Here are the latest Oracle 24B updates looking at the new capabilities in Payables.
Features:
ADAPTIVE LEARNING FOR ENTIRE INVOICE AND SUPPLIER CORRECTIONS
IDR extends Adaptive Learning support to eight additional fields. Making adaptive learning corrections
to the incomplete invoices shows IDR where to recognize the missed attribute for subsequent invoices
processed for the same supplier.
Business benefit:
Increase productivity by reducing time and effort spent on manual updates. Adaptive Learning trains
IDR to recognize these fields automatically on subsequent invoices processed for the same supplier.
ADDITIONAL FIELDS IN THE ONE-TIME PAYMENT FBDI SPREADSHEET
Capture additional information for the One-Time Payment File-Based Data Import, including URL
attachments, remittance messages, and values contained in additional invoice fields.
Business benefit:
Reduce the manual effort of the AP department with additional fields in the one-time payment FBDI
spreadsheet.
ELECTRONIC FILING OF FORMS 1099-MISC AND 1099-NEC FOR TAX YEAR 2023
Generate electronic files for the Form 1099-MISC and the Form 1099-NEC according to the specifications
for tax year 2023 published by the US Internal Revenue Service (IRS). Two new states–District of
Columbia and Pennsylvania–are added to the list of participating states for the Combined Federal/State
Filing (CF/SF) Program by the IRS.
Business benefit:
Improves compliance with the most recent tax laws.
ESCHEATMENT OF UNCLAIMED CHECKS
Identify and escheat unclaimed checks issued for payments to suppliers, or issued to employees for
expense payments, that haven’t been presented for clearing during a specific period of time, and
transfer the amount to the appropriate local authority. You can also generate a report with a list of
payments that are escheated or initiated for escheatment.
Business benefit:
Improves compliance with legal regulations by transferring unclaimed payments over to the appropriate
authority
IMPROVEMENT IN SUPPLIER SITE SELECTION FOR SUPPLIER PORTAL INVOICES BASED ON
PURCHASE ORDER DETAILS
This feature enhances the Supplier Portal, “Create Invoice” page for Matched invoices, where the
Supplier Site LOV now fetches only those Pay Sites, that have the valid assignment against the Bill-to BU
of the Purchase Order. The same logic is already used while fetching the Supplier sites on the Payables
Invoice page.
Business benefits include:
Simplify the entry of invoices into the Supplier Portal by narrowing down the supplier sites available for
selection based on the purchase order bill-to-business unit context.
Such improvements with simplified entry of invoices using the Supplier Portal can encourage suppliers
with small to medium-sized volumes to enter more invoices through this channel.
INVOICE HOLD PLACEMENT AND RELEASE FOR EXPENSE REPORTS USING A REST API
Place invoices on hold and release holds with reason codes using the Invoice Holds REST APIs. This
allows users to place invoices on hold and release them, simplifying the payment processing workflow.
Business benefits:
Optimized payment processing efficiency and risk mitigation. With the Invoice Holds REST APIs, users
gain the capability to place invoices on hold and release them with designated reason codes. This
functionality plays a crucial role in scenarios such as payment rejections, discrepancies in billing, or
pending dispute resolutions. By swiftly implementing holds and releases through automated processes,
businesses can navigate payment intricacies with agility, reducing the risk of erroneous transactions and
optimizing cash flow management. This results in significant time and cost savings ensures financial
accuracy, and fortifies overall operational efficiency.
EMBEDDED BANKING SERVICES WITH J.P. MORGAN FOR SEPA PAYMENTS
Integration with J.P. Morgan enables seamless payment processing directly from Oracle Cloud ERP for
SEPA payments, eliminating the need for manual intervention and reducing processing time.
EnchantApps Oracle Cloud experts can help you with your 24B Upgrade and testing. Make sure that Oracle cloud quarterly updates do not impact your business processes! We are here to help you! Contact us!
