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. Some features are delivered Enabled meaning they are immediately available to end users. Other features are delivered Disabled meaning you have to take action to make them available.
Financials Common
Taxes
- Reporting-Only Taxes and Calculation Formulas in Withholding
Use reporting-only withholding taxes and withholding calculation formulas to develop complex tax scenarios and generate temporary tax results before calculating the final withholding tax. For example, an enterprise can use this feature to determine the more appropriate withholding amount when legal rules allow the application of different options: using the new Brazilian income withholding tax (IRRF) simplified fixed deduction amount to reduce the taxable basis, or using a calculation based on legal discounts, such as social security tax, alimony, and dependents.
When you create a new withholding tax, enable the “Set tax for reporting purpose only” option to indicate that this withholding tax is for reporting purposes only. Enabling this option ensures that the tax is not accounted for and doesn’t affect the transaction totals.
Withholding Taxable Basis Formula
The taxable basis tax formulas are used in the tax calculation process. These formulas help determine the taxable basis amount to consider for a given transaction line.
The taxable basis type, defined in the taxable basis formula, decides the characteristics of the taxable basis amount. The various taxable basis types are:
- Assessable value: Use Assessable value when the transaction line amount doesn’t reflect the correct taxable basis from the tax calculation perspective. The assessable value given on the transaction line is considered the taxable basis amount to calculate tax.
- Line amount: Use Line amount when the transaction line amount is to be treated as the taxable basis to calculate tax.
- Prior Tax: Use Prior tax when there are one or more taxable basis amounts, other than the taxes calculated on the transaction line. The option to compound the prior taxes that are calculated on the transaction line is also available.
- Enhanced Tax Rapid Implementation
Use the additional columns in Tax Rapid Implementation to enter information related to tax rate controls and offset tax and recovery rates.
The following fields are included in the Manage Rates worksheet of the tax configuration workbook and the tax rates template spreadsheet.
- Offset Rate Code
- Default Recovery Rate Code
- Tax Inclusion Method
- Allow override and entry of inclusive tax lines
Common Financials
- Service Excellence Continuing Investments
Our ongoing investment in service excellence has a focus on overall usability, resiliency, performance, and security. This work is based on monitoring performance trends, reviewing common use patterns, analyzing service requests, and participating in many discussions with customers.
In this update, our ongoing investment in service excellence includes improvements in the following areas.
- Usability:
A budget entry name is required when importing budget amounts into Budgetary Control from ERP integration services. This simplifies reporting and inquiry of Budgetary Control budget entries because the budget entry name is present for all methods used to load budget balances.
- Report:
The new BIP report Journal and Transaction Details Report lists the general ledger journal and sub ledger transaction activity, along with header, line, and distribution-level details. The report includes the account code combinations on each line for the selected accounts.
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!