverse these receipt applications. Reference: https://docs.oracle.com/cloud/farel9/financialscs_gs/FAOFC/F1479830AN29E86.htm
D & E
Recall a Bill Receivable from Remittance
You can recall a remitted or factored bill receivable from a remittance batch. You need to recall a bill from remittance, for example, due to an error in the remittance process or because you received payment for the bill from the customer.
Select the bill receivable that you want and use the Recall action to enter the necessary information. The recall date and accounting date that you enter must be on or after the remittance date.
When you submit the recall:
If the bill receivable is recalled before the maturity date, the status of the bill receivable is updated to Pending Remittance.
If the bill receivable is recalled after the maturity date, the status of the bill receivable is updated to Unpaid.
If you're recalling a bill because payment was received, then after the recall you can apply the receipt directly to the bill receivable.
https://docs.oracle.com/cloud/farel9/financialscs_gs/FAOFC/F1479830AN29E86.htm
When you reverse or unapply a receipt for a bill receivable, Receivables creates reversal journal entries for the receipt application with either of these results:
If the receipt is reversed before the maturity date, the status of the bill receivable is updated to Pending Remittance.
If the receipt is reversed after the maturity date, the status of the bill receivable is updated to Unpaid.
D & E ?
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