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.

BILLING AND REVENUE MANAGEMENT

  • APPLY EXPIRY AND REMINDER SETTINGS IN CONTRACT ENVELOPES FROM DocuSign ACCOUNT

If DocuSign is your e-signature provider, you have the option to default the expiry and notifications settings in the contract envelopes from the DocuSign account. If the Apply account level reminders and expiration settings check box is selected in the Manage Electronic Signature UI, the contract documents that are sent for signature will have the values defaulted. The check box is deselected by default.

  • BILL AND COST RATE OVERRIDE MAINTENANCE USING A REST API 

Rate overrides provide an intuitive, flexible mechanism to maintain bill and cost rates specific to bill plans, projects, or tasks, and often serve as a price list or rate card for professional services customers. Use this REST API to build integrated solutions to create and update rate overrides, such as during contract creation or amendment. End users will also be able to use this API through tools such as the Oracle Visual Builder add-in for Excel, improving back-office efficiency.

  • CREATE SUPPLIER CONTACTS FROM CONTRACT

You can now create supplier contacts in the Parties tab of the contract. The ability to create the contact while authoring a contract accelerates the contract creation process. The Create Contact button is enabled for supplier and other third-party roles of a procurement contract.

  • MILESTONE BILLING AND REVENUE RECOGNITION Feature is from a customer submitted idea.

Define milestones once and track them across the entire lifecycle, from contract definition, to work planning, and ultimately to billing. Contract administrators can create milestones and their respective bill amounts in milestone-based fixed price contracts. When the contract is approved, milestones defined on the contract automatically appear in the project plan. Project managers can then manage the milestones in their project plan. Project managers create detailed plans, track deliverables, and monitor progress for milestone completion. When the milestone is achieved, the project manager submits it for stakeholder approval. Upon approval, the application automatically enables the associated billing event for invoicing and revenue recognition. This feature helps project managers gain greater control during project planning and execution, and enables billing specialists and project accountants to streamline the invoicing and revenue recognition processes for milestone-based contracts.

This feature is part of a focused investment to automate and accelerate business flows for the professional services industry. Our goal is to deliver a seamless experience across project and resource planning, cost collection, invoicing, and reporting, strengthening operational controls and optimizing cash flow. Watch for additional capabilities in upcoming updates.

  • WORK-IN-PROGRESS BY BILLING STATUS ANALYSIS USING OTBI

Use measures in the Project Billing – Bill Transactions Real Time subject area in OTBI, enabling you to more easily report unbilled amounts, also known as work in progress, or WIP, for new or updated bill transactions. In conjunction, a billing status attribute has also been introduced, providing a clearer picture of where WIP is within the billing lifecycle, both within and across projects. For example, how much WIP is on hold, versus how much WIP is associated with a draft invoice, versus how much has been accepted in Receivables. To report WIP in real-time, and therefore take advantage of the new WIP measures and status attribute, opt into the Bill Transaction Creation on Cost Import feature from update 23C. That feature was previously under Controlled Availability but has been made available to all customers from this release.

Billing Status

A new attribute that indicates where every bill transaction is within the billing lifecycle. Billing statuses use simple, unambiguous language and have universal applicability.

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 for more details.

Oracle Fusion Cloud Project Management 24B Release Notes

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