Purpose of the article: Advanced Product Functionality 24A – Finance Features
Intended Audience: Oracle Cloud ERP Customers
Tools and Technology: Oracle Cloud ERP Applications, Latest Product updates & Advanced Features
Keywords: Oracle Fusion Cloud Updates 24A, Enhanced Auto Post Journals process, Tax partner processing, SLA /IDR / Info tile / Audit Rule updates, Third-party Tax Registration Number
Introduction
This update introduces a host of enhancements and new features across various modules, with a focus on Common Financials, Taxes, General Ledger, Sub-ledger Accounting, Expenses, Payables, Receivables, and Assets. In this blog post, we’ll delve into some of the key highlights of this update and how they can benefit organizations in streamlining their financial processes.
Common Financials
- One of the notable improvements in Common Financials is the enhanced Auto Post Journals process. Now, users can post journal entries for all ledgers across assigned data access sets at the time of submission. This streamlines the process and reduces manual effort, as previously, the Auto Post Journals process only posted entries for ledgers in the assigned data access set belonging to the user’s active session.
Taxes
- Oracle Fusion Cloud Financials 24A Update integrates Avalara for tax partner processing in Oracle Tax, providing automated tax partner enablement. This collaboration streamlines tax compliance processes and ensures organizations can seamlessly manage their tax-related activities.
General Ledger
- A new feature enables the audit of insert/check-in, delete, update, and download activities on journal attachment files. This empowers accounting managers to track and assess attachment activity for both sub-ledger and general ledger journals, ensuring adherence to compliance policies.
- Organizations can now assign secondary ledgers only a subset of primary balancing segment values. This allows the creation of secondary ledgers for specific legal entities, enhancing flexibility in financial reporting when the primary ledger represents multiple legal entities or countries.
- Oracle Fusion 24A Update introduces the ability to generate journals for initializing opening balances in new reporting currencies or secondary ledgers. This is particularly useful for scenarios where a new reporting currency or secondary ledger is created for an existing primary or secondary ledger.
Sub-ledger Accounting
- Now, organizations can transfer sub-ledger accounting entries directly to General Ledger without the need to run separate processes, namely Post Sub-ledger Journal Entries and Journal Import. This streamlines the overall accounting process.
Expenses
Enhancements in audit rules enable the evaluation of re-submitted expense reports for potential duplicates. This aids auditors in identifying and addressing potential duplicate expenses added to re-submitted reports.
Payables
- The Payables Exception Report now allows users to view invoice exceptions grouped by exception categories. This feature facilitates the delegation of specific exceptions to resources for efficient review and resolution.
- Invoice Document Recognition (IDR) now supports Danish, Turkish, and French languages, expanding the support to a total of 14 languages. This improves the quality of IDR for users operating in these languages.
- Users can now access invoice hold information more quickly with performance improvements to the holds infotile in the Invoice landing page. This enhances the overall user experience in managing payable holds.
- A significant enhancement allows the creation of employee bank accounts using a unique bank branch identifier. This enables employees and external parties to create bank accounts without requiring detailed bank and branch information, streamlining the account creation process.
Receivables
Oracle Fusion Cloud Fusion 24A Update automatically assigns the third-party tax registration number to Receivables transactions during transaction creation. This ensures the accuracy of tax information presented on Receivables transactions.
Assets
A new feature allows organizations to segregate duties for users entering and preparing asset transactions and those reviewing and posting transactions using spreadsheets. This supports internal control requirements by ensuring a separation of duties.
Conclusion
Oracle Fusion Cloud Financials Updates 24A brings a wealth of enhancements and new features to various financial modules, empowering organizations to streamline processes, improve compliance, and enhance overall efficiency. As organizations embrace these updates, they can expect a more robust and user-friendly experience in financial management. Stay tuned for more insights and updates on the ever-evolving landscape of Oracle Fusion applications.
Author Bio:
Sankara Rao KONCHADA
Digital Transformation - Principal Software Engineer
Accomplished UI software engineer with 3 years at MOURI Tech. Leverage expertise in HTML, CSS, Bootstrap, JavaScript, jQuery, and Angular to design and develop user-centric, visually captivating web applications.
