Overview of Oracle Accounting Hub Cloud Rapid Implementation Approach

The rapid implementation approach is a new approach that has been introduced for the purpose of registering source systems quicker with the use of spreadsheet templates, where you will populate the details based on which the registration of the third-party systems will take place.

This is especially useful if you have numerous third-party application systems and you would like to register them into the Accounting Hub Cloud solution. It offers a simplified, streamlined source system registration and automation-ready transaction upload to Financials Cloud.

Steps in the Rapid Implementation Approach

1. Source System Registration. First, you need to figure out which are the third-party systems that you want to use for the purpose of registration into the Oracle Accounting Hub Cloud. And within the application, you have an option to download a spreadsheet template. You can populate the information into the respective sections of the spreadsheet template. And based on the data that you will enter, when you upload that into the application, the system will register a source system automatically.
2. Upload Transactional Data. You can upload transactional data for the registered Accounting Hub Cloud subledgers in a CSV format. Optionally, you can automate the process from uploading to create accounting journal entries with the help of web services as well. This actually increases control of financial and management reporting requirements because you have a streamlined, smooth approach to bring the transactional data from the various systems into the Accounting Hub Cloud solution.
3. Accounting Transformations. To generate the accounting entries against the transactional data that we are bringing from the various systems, we need accounting rules. And those accounting rules are basically designed with the help of a solution called accounting transformations. Accounting transformations will basically help you to set up your accounting methods which are containers for all the accounting rules and other related attributes based on the journal entry that's supposed to be created.

When you register a source system, you will need to establish an event model under that. Once a source system has been registered and an event model has been established, you will design an accounting method. All of them will be utilized. And then you will load the transactional data by using those components. 

Finally, these transactional data will be converted into journal entries and they are then posted into GL to update the balances in the Essbase cube. This allows your organization to run Financial Statements and reports using the Financial Reporting Center, the intended primary user interface for accessing all the journal ledger-related reports.

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Overview of Payable Transactions in Oracle Fusion Applications

This article will discuss an overview of Payable Transactions in Oracle Fusion Applications. Before you can create Payable transactions in Oracle Fusion Applications, make sure all configurations are complete. Check out a separate article "Overview of Payables Configurations in Oracle Fusion Applications" for more information on the configurations.

Once everything is configured, you may proceed to create payables transactions in multiple approaches. There are four approaches to create a Payables Invoice:

Manual

1. Manual Invoice created from the Payables Work Area - allows you to create invoices by using an invoice work area within the application. There is a dedicated user interface where you can navigate and you can start recording your invoices by capturing header level information, line level information, and distribution level information.
2. Integrated Imaging
3. Manual Invoice created from Spreadsheets - Oracle provides functionality to upload invoices in bulk using Spreadsheets with the use of File-Based Data Import (FBDI) templates. This allows the user to be more efficient in getting their invoices in the application. Check out the video demonstration below on how to create invoices from an Excel Spreadsheet:

Self-Service

1. Matched Invoices - This involves a process where you can match the invoices against purchase orders or maybe against receipts, depending on what type of matching level you are going to use.
2. Unmatched Invoices - Invoices that are not matched to purchase orders can be routed to workflow approval rules that you configure
3. Advanced Shipment Notices (ASNs) - A document which allows you to generate invoices automatically, which will be created when supplier create an ASN for drop shipments.

Automated

1. Integrated Imaging - This will use Oracle Integrated Invoice Imaging solution to support integrated imaging of scanned invoices for paperless processing and routing. It then uses the import process to match to purchase order or receipts. If it's a PO based invoice, you can view invoice information including invoice status, installments, holds, payments, and applied prepayments against these invoices as well. You can also drill down to the original purchase order or receipt if required. And if errors are found during the process, manual intervention may be required to resolve the import errors.
2. Self-Billed - In the application we have a feature called Evaluated Receipt Settlement, also known as Pay-On-Receipt. You can use the Pay On Receipt feature to help you in automatically generating an invoice the moment you create a receipt against a purchase order. You can use the predefined jobs, schedule them, and enable your supplier for Pay On Receipt functionality. When you do that, the moment you will create a receipt against a purchase order, based on the scheduled jobs system will automatically keep on creating an invoice against those receipts which you can access from the Payables application. Apart from that, we have also got something called Return to Supplier feature, or sometimes called as Return to Vendor (RTV). This basically helps you in automatically generating a debit memo the moment you create an RTV transaction in the Purchasing application. The moment you create an RTV transaction, that becomes the base to automatically generate a debit memo in the Payables application.
3. Expense Reports - Expense reports are Invoices created from Employee Expenses that need to be reimbursed to them. It can be either done electronically through their registers bank accounts or in the form of a physically printed check. Whenever the expense reports are approved by both the manager as well as the Payables team, they become eligible for import into the Payables application. There is a job which you need to submit to export the expense reports from the Expense application into the Payables application, because from the Expense application you cannot directly process the payments. The type of invoice that is used for these expense reports is now known as Payment Requests. Whenever you will export the invoice from Expenses to the Payables application, you need to search with the invoice type as Payment Request. 
4. Customer Refunds - Similar to Expense Reports, customer refunds can be triggered whenever there are any credit balance in Receivables that require a refund. Once approved, they will flow to Payments as Payment Requests.
5. Inter-company invoices - An intercompany transaction that requires invoicing is imported to Payables for payment processing for internal suppliers

