Oracle Cloud has rolled out its latest update to ensure Oracle users have access to cutting-edge features, improved functionality, and enhanced security. With the Oracle 24A release, significant enhancements are introduced across Financials, Supply Chain Management, Sales and Human Capital Management modules.
This blog delves into the upcoming changes in your environment, along with strategic insights for smooth testing.
Oracle 24A Update Features
1. Human Capital Management
In Global Human Resources, expect journey editing, extended task expiry, integration with Oracle Grow templates, and the introduction of new task types. The Redwood experience brings VBS-developed pages, mass download filters, and updates to employment processes, positions, and compensation features.
Talent Management in Redwood introduces AI-driven profile creation, feedback generation, Succession Management features, Best Features for talent pools, and AI-enabled goal creation and performance evaluation enhancements.
Recruiting sees AI enhancements and improvements in the internal candidate experience. Talent Management introduces Suggested Successors and Best Features in Redwood Succession Planning. Goal Management incorporates AI-enabled goal creation. Opportunity Marketplace introduces new features, while Learning brings automated recommendations and additional features.
Absence Management, Time and Labor, and Payroll witnessed multiple enhancements and redesigned pages in Redwood Experience.
2. Financials
Common Financials streamlines ledger entries and tax integration. Payables enhance reporting with Exception Reports, dynamic discounting, multilingual IDR, and an improved Holds Infotile. Expenses now evaluate resubmitted expenses.
Receivables enable sweeping and automatic tax registration assignment. General Ledger introduces Attachments Audit, secondary ledger functions, automatic journal generation, and direct Subledger transfer.
Fixed Assets enhance duties segregation, display merged costs, and add a Terminate Leases field. Budgetary Control improves procurement and grants budget managers updated access to the Budget Monitor.
What particular technological improvements can you anticipate with the Oracle Cloud Financials 24A Release?
- The most recent version of the Oracle ADF Desktop Integration add-in, version 5.1.5.26625, is currently available for download and installation.
- Deprecated Business Intelligence View Objects (BIVOs) can no longer be extracted using BI Cloud Connector as of the 24A Oracle fusion release.
- Additional data items will be included in the Receivables XML invoice extract as mandated by various national laws. As a result, less implementation-specific change is required.
- The Zengin Format for Japan REST API can be used to upload alternate payer name mapping rules for Japanese client bank accounts in bulk using the Oracle 24A financial update.
Functional Modifications from the 24A Release of Oracle Cloud Financials
- Common Financials Users can now submit journal entries for all ledgers across all data access sets that were assigned to them at the time of submission by using the Auto-submit Journals method.
Taxes
- To ensure tax compliance, Oracle has introduced automated tax partner integration with Avalara.
Payables
- Invoice exceptions can now be viewed by exception category and for individual exceptions to resources for evaluation and resolution thanks to the addition of the Payables Exception Report.
- The campaign manager can now choose suppliers for dynamic discounting campaigns based on currency, payment terms, and methods, which maximizes campaign effectiveness by giving the manager the option to select suppliers with longer payment terms.
Expenses
- To find duplicate expenses, the resubmitted expenses will be assessed by audit standards.
Receivables
- We can sweep invalid receivables transactions to a later accounting period by utilizing the programs “Review transaction information without sweep” or “Sweep transactions to next accounting period.”
- Receivables transactions can have their third-party tax registration numbers automatically assigned to them at the time of transaction formation. Now, when creating a Receivables transaction, we can automatically give the legal entity third-party tax registration number to the bill-to customer.
General Ledger
Attachments for the General Ledger To monitor and evaluate all attachment actions, including inserting and checking in, deleting, updating, and downloading, audit can be turned on for the journal attachment files.
A portion of the primary balancing segment values allocated to the primary ledger and associated legal entities can be assigned to the secondary ledger. In situations when the primary ledger represents several legal entities or nations, this effectively allows organizations to populate subsidiary ledgers for particular legal entities.
3. Supply Chain Management
The Oracle Cloud 24A update enhances Supply Chain Management, Procurement, External Purchases, Item Replacement, Supplier Model, Sourcing, Limited Availability, Supplier Qualification Management, and Procurement Contracts.
Supply Chain Orchestration
Effortlessly adjust or cancel the remaining quantity on a transfer order or purchase order manually, even when only a portion of the supply is available. Minimize the potential errors that may arise during these modifications.
When altering the scheduled ship date of a sales order, add post-processing days to the requested delivery date of the supply. Utilize this functionality to meet the ship date in your back-to-back workflow consistently.
Procurement: Project-Driven Supply Chain
When procuring materials for sponsored or non-sponsored projects and directing them to an inventory destination, assess fund availability, reserve funds against control budgets, and consider encumbrances if applicable. This capability is also applicable when procuring materials directly to a work order destination from a project-specific manufacturing or maintenance work order.
Procurement Checklists
Generate compliance checklists to compile and monitor the completion of necessary compliance documentation for audit purposes. These compliance checklists can be referenced on purchasing documents and their associated change documents.
Self Service Procurement
In the Responsive Self-Service Procurement application, you can now access a list of approvers for pending requisitions. This feature allows you to review the latest status of the approval process for your requisition and take the necessary actions to complete the approval process.
Additionally, while creating a requisition in the Responsive Self-Service Procurement application, you can now check for funds availability and view outcome details.
Inventory Management
In the “Define Items in Item Categories” step of the cycle count definition, you can now utilize the query by example functionality to search for category names before specifying or modifying counts per year and positive or negative variance percentages. This ensures more precise adjustment values based on the various valuation structures set in Cost Management.
Shipping
To comply with the tax authority regulations of Portugal, you can generate and print a unique QR code on packing slips, bills of lading, and commercial invoices for drop-ship orders. This feature offers greater control over the inclusion of specific shipping documents in the signature process for reporting to the Portuguese tax authority, ensuring compliance with regulations.
Receiving: Redwood Experience
Users receiving goods in the Oracle Responsive Self-Service Receiving application can now access their inbound shipment details on a newly redesigned page.
For complete details on these updates, refer to Oracle Cloud Application Update Readiness: January 2024 Advisory.