There are some exciting new features and enhancements introduced in the release of 24D across a number of finance and supply chain areas. Oracle clients are able to leverage these improvements and enhance their return on Oracle Cloud Investment.
- Receivables Transaction Review and Control
Prior to this feature, there was no separate review process after creation and before the completion of a manual transaction. Now organizations can leverage this feature to review and control the completion of transactions entered manually using the Create Transaction pages or the Create Invoice and Create Credit Memo REST API which will help them ensure that only the accurate transactions are printed and sent to customers.
- Understanding the Functionality
1. Transactions that require review before completion are set to ‘Pending Approval’ status and unless an authorised user reviews and approves them these cannot be printed and sent to customers. Once Reviewed and approved, transactions are set to Complete Status.
- On the Manage Transactions page, authorized approvers can view a list of transactions, including their Completion status and Approval status.
- Transaction Completion status for transactions that go through review and approval are: Incomplete, Pending Approval, and Complete.
- Approval Status for transactions that go through review and approval are Pending Approval, Approved, AutoApproved, and require rework.
2. An approver can select and open a transaction on the Review Transaction page to review the transaction details. After review, the approver can approve the transaction or request a rework of the transaction.
- Clicking the Approve button completes the transaction and sets the status to Complete.
- Clicking the Rework button sets the transaction to Incomplete and returns the transaction to the user.
- Both actions will prompt the approver for comments which can be viewed in the Approval History section of the transaction.
3. You can view the transaction approval history with comments captured from the approvers in the Approval History tab of the Review Transaction page.
- Business Benefits Include
Receivables managers and financial controllers can oversee the entry and accuracy of all manually entered transactions before completion and delivery to the customer.
- Auditors can verify the transaction and validate the accounting generated through AutoAccounting.
- Organizations can segregate manual transaction entry from transaction completion with separate user roles.
- Enhanced auditing capabilities will reduce the rework time through approval/rejection comments.
The approval rules spreadsheet (Simplified Rules Configuration spreadsheet):
- Provides simple setup and management of approval rules.
- Saves time and effort when managing a large number of approval rules.
EnchantApps has a team of Oracle Cloud experts across all modules. If you are interested in learning more or have a project that requires Oracle Cloud expertise, feel free to contact us!