Wednesday, August 5, 2015

Oracle Receivables R12 New Features

Overview

Oracle Receivables is an invoicing, payment, deduction, and revenue management application that streamlines your order-to-cash process while providing strong financial controls and strategic financial information.

Features

Revenue Management Enhancements

Partial Period Revenue Recognition
Partial Period Revenue Recognition enables the generation of revenue recognition schedules that respect the start and end dates of contractual obligations. Receivables’ delivers new, configurable accounting rules to determine the treatment of revenue allocations for partial periods. For a contract that goes into effect in the middle of the current accounting period, revenue may be recognized for a partial, prorated amount.

Revenue Deferral Reasons
Event-Based Revenue Management allows users to define revenue deferral reasons and corresponding revenue recognition events specific to their business practices. The new feature supports deferral reasons for both goods and services.

COGS and Revenue Matching
The matching principle of accounting states that each expense item related to revenue earned must be recorded in the same accounting period as the revenue it helped to earn. The new COGS and Revenue matching feature satisfies this matching principle by synchronizing the recognition of revenue with the recognition of associated COGS. For example, if revenue is partially recognized, the corresponding COGS is proportionately

Enhanced Payment-Based Revenue Recognition
With the changing regulatory environment, companies are turning to payment based revenue recognition as the answer to meeting strict revenue recognition rules for specific business transactions. In partnership with Lease Management and Loans, the newly enhanced Event-Based Revenue Management feature achieves payment based revenue recognition by associating transaction lines with revenue impacting contingencies. Revenue for impaired loans, evergreen-leasing agreements, and various miscellaneous fees can now be automatically deferred at first and, then, recognized when customers pay. This feature can be extended to any other feeder system using transaction interfaces.

Line Level Cash Applications
The Line Level Cash Applications solution allows the application of receipts to specific transaction items such as individual lines, groups of lines, or tax or freight buckets. From the receipt workbench, you are able choose whether to allocate cash to the entire transaction or to apply amounts against specific items according to the customer remittance.

Funds Capture Enhancements Uptake
Oracle Receivables uptakes Oracle Payments’ new funds processing functionality, including the new customer bank accounts model, to support the automated, electronic funds capture via Credit Cards, ACH, and bank-to-bank transfers.
Oracle Payments stores and handles all payment related information for automatic payment processing. This seamless integration provides better realtime payment processing status information to Receivables users. For more detail please see the Oracle Payments section of this document.

Refunds Enhancements
Oracle Receivables is fully integrated with Oracle Payables to deliver a seamless, automated process to generate check and bank account transfer refunds for eligible receipts and credit memos. To maintain strict security over refunds, users may choose to leverage the approval workflow process available in Oracle Payables.

Credit Card Error Handling
For a merchant, who wants to secure timely payment, it is vital to respond promptly to credit card errors. The new Credit Card Error Handling feature in Oracle Receivables provides a quick and efficient method to handle credit card errors that occur during payment authorization and capture. This feature was first released in Financials Family Pack G

Credit Card Charge backs
Cardholders can dispute credit card charges with their card-issuing bank and when they do, the merchant is ‘charged back’ by the card's issuing bank. This new feature allows merchants to reconcile balances accurately by recording credit card charge backs in the Receivables system as a specific activity against a receipt.

Deduction Management


Open Receipt Defaulting Option
You now have the ability to choose whether you want to view open receipts by default in the receipt applications apply to list of values and the search & apply window or choose to keep them hidden.

Claim Information Sharing
Additional Claim information will be available in the Receipt Applications and Search and Apply application windows, giving Receivables Clerks key information to perform receipt-to-receipt applications of open claims. These features were first released in Financials Family Pack G

Balance Forward Billing
Balance Forward Billing is an enhanced version of the existing consolidated billing functionality for industries where customers are billed for all their account activity on a regular, cyclical basis.
Balance Forward Billing provides the ability to setup cycle-based billing at the account or account site levels, enable event based billing, and leverage user configurable billing formats provided by Oracle Bill Presentment Architecture.

Late Charges
Receivable delivers enhanced Late Charges functionality enabling the creation of standard late charge policies that can be assigned to customer accounts or account sites. Flexible policy configurations include multiple interest calculation formulas, transaction and account balance thresholds, and currency-level rate setups. Additionally, charges may be modeled as different document types such as adjustments, debit memos, or interest invoices depending on the business need.

Customer Standard User Interface Redesign
The Customer Standard form has been redesigned as an HTML-based user interface to provide a more streamlined and intuitive customer data management flow. Customer data entry is tightly coupled with data quality management tools to maintain the integrity of customer data.

