A company requires advance payments for their contract projects. How would they ensure that for specific types of work they always have an advance…

Note:

* You can set up an agreement to require advance payments by selecting the Advance required on

the agreement. You can also use the Advance Required client extension to determine which

agreements require advance payments. On these agreements, you can enter funding only up to the

amount of advance payments.

The ability to change the Advance Required agreement option is controlled by function security.

* Agreements with Advance Payments

You can require advance payments on an agreement and record advance payments as they are made.

When you generate draft invoices for projects that are funded by the agreement, the advance

balance that is displayed on the funding summary is reduced. You then interface the invoice to

Receivables. The AutoInvoice process in Oracle Receivables reduces the balance on the advance.