The first quarterly update of the year, Oracle Cloud Financials 24A release is here. The update takes place for the financials model. Businesses should validate with the latest features and updates for optimal performance.
Various improvements have been made to the Oracle Cloud Financials 24A release to strengthen control, increase user experience, and expedite financial processes. Organizations must be informed about these developments to fully utilize the Oracle Cloud Financials platform and guarantee seamless operations. By updating to this most recent version, companies can better navigate the constantly changing financial world.
Latest Features and Updates After Oracle Financials 24A Release
Let’s delve into the specifics of the Oracle Financials 24A release, examining changes:
Technical Changes in Oracle Cloud Financials 24A
- Upgraded Oracle ADF Desktop Integration Add-in: Users can now download and install version 5.1.5.26625, potentially enhancing integration capabilities with external applications and data sources.
- BIVO Extraction Update: Business Intelligence View Objects (BIVOs) marked as deprecated are no longer available for extraction using BI Cloud Connector. This change may necessitate adjustments to existing reporting processes that rely on deprecated BIVOs.
- Enhanced Receivables XML Invoice Extract: The extract now includes additional data elements mandated by specific countries, reducing the need for custom adjustments and simplifying compliance processes.
- Zengin Format for Japan REST API: This feature allows bulk upload of alternate payer name mapping rules for Japanese customer bank accounts, simplifying the process for businesses operating in Japan.
Functional Changes in Oracle Cloud Financials 24A
Common Financials: The Auto-Post Journals process has been significantly expanded. It can now post journal entries for all ledgers across assigned data access sets, streamlining the posting process and eliminating the need for manual intervention across multiple datasets.
Taxes: Automated tax partner integration with Avalara simplifies tax compliance tasks, reducing manual effort and potential errors associated with tax calculations and filings.
Payables:
A new Payables Exception Report allows users to view and address invoice exceptions grouped by category, enabling more efficient exception resolution and improved supplier payment processing.
Dynamic discounting campaigns can now target suppliers based on payment terms, methods, and currency. This granular targeting maximizes campaign effectiveness by allowing businesses to offer more attractive discounts to suppliers with longer payment terms, potentially improving cash flow.
Expenses: Resubmitted expenses are evaluated using enhanced audit rules to identify potential duplicates. This functionality helps to minimize duplicate expense processing and ensures the accuracy and integrity of expense data.
Receivables: A new program enables sweeping invalid receivables transactions to a future accounting period. This functionality streamlines receivables management by allowing businesses to easily move invalid transactions out of current accounting periods without deleting them entirely.
General Ledger:
Attachment Audit can be enabled for journal attachments, providing detailed tracking of attachment activities such as insert/check-in, delete, update, and download activities. This enhanced audit trail strengthens internal controls and facilitates compliance efforts.
Secondary ledgers can be assigned as subsets of primary balancing segments. This functionality allows for more granular control over financial data, enabling businesses to maintain separate ledgers for specific legal entities or business units within the same primary ledger structure.
Updates in Project Financial Management
- Billing & Revenue Management: Contract validation rules can now be configured and enabled/disabled for warnings, providing greater control over contract adherence and reducing the risk of non-compliant billing practices. Additionally, signed contract documents can be managed in a separate document category for easier access and improved document organization.
- Cost Management & Control: Fund availability checks, reservations against control budgets, and encumbrance accounting are now available when procuring materials for projects. This comprehensive financial oversight empowers project managers to make informed decisions regarding project spending and resource allocation.
- Planning, Scheduling & Forecasting: Project managers can perform impact assessments on project budgets and automatically update them upon stakeholder approval. This streamlines the process of incorporating changes, reducing delays, and ensuring budgets remain aligned with project requirements.
- Resource Management: Project resource requests can now specify mandatory qualifications, ensuring a more qualified talent pool for project roles. This functionality minimizes the risk of assigning personnel who lack the necessary skills and experience, potentially improving project outcomes.
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How Opkey Can Streamline the Update Process?
Managing Oracle Cloud updates can be time-consuming and resource-intensive, especially for businesses with limited IT staff or expertise. Opkey offers a suite of solutions designed to streamline the update process for the Oracle Financials 24A release and minimize disruption.
Opkey provides a comprehensive library of over 7,000+ Oracle Cloud business components and 1,000+ pre-built test scripts. This library significantly accelerates testing procedures for Oracle Financials 24A release by offering pre-configured components that can be easily adapted to specific business needs.
These reports highlight key changes between updates, allowing businesses to prioritize their testing efforts. By focusing on areas with the most significant changes, businesses can optimize their testing resources and ensure comprehensive coverage of critical functionalities.
Opkey’s managed service assists businesses in navigating the update process efficiently. Opkey’s team of experts handles the entire update process, from planning and testing to implementation and post-update support, minimizing the burden on internal IT resources.
Conclusion
The Oracle Cloud Financials 24A release offers a plethora of features designed to enhance efficiency, control, and user experience. By thoroughly understanding the new functionalities and implementing a well-defined testing strategy, businesses can leverage the new updates.