Electronic

1. Business to Business (B2B) Web Service - Used to import invoices in an electronic format via a Web Service

Check out a separate article for more information on how to create Expense reports: Creating an Expense Report in Oracle Fusion Applications or check out the below step-by-step video demonstration:

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Create and Upload Bank Statements from a Spreadsheet in Oracle Fusion Applications

Oracle allows the import of non-standard bank statement formats using just a Excel spreadsheet. You just have to populate the spreadsheet with the correct data and there's a button that allows you to generate a CSV file that you would then load to the cloud.

From the Welcome Springboard, Navigate to the Cash Management application and go into the Bank Statements and Reconciliations work area.

Click on the Task Pane and select the function “Create bank statements in Spreadsheet”:

The template includes instructions for the generation of the CSV file after the population of data being imported. There's a separate tab for bank statement headers, a statement balances, statement balance availabilities, statement lines, etc. 

To find out how to Manually create Bank Statements, check out a separate article:
Manually Creating a Bank Statement and Reconciling against a Receivable Transaction

For more information on Cash Management and Bank Statements, check out this separate article: Overview of Cash Management in Oracle Fusion Applications

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Create Payable Invoices from Spreadsheet in Oracle Fusion Applications

Create Journals though Spreadsheet in Oracle Fusion Applications

You can create Journal Entries in Oracle Fusion applications in two ways.
You can create it manually one-by-one or by Bulk through Excel Spreadsheets using the File-Based Data Import for Financials Cloud (commonly known as FBDI). For the manual process, you may refer to the tutorial found here: Create GL Journal Entry in Oracle Fusion Applications. For the bulk process, you first need to install FBDI on your Local PC and ensure you have the appropriate Microsoft Office version installed. For this article, we will use Microsoft Office o365 or 2016 and FBDI version 11.1.1.9.3 (build 5.0.2.18097).

Go to General Accounting > Journals 

Click on the Task Pane and choose Create Journal in Spreadsheet

Depending on the browser, you will be asked to either open the file in Microsoft Excel (for Mozilla) or it will download the file on your Local PC right away (for Chrome). Either way, proceed to open the file in Microsoft Excel:

Once the file has been opened in Excel, click on "Enable Editing" and proceed to confirm that you want to Connect:

You will be prompted to login using your Username and Password. Use the Username and Password that has the appropriate access to the Ledger you want to import transactions in.

Once login has been confirmed, the spreadsheet will now show the appropriate fields and you can proceed to input the Ledger Header and Line Details. The fields below in Red are the recommended fields you must populate:

For the Chart of Accounts (CoA), You may manually input the values or double-click on the field to select from the List of Values (LoV):

If you've completed entering the necessary information, proceed to click on "Submit" from the Ribbon. You will be prompted to select an option to either:

1. Save the data to the GL_INTERFACE table without importing into the GL Base Tables (GL_JE_HEADERS, GL_JE_LINES, etc.)
2. Save the data to the GL_INTERFACE table and subsequently import data into the GL Base Tables
3. Save the data to the GL_INTERFACE table and subsequently import data into the GL Base Tables and process them for Posting

Once the process has completed successfully, the status will show as "Row inserted successfully" in the "Row Status" column in the Spreadsheet.

On the other hand, Error Lines will show as "Error" and you may update any incorrect data and resubmit to try again.

To verify the uploaded data, navigate to the Springboard > General Accounting > Journals then click on the Task Pane and select "Manage Journals".

You may use the Ledger name you've provided to quickly search for your Journal Batch:

Below is a quick video demonstration on the topic above: