Fusion Payables is tightly integrated with Oracle Document Capture (ODC), Oracle Imaging and Process Management (IPM), Oracle Content Management and Oracle BPEL process Manager to provide a seamlessly integrated solution supporting the entire payables cycle starting from scanning of physical invoices, invoice image recognizition using OCR to pre-populate invoice header, routing of (more...)
Now we can locate all our employees, suppliers, customers addresses in Fusion through Google Maps.
Business Units (BU) definition: A business unit is a unit of an enterprise that performs one or many business functions that can be rolled up in a management hierarchy. A business unit can process transactions on behalf of many legal entities. Normally, it will have a manager, strategic objectives, a level of autonomy, and responsibility for its profit and loss. (1)
Prior to Oracle Fusion (more...)
As per Metalink Note 604739.1, the AP Trial Balance has been replaced by the Open Account AP Balance Listing in R12. This report is a variation on the more general Open Account Balances Listing, and shows basically the outstanding amount (liability) for all open AP invoices. The balance should match your AP liability account(s) in General Ledger. Users can create their own layout and publish their custom reports using Oracle XML Publisher.
In R12, the payments process has undergone quite a bit of change. Earlier in R11i, one could only process payments for one OU, because the internal (disbursing) bank was associated to an OU. However, in R12, internal banks are set for an LE which could be in turn associated to one or more OU's. Hence, its possible that while doing a payment run, you can process all invoices from your internal bank across invoices raised under different OU's.
A key question which all consultants face while handling GL conversion is what to convert, whether to convert the prior period balances or to convert the detailed transactions.
Typically most organisations while converting GL from a legacy system bring in only the balances data and very rarely do we bring in the transactions details. The reasons for the same is as follows:
1. Usually there is a change in COA while moving from legacy GL to Oracle GL, hence the code combination would never be the same in legacy and Oracle.
2. Drill down from Oracle GL to Oracle sub-ledger (more...)
Retainage and Retainage Release in Oracle Payables for a Complex Purchase Order
Retainage represents funds withheld from payment to ensure that the contractor finishes work as agreed. The buying organization releases these funds only after verifying that the contractor has fulfilled all contractual obligations. Retainage is also called "retention" or "contractual withholds".
With Oracle's Complex Work feature, contract administrator can negotiate retainage terms with the contractor and capture these as part of the contract. These terms include Retainage Rate and Maximum Retainage Amount.
The Retainage Rate determines the percentage of the amount requested that will be withheld before (more...)
The other day someone asked me how to do we collect a refund from an employee to whom we have made an advance payment (prepayment). There are a couple of approaches that can be used. The same approach applies to refund from suppliers as well.
Approach 1: Invoice to retire the prepayment and then Debit Memo for refund.
Step1: Create a standard invoice and apply the remaining amount of prepayment to it.
Step2: Then enter a debit memo and pay it with a Refund payment in the Payments window.The result will be that the outstanding prepayment / advance (more...)
All of us in our childhood must have heard of the proverb "Too many cooks spoil the broth". If too many people try to take charge of a task, the end product might be ruined. This applies to any task like an implementation project as well.An easy way to identify if the project is going awry is when you find many people following up to find the status of the job being done. In one of my earlier projects there was one developer writing a piece of code and there were four managers chasing the poor lady for updates (more...)
Sub Ledger Accounting (SLA) is a Rule-Based accounting engine that defines how journal entries are generated in sub-ledger transactions in Oracle sub-ledger applications. However, SLA also supports external applications generating accounting information which ultimately needs to be transferred to Oracle General Ledger. Before we get into SLA we need to know few of the basic concepts like event types, event class, etc.
Event Class - classifies transaction types for accounting rule purposes. E.g. in Payables, following are possible event classes: Invoice, Debit Memo, Prepayments, Refunds and Payments.
Event Type - for each transaction type, defines possible actions with accounting (more...)
A common requirement that is there in almost all Payables department is to identify potential duplicate invoices. The standard Oracle report 'Invoice Audit Listing' is not effective when it comes to list down potential duplicate invoices. The 'Invoice Audit Listing' is more of a listing and the payables manager has to spend time and effort in analysing this report. Also, not to mention when it comes to performance this report takes quite a while to complete if you mention a very old 'Begin Invoice date'.
A common requirement that comes to my mind is to report all invoices which are (more...)
The other day i was reading an article in http://specials.rediff.com/money/2008/aug/13slide1.htm on India's top three IT companies. As per this article, Gartner has come out with a report in which they predict that, Tata Consultancy Services, Infosys Technologies, and Wipro Technologies, collectively referred as 'India-3,' will emerge as the next generation of IT service megavendors. These vendors are increasingly being considered for strategic service deals, and will augment or, in some cases, replace today's acknowledged megavendors by revenue -- IBM Global Services, Accenture and EDS -- in this space by 2011, says Gartner.
Obviously this means there will (more...)
How many of us had a requirement of importing paid invoices and their corressponding payment details to Oracle? I would say many. But strangely till date there in no straight forward method to import payments into Oracle. I feel its time that Oracle comes up with a standard process like an API to handle this business need.
There are a few workarounds to this scenario. A direct update of Oracle base table is one but this comes with the risk of losing support from Oracle.
The other, more robust way would be to use the manual payment feature of Oracle (more...)
In Oracle Release12, there has been some very significant changes, one among them being how we define tax. E-Business Tax is now a single point where we define our taxes for all the sub-ledger modules. In this article I will try to do a sample Tax setup using the Regime to Rate Flow of Oracle E-Business Tax in the Tax Manager responsibility.
Creating a Tax Regime
In Oracle E-Business Tax, a Tax Regime is the system of regulations for the determination and administration of one or more taxes.
- Navigate to the Create Tax Regime:
• Navigation: Tax Configuration àTax (more...)