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December 31, 2012

Order to Cash Lifecycle: Party

Bishnu Prasad Choudhury / / 0

Party:

In business transactions, various players participate in the purchase and sale of product or services. A party refers to an entity involved in such business transactions. It can be an organization, a person or a relationship.
A party is an entity which can enter into business with another party.
A party is defined by its information and not by relationships with other parties. E.g. the name Vision Corporation is part of the definition of a party with the organization party type.
A relationship is defined by the characteristics or terms and condition of that relationship. The definition of a party is independent of its relationship. E.g. a party, named Jeremy Smith, with the party type of Person exists independent of any relationship entered by Jeremy Smith.

Party Site:

A party site is the location linked to a party indicating that the party’s usage of location.
A location is a point in geographical space described by a street address.
A Party Relationship is a binary relationship between two parties such as a partnership.
A contact point is a means of contacting a party. E.g. the contact numbers, email address of a party.

 

Customer:

A customer is an organization or a person with whom you have a selling relationship.
This relationship can result from purchasing or products and services or from the negotiation of terms and conditions that provides the basis for future purchases.
A customer account represents the business relationship that a party can enter into with another party.

Customer Account:

This contains the terms and conditions for doing business. E.g. if a division of Vision Distribution is a customer, then you can open a commercial account for purchases to be made for its internal use. You can also open a reseller account for purchases made for sales of your products to end users.
You can create multiple customer accounts for a party to maintain information about categories of business activities. E.g. to track invoices for different types of purchases, you can maintain two accounts, one for purchasing office supplies and another for purchasing furniture.
You can also maintain multiple accounts for a customer that transacts with more than one line of business in your organization. For this, you maintain separate customer profiles, addresses, and contacts for each customer accounts.

Contact:

A contact communicates for or acts on behalf of a party or a customer account.
A contact can exist for a customer at the account or the address level.
A person usually acts as a contact for an organization but at the same time can also be a contact for another person, e.g. an administrative assistant can be a contact for an executive.

Party Registry:

This stores information about relationships between parties, such as organizational hierarchies, business relationships, personal relationships, and organizational contacts.
This also stores the reciprocal data for the relationships.

Party Model:

In the party model, a single record represents both a prospect and a customer. Till the time, the customer terms are established, the record represents a prospect. After the terms are recorded, the same record represents the entity as your customer. So there are no separate lists to maintain and reconcile.
Each Application uses different features of the party model. For instance, the customer relationship management (CRM) suite application use more details about party relationships and new prospects. The receivables and order management use more of the customer accounts.
The Party model contains a unique set of information about a person, organization or relationship. The tables store information such as parties, addresses and bank accounts. You can interact with the party model through customer forms, party interfaces, or party and customer account merge.
Customer forms are used for online entry and query of customer account information.
Party Interface is used for batch load of party information.
Party and customer account merge is used if a party is entered incorrectly, in duplicate or due to a business consolidation.

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