Oracle Cloud Applications delivers new updates every quarter. This means every three months you’ll receive new functionality to help you efficiently and effectively manage your business. Oracle Financials delivers a comprehensive solution designed to automate and streamline your organization’s end-to-end financial management processes.
Highlights: Benefits you get from Oracle 24C Financials Update
- Generate detailed reports that clearly show the source and purpose of each budget entry.
- More straightforward analysis and comparison of budget data, aiding in better financial planning and decision-making.
- Reduces the risk of data mismatches and ensures that all budget entries are accounted for accurately
Why You’ll Love the Changes Coming in 24C:
- Enhanced Efficiency: These updates reduce manual processes and improve financial transaction accuracy.
- Improved Compliance: Automate compliance with financial regulations through new and improved features.
- Detailed Reporting: Generate comprehensive reports showing the source and purpose of each budget entry, aiding in better financial planning and decision-making.
- Accurate Budget Management: Reduces the risk of data mismatches and ensures accurate accounting of all budget entries.
What are the best testing practices for Oracle Financials 24C’s new features?
- Define the scope of testing. Determine which tests are required and which are not during the quarterly Oracle Financials Cloud update.
- Quickly develop sanity tests to ensure business continuity.
- Determine which Financials business processes should be automated and which require manual testing.
- Use impact analysis reports to show differences between releases.
Functional Changes from the Oracle Cloud Financials 24C Release
Common Financials
Our continuous commitment in service excellence is highlighted in this update with advancements to facilitate reporting and budget entry inquiry, the budget entry name is necessary when integrating budget amounts from ERP integration services into Budgetary Control.
Taxes
In this update, additional columns are added in Tax Rapid Implementation to input data on tax rate controls, offset tax and recovery rates.
Budgetary Control
The use of a budget entry name in Budgetary Control from ERP integration services reporting and inquiry of budget entries across all methods for load budget balances.
The project budget can be adjusted to control spending based on project tasks or resources, allowing users to manage costs as needed, reducing the risk of overspending.
General Ledger
Users may keep an eye on the journal approval process through the Journal Action Log. We can also withdraw records that correspond to the “assigned to” action and take necessary action on pending close tasks.
Payables
Escheatment in payables is when we give unclaimed money to the government. This helps make sure the money goes to the right people. We use an Escheatment process to do this automatically.
Assets
Oracle Assets helps determine how much money is lost over time on things like equipment or buildings and figures out how much interest is lost on the money spent to buy those things by the configuration of the annuity depreciation method.
To route exceptions for manager approvals and employ automatic approvals for routine transactions, optimize controls for managing the lifecycle of fixed assets. Most asset transactions, such as additions, transfers, retirements, reclassifications, and cost or method adjustments, are covered by these approvals.
Enchant Apps has a team of Oracle Cloud experts across all modules. If you are interested in learning more or have a project where you need Oracle cloud expertise, feel free to contact us!