Multi-Org Access Control
Multi-Org Access Control enables companies that have implemented a Shared Services operating model to efficiently process business transactions by allowing them to access, process, and report on data for an unlimited number of operating units within a single applications responsibility. This increases the productivity of Shared Service Centers for users no longer have to switch applications responsibilities when processing transactions for multiple operating units at a time. Data security is still maintained using security profiles that are defined for a list of operating units and determine the data access privileges for a user. With enhanced Multi-Org Access Control feature in Oracle Receivables, access to transactional data for multiple operating units is now available to users with a single responsibility. By leveraging this feature in a shared services environment, companies can achieve significant savings in operating costs without compromising data security.

E-Business Tax
Oracle E-Business Tax is a new infrastructure for tax knowledge management and delivery using a global system architecture that is configurable and scalable for adding country specific tax content. As the single point solution for managing transaction-based tax, Oracle E-Business Tax uniformly delivers tax services to Oracle E-Business Suite business flows through one application interface. For more details, please see the Oracle E-Business Tax section of this document.
In Oracle Receivables, item lines automatically generate one or more tax lines depending on tax jurisdiction and setup.

Legal Entities
The new Legal Entity architecture provides the ability to model an enterprise’s legal organizational structure and define rules and attributes specific to legal entities. With adoption of the Legal Entity architecture, Oracle Receivables captures transactional data within the context of legal entity owning this data, thus enabling better, more streamlined statutory compliance. In Oracle Receivables, Legal Entities is visible explicitly on receivables' transactions.

Sub-edger Accounting
Oracle Sub-edger Accounting provides tools that allow users to meet multigaap, corporate, and fiscal accounting requirements. With a flexible tool called Accounting Methods Builder, users can determine the accounts, lines, descriptions, summarization, and dates of their journal entries. Users can also add detailed transaction information to journal headers and lines. Detailed sub-edger accounting journals are available for analytics, auditing, and reporting.
They are summarized, transferred, imported and posted to Oracle General Ledger. For more details, please see the Oracle Sub ledger accounting section of this document. Oracle Receivables leverages Oracle Sub ledger accounting to provide detailed, fully auditable accounting representations of Receivables transactions. Via a flexible rules-based methodology, users can easily create and modify their accounting policies, rapidly implement changing external or regulatory requirements with a minimum of disruption, and create multiple representations of transactions to meet fiscal and management reporting needs simultaneously.

Receivables Reconciliation Enhancements
Easily reconcile your receivables using enhanced reporting. Quickly match your transactional data to your accounting data. Highlight the possibility of incorrect set up with newly added exception reporting that suggests potential reconciling items. Reconcile Receivables to the General Ledger using one flexible report that automatically compares account activity by GL account. Audit your balance sheet accounts in Receivables with a cumulative balance report that lists details making up the account balance.

Additional Bills Receivable Reference Field
A new reference field will be added to the Bills Receivable workbench to capture additional information regarding your Bills Receivable. This feature was first released in Financials Family Pack G

Collections Workbench Obsolescence
The Collections Workbench module in Oracle Receivables is obsolete in this release. Like functionality is provided by Oracle Advanced Collections, including customer collections interactions and correspondences, transaction processing, and dunning activities as well as additional features. A migration white paper and scripts will be provided to Receivables customers moving to Oracle Advanced Collections. For more information see the Oracle Advanced Collections section of this document.

Bills of Exchange Obsolescence
The Bills of Exchange feature is obsolete and replaced by the Bills Receivable feature. The Bills Receivable feature provides a comprehensive solution to managing the entire life cycle of bills receivable: creation, acceptance, remittance, updates, history, and closing.

Trade Accounting Obsolescence
The Oracle Trade Accounting feature is obsolete and replaced by Oracle’s Deduction Management solution. The Deductions Management solution is delivered in partnership between Oracle Receivables, Oracle Trade Management, and Oracle Credit Management products and provides a robust and efficient way to handle customer deductions and overpayments. A Deductions Management white paper is currently available on Metal ink.

AP/AR Netting
The matching of open receivables and open payables is automated. You are now able to determine whether you or your trading partner has a greater balance outstanding and update your books, collect payments or make payments accordingly.

Golden Tax Adaptor for Mainland China

Laws in the People’s Republic of China require the use of a government certified tax software called ‘Golden Tax’ for VAT calculation, statutory tax reporting and generating and printing VAT invoices. Golden Tax Adaptor enables Oracle’s customers in China to interface their invoices, credit memos and debit memos from Oracle Receivables to the Aisino Golden tax software in order to calculate VAT, generate and print VAT invoices and report tax to the Chinese Tax authorities. 

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