Quarterly Update: It's that time again!
In this post, we will cover continuous updates to Financials and new functionalities in 24A that can help you manage enterprise financial functions.
Oracle Cloud Applications delivers new updates every quarter, Oracle Cloud Financials 24A release brings new functionalities, features, and security enhancements enabling customers to efficiently and effectively manage their business.
Some features are delivered Enabled meaning they are immediately available to end users whilst other features are delivered Disabled meaning you have to take action to make use of them.
Highlights
Here are some highlights from Oracle Financials Cloud 24A:
01.
General Ledger
Create journals to set the initial balances when establishing a new reporting currency or secondary ledger for an existing primary or secondary ledger. This functionality automatically produces journals using the account balances from the primary ledger to document the opening balances for actual, average, and encumbrance balances for the initial accounting period of the new reporting currency or secondary ledger. Whether at the journal or subledger level, this capability extends to both reporting currency ledgers linked to secondary ledgers. This functionality can be utilised when merging or aquiring a new business.
02.
Assets
Implement a segregation of duties strategy for users engaged in asset transactions, distinguishing between those responsible for entry and preparation and those for review and posting, particularly when utilizing spreadsheets. This ensures compliance with internal control standards, mandating that individuals reviewing and posting asset transactions differ from those initiating them.
To enable this feature navigate to:
Setup and Maintenance -> Financials -> Change Feature Opt in -> Financials -> Edit Feature -> Segregation of Asset Transaction Entry and Transaction Posting Duties.
03.
Payables
Experience faster retrieval of invoice hold details through performance enhancements made to the Holds infotile on the Invoice landing page.
Configure the Holds infotile to display the count of invoices on hold for different durations: over 7 days (default view), 15 days, 30 days, or all days.
These improvements will decrease the time required to detect and address holds on supplier invoices, enabling prompt payments and mitigating the likelihood of unnecessary disputes.
No action is required to enable this feature.
04.
Receivables
Enhance the Receivables XML invoice extraction process to incorporate extra data elements mandated by various countries, thus minimizing the necessity for implementation-specific modifications.
The Receivables XML invoice extraction, along with the UBL 2.1 message, encompasses supplementary data elements. The transformed message from the Receivables XML invoice includes additional data, all of which are suitable for mapping to UBL 2.1 e-invoicing messages.
To utilise this functionality, you will need to fulfill the necessary prerequisite tasks within the Collaboration Messaging Framework to establish seamless message exchange between Oracle Cloud Applications and trading partners.
Release
This release is packed with many more features, with updates being rolled out from February 2024 onwards.
Your cohort determines when the quarterly update is applied to your pods:
Cohort A: February-May-August-November
Cohort B: March-June-September-December
Cohort C: April-July-October-January
Stage pods are updated on the first Friday of your quarterly update month. Production pods are updated two weeks later on the third Friday of the month.
Need some assistance?
Please feel free to contact Advised Solutions for more information, assistance enabling and configuring any new features, or to help with your regression testing.
