P2P and O2C Accounting Entries in Oracle Finance

Oracle Fusion Project Portfolio Management

What is Project and Project Management?

Project – Project is a planned set of integrated tasks to be executed over a fixed period and within certain cost and other limitation. Like ERP Implementation

Project Management – Project management is the application of knowledge, Skills and techniques to execute projects effectively and efficiently.  It’s a strategic competency for organizations, enabling them to tie project results to business goals and thus, better compete their markets.

Oracle Fusion Project Portfolio Management

1.      Oracle Fusion Project Portfolio Management dramatically improves the way project-driven organizations and project professionals work.

2.      Oracle Fusion PPM provides access to information and collaboration between team members to enable efficient and effective project management while ensuring smarter business decisions.

3.      Project-driven organizations benefit from its ground-up design with the user experience in mind; helping customers keep pace, keep score, and deliver extraordinary business and project

Benefits of Project portfolio Management

1.      Multi-initiative, Integrated Project Financial Management

2.      Role-based Analytics, Dashboards and Collaboration

3.      Cross Charge, Commitments, Integration with MSP, Excel

4.      Single Source of Project Truth for Informed Business Decisions

5.      Cost Management

6.      Contract, Billing and Revenue Management

7.      Budgeting and Forecasting

8.      Insight and Performance

Oracle Fusion Project Integration Gateway brings together world-class financial project management from Oracle Fusion Project Portfolio Management and best in-class project execution in an optimized end-to-end enterprise project and portfolio management process

|| GST Configuration in Oracle Fusion Application ||

Oracle Fusion APPS – India GST

Introduction:

Goods and Service Tax (GST) is an indirect tax levied on the supply of goods and services. This law has replaced many indirect tax laws that previously existed in India.

What are the components of GST?

There are 3 taxes applicable under this system: CGST, SGST & IGST.

1. CGST: Collected by the Central Government on an intra-state sale

2. SGST: Collected by the State Government on an intra-state sale

3. IGST: Collected by the Central Government for inter-state sale

In most cases, the tax structure under the new regime will be as follows:

Transaction	New Regime
Sale within the State	CGST + SGST	Revenue will be shared equally between the Center and the State
Sale to another State	IGST	There will only be one type of tax (central) in case of inter-state sales. The Center will then share the IGST revenue based on the destination of goods.

Illustration:

• Let us assume that a dealer in Telangana had sold the goods to a dealer in Karnataka worth Rs. 1,000. The tax rate is 5% comprising of only IGST.

In such case, the dealer has to charge Rs. 50 as IGST. This revenue will go to the Central Government.

• The same dealer sells goods to a consumer in Telangana worth Rs. 50,000. The GST rate on the good is 12%. This rate comprises of CGST at 6% and SGST at 6%.

The dealer has to collect Rs. 6,000 as Goods and Service Tax. Rs. 3,000 will go to the Central Government and Rs. 3,000 will go to the Telangana government as the sale is within the state.

Modules:

1. FINANCE

2. SALES & DISTRIBUTION

For More Detail Refer Oracle Metalink Document ID  "India Tax - GST Configuration & Payables Test Cases (Doc ID 2410153.1)"

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FUSION ACCOUNTING HUB || REPORTING PLATFORM

FAH includes several new and exciting components like:

The Fusion General Ledger, for example, combines traditional general ledger functionality with an embedded Oracle Essbase.

When users create their chart of accounts, the application automatically creates the Oracle Essbase cube

If a cost center is added or a date-effective hierarchy is modified, Fusion General Ledger automatically creates or modifies the corresponding cube hierarchy in Essbase.

Then, as transactions or journals are posted, Fusion General Ledger updates the multi-dimensional balances to ensure data is always in sync and up-to-the-minute accurate.

The result is extremely fast reports and queries that are refreshed on the fly without having to run a process or program.

The Financial Reporting Center allows users to design and view traditional financial reports, but there’s no need to run the report. Just open it and real time balances are automatically shown. It allows you to drill down from reports to GL, publish reports in a variety of formats, and can be used for professional quality, boardroom ready financial statements

In addition to FAH’s low cost and minimal implementation effort – resulting in no disruption to current financial processes – there are actually many pros to consider.

Users can take advantage of Fusion Accounting Hub’s exceptional reporting and analytics.

For example, an account hierarchy used to summarize cost of goods has different accounts for 2011 and 2010. This is based on changes in the business operations and newly added chart of accounts values. Charts of accounts’ values can be associated with multiple hierarchies by defining multiple trees.

This allows you to create financial reports for different target audiences. You can use different hierarchies, for example, to track cost centers either by geography or line of business.


Fusion is Oracle’s rainbow bridge into more dynamic financial reporting – the stability of your existing Oracle r12 GL application with seamless integration into a wealth of useful features and tools.  

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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