What's the difference between project accounting period, an accounting period, and a general ledger period ?

This below article will give you information on the difference between project accounting period, an accounting period, and a general ledger period

Project accounting periods are used to track budgets and forecasts, summarize project amounts for reporting, and track project status. Project accounting periods are maintained by business unit. You can set up project accounting periods to track project periods on a more frequent basis than accounting periods. 

For example, you can define weekly project accounting periods and monthly accounting periods. If you use the same calendar as your accounting periods, the project accounting periods and accounting periods will be the same, although the statuses are maintained independently.

Accounting periods, which are used to derive accounting dates, are maintained by ledger and use the same calendar as the general ledger periods. Period statuses for the accounting period and general ledger period are maintained independently.

Fig: As shown in the below diagram you can define weekly project accounting periods and monthly accounting periods, as shown in the image.

Follow the steps for set up project accounting period that are different from accounting periods?

Complete these tasks to set up project accounting periods that are different from accounting periods.

• Set up the accounting calendar and manage the accounting period statuses in Oracle Fusion General Ledger.

• During project business unit implementation, specify the project accounting calendar for each business unit.

• Verify that the option to maintain common accounting and project accounting periods is not selected.

• Copy the accounting calendar into the project accounting period table, which copies the period start and end dates.

• Manage the period statuses for project accounting periods.

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Benefits: Automation of External Data Integration services for Oracle cloud Applications

Loading data from external sources(legacy systems and third-party applications) into Oracle Fusion Applications using External Data Integration services.

Why…?

In the current era when companies are moving towards the cloud, they still want to retain their most important transactional systems. Infidox Technologies provides integration solutions are defined to give them the most from their legacy systems while moving into the high-performance cloud world.

This leads to a fully functional hybrid integration: A mix of on-premise and cloud systems where diverse solutions are brought together to work as a whole.

The following diagram illustrates the general interaction pattern for Fusion Applications along with Fusion Middleware: 

Benefits :

Improved data accessibility: With the help of system integration, data accessibility becomes easier for people in the organizations. This leads to better decision making, at different levels, which often results in accelerated business growth.

Better communication: When businesses are well-integrated, the improved connectivity will streamline communication between participants of different operations. As a result of this, companies can easily share more information that was difficult earlier, costly and/or time consuming to access.

Greater productivity: Employees can spend more time on tasks that will help the business to grow rather than having to replicate data and wait for information to be sent to them from other departments.

Reduced Risk of Errors: Due to the fact that data will not have to be replicated, there is less chance of human errors being made which leads to more accurate information available.

Reduced cost: By connecting systems to each other, and by providing a central pipeline through which both old and new systems can communicate, integration allows you to save costs, keep using your existing infrastructure and add functionality.

Robust growth: A rapidly growing company can quickly become entangled with a complex application and system landscape. But with an integrated software system, problems can be solved and changes can be made with just a few clicks rather than visiting multiple systems.

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New Features in Oracle Fusion Receivables || Smart Receipt

Smart Receipt

Smart Receipt

Fusion Receivables continue to support auto lockbox but also enhanced to apply receipt automatically using Smart Receipt. Smart Receipt functionality is extended to the receipt that are created manually or uploaded (excel).

What is Auto Lockbox ?

Auto Lockbox eliminates manual data entry by automatically processing receipts that are sent directly to your bank. You specify how you want this information transmitted and Receivables ensures that the data is valid before creating QuickCash receipt batches. You can automatically identify the customer who remitted the receipt and optionally use AutoCash rules to determine how to apply the receipts to your customer's outstanding debit items.

Excel Based Receipt Entry:

·         Quickly create and updates customer receipt.

·         Increases User ability to process payment.

·         Send spreadsheets to reviewers and approvers.

Efficient Receivables to GL Reconciliation:

·         Quick reconciliation to GL and fast period ending and book closure.

·         Exceptions are automatically defined.

·         Swift investigations at differences in balances with drill downs.

Recurring Billing:

Recurring Billing captures customer bill plan information with recurring billing details and automatically generates recurring transactions at periodic intervals based on the plan. You can modify bill plan attributes for future transactions and review bill plan historical changes. After generating the transactions, you can review them.

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Learning: Oracle Finance (GL, AP, AR, FA and CM) Modules features R12

Do you love Oracle Finance R12 as much as we do ? Read this full blog with its top features of Oracle Finance Modules 

  General Ledger:

.    Ledger and Ledger Sets: Multiple ledger (books) can be maintain.
·       Chart of Account: Structured way of accounting.
·       Inter-company: Smoothly transaction between two inter companies.
·       Bulk journal upload through spread sheet.
·       Recurring Journal: Recurring journal with same accounts and amount.
·       Control of monthly accounting period so month basis period can closed.
·       Amount Allocation: Auto allocating of expenses & revenue on the basis of ratio.
·       Journal Approval Mechanism.
·       Foreign Currency Transaction Management.
·       Budget Management.
·      Translation of Ledger: Same ledger can be seen in multiple currencies.
·       Consolidation of Books.
·       Integration of all modules of Oracle.
·       Reports: Trial Balance Report, Account Analysis Report etc.

Accounts Payable:
·         Maintain Suppliers and Supplier Balances.
·         All types of invoices can be managed.
·         Approval mechanism for invoices.
·         Invoice matching with purchase order, receipt & physical verification.
·         Recurring invoices generation.
·         Payment term for exact point of time payments.
·         Hold option for invoicing to stop for payment.
·         Auto generation of interest invoice.
·         Bulk payment management.
·         Employee expense management.
·         Control on payable period.
·         Tax management through India localization and E-business suite.
·         Integration with Purchasing, Project Management and General Ledger.
·         Reports: Trial Balance Report, Invoice Register Report, Invoice Aging, Payment Register etc.

Accounts Receivable:

·         Customer and customer balances management.
·         All types of invoice management.
·         Auto invoice booking from Order Management.
·         Invoice tracking on the basis of the Order.
·         Managing bill to and ship to locations.
·         Payment term for the receipt of amount on time.
·         Interest invoice auto generation on due of receipt payment.
·         Dunning Letter: Intimation of outstanding balances over the email notification.
·         Revenue recognition.
·         Auto lock box for generation of the auto receipt.
·         Foreign currency transaction management.
·         Integration with Order Management and General Ledger.
·         Reports: Transaction Register, Aging Report, Receipt Register etc.

Fixed Asset:

·         Management of asset with categories.
·         Tracking of asset and asset life.
·         Depreciation method can manage as business required.
·         Auto generation of asset using payable invoices.
·         With single invoice multiple asset can be created or visa versa.
·         Tracking the supplier and invoice number on the asset.
·         Bulk asset creation with spread sheet.
·         Addition of the amount in existing asset.
·         Auto depreciation of the asset.
·         Mass and single retirement of the asset.
·         Managing Construction in progress asset (CIP) which will capitalized once finished.
·         Transfer of the asset from one location to another location.
·         Adjusting the units in the asset.
·         Asset reclassification from one category to another category.
·         Tax can be manage on the asset as per government norms.
·         Integration with Payables and General Ledger.
·         Reports: Asset Register Report, Depreciation etc.

Cash Management:

·         Managing bank accounts and balances.
·         Reconciliation of bank statement with payment and receipt.
·         Auto and manual reconciliation feature.
·         Fund transfer from one account to another account.
·         Integration with payables, receivable and general ledger.
·         Reports: Reconciliation Report, Bank Statement Detail Report etc.


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