Quarterly Update: It's that time again!
In this post, we will cover continuous updates to Financials and new functionalities in 23D that can help you manage enterprise financial functions.
Oracle Cloud Applications delivers new updates every quarter, Oracle Cloud Financials 23D 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 23D:
01.
General Ledger
URL Attachments in Create Single Journal ADFdi Spreadsheet. The Create Single Journal ADFdi spreadsheet allows users to add URL attachments to General Ledger journal batches, streamlining documentation inclusion. This feature offers efficiency benefits by permitting multiple supporting documents as URL attachments, reducing processing time for bulk journal uploads, and consolidating journal creation and attachments in one tool.
02.
Expenses
Resubmission of Expense Reports using the Expenses Mobile Application. Employees can now withdraw and resubmit their expense reports using the Expenses mobile application, aligning it with the functionality of the Expenses web application. This update allows employees to conveniently manage their expenses while on the move and also edit and resubmit reports that were previously withdrawn, rejected by an approver, or returned by an auditor. This enhancement offers greater flexibility and convenience for expense management.
03.
Payables
Automated Distribution Creation Using a Transaction Account Definition. The use of transaction account definitions simplifies the defaulting of invoice accounts by configuring rules in the Transaction Account Builder to automatically derive account combinations based on specified attributes. This eliminates the need for manual input of account combinations during invoice creation, coding workflows, and approval workflows. The account combination is automatically derived for invoice lines when certain conditions are met, such as enabling the feature in Manage Invoice Options setup, using standard invoice types (excluding Payment Request and Prepayment), and more. This enhancement increases productivity by reducing manual effort and lowers the risk of errors in the account combination process.
04.
Taxes
The update allows for the calculation of taxes on rounded amounts in the entered currency on Payables invoices before converting them to the ledger currency. This helps mitigate rounding discrepancies on invoices when the entered currency differs from the ledger currency. Previously, Oracle Tax logic used unrounded amounts for tax conversion, which could result in rounding differences. Users can now choose from different rounding conversion options in the tax regime settings to tailor tax calculations to their specific needs, either using unrounded amounts, rounded amounts, a transaction tax field for reporting purposes, or a combination of these options.
Release
This release is packed with many more features, with updates being rolled out from November 2023 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.
