- General Ledger:
ACCOUNTING DATA ARCHIVE AND PURGE :
Uses a policy-based approach to archive accounting data to enable efficient and proactive management of data growth, and to purge the accounting data in compliance with data retention requirements in various jurisdictions.
Accounting data that can be archived and purged includes General Ledger journals, General Ledger balances, Accounting Hub sub-ledger journals, and supporting references and control account balances for all sub-ledgers. Use Oracle Business Intelligence Cloud Connector to extract archived accounting data to external storage areas before purging.
Business benefits include:
- Flexible retention of accounting data according to country-specific legal retention policies. This reduces the cost of compliance.
- Allows customers to proactively manage the data growth in large volume transaction-based applications like Accounting Hub and General Ledger.
- Brings a stable and smooth user experience to inquiries and reports even while a large amount of accounting data is growing in the system.
- EXPENSES:
AUDIT OF COMMUTE DISTANCE DEDUCTION IN MILEAGE WITH HCM ADDRESS INFORMATION :
Uses employee HCM home and office address information to verify the commute distance entered on mileage reimbursement during expense report audit. This is helpful where company mileage policy requires deducting commute mileage between home and office from the overall trip distance.
When an employee creates a mileage expense with a different home and/or office address than the Contact Information page of HCM, the corresponding expense report is selected for audit with ‘Commute Distance Variance’ as the reason.
Business benefits include:
- Enhanced visibility for auditors regarding mileage information within the print preview PDF report.
- Prevention of inaccurate or fraudulent mileage claims by expense users.
- Reduction of risk of approval of non-compliant expense reports.
- Reduction of potential over-payments by the company.
MAILING ADDRESS FOR EXPENSE REIMBURSEMENT:
Allows employees to select a mailing address in HCM, other than home and office, to receive reimbursement for business expenses. This way employees can claim reimbursements for business expenses while working in a country that’s not their permanent residence, and where local bank regulations require the employee’s address to match the address registered in that specific country.
Business benefits include:
- Improve employee satisfaction by allowing employees, who work overseas, to keep their home address in their home country for payroll payment and use a mailing address to receive Expense payment.
- Reduce payment rejections where local bank regulations require the employee’s address to match the address registered in that specific country.
- RECEIVABLES:
AUTOMATION OF INVOICING AND RECEIPT APPLICATIONS FOR ADVANCE PAYMENTS:
Prepayment is the process in which a customer makes a partial or full payment in advance for your goods or services.
Countries with transactional taxes legally require companies to issue a taxable document following or preceding the actual advance payment. The document is commonly called a “Customer Prepayment Invoice”. You create prepayment invoices to record advance payments against, for example, a sales order or purchase order for goods and services.
Use AutoInvoice to create prepayment invoices for advance payments from customers against transactions originating from third party or external sources.
When it is time to apply a prepayment invoice to a sales invoice, the original accounting and tax lines of the prepayment invoice lines are reversed and the outstanding balance of the sales invoice is reduced or closed by the amount applied.
Business benefits include:
- The prepayment invoice supports regular invoice processing, including credit memos, receipt applications, and document sequencing.
- Prepayment invoices help the business with accurate receivables estimates by tracking a customer’s advance payments.
- The Prepayment Invoice does not affect the revenue account when it is accounted for and will only credit a Prepayment Account.
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