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R.I.P. ‘7 Habits’ author Stephen Covey

Posted on July 19th, 2012 by Sanjit Anand |Print This Post Print This Post |Email This Post Email This Post

The world has lost a great motivational guru Stephen Covey. I'm sure you've read the CNN report that Stephen Covey passed away Monday July 16 at the age of 79.

Steven's books and presentations paved the way for those of us in the business of improving other people's lives.I think his books influenced almost everyone in business today.He wrote books like

  • The 7 Habits of Highly Effective People
  • The 8th Habit: From Effectiveness to Greatness
  • First Things First
  • Principle-Centered Leadership

Stephen Covey’s books and principles were a huge part of my personal and professional training. The world at large, not just the business world, are better for his contributions. Thanks you Stephen Covey for the shared wisdom and charity over the years.

R.I.P. Mr. Covey!

Posted in News | No Comments »

What’s the difference between perpetual accrual and period end accrual

Posted on July 16th, 2012 by Sanjit Anand |Print This Post Print This Post |Email This Post Email This Post

For perpetual, or on receipt accrual accounting, a receiving transaction automatically creates a receipt accrual journal entry debiting receipt inventory and crediting uninvoiced receipts. After delivery of a receipt to its final destination, the receipt inventory account is cleared and a material account is debited.

For period end accrual, no accounting is created at either material receipt or at delivery to a final destination.

Take a note, Period end accrual applies only to expense items, as inventory items are alwaysaccrued on receipt.

If you use perpetual accrual accounting, you do not need to run the Create Uninvoiced Receipts Accruals process.

For period end accrual accounting, if an invoice for the receipt is not entered by period end, the Create Uninvoiced Receipt Accruals process generates an accrual and transfers the accounting to the general ledger. The reversing journal is created with an incomplete status. You must run Create Accrual Reversal Accounting to change the journal status to Complete and transfer it to the general ledger.

For perpetual accruals, the invoice accounting debits the accrual account and credits the liability account.

For period end accruals, the invoice accounting debits the expense account and credits the liability account.

Why Are These Accrual Processes so Important?

  • Valuable integration control
  • Monitors accuracy of receiving and payables processes
  • Provides a vital barometer over these activities
  • Helps to ensure accurate inventory counts
  • Ultimately affects your profits

Posted in Oracle Payable, Oracle Purchasing | No Comments »

Difference between the realized gains and losses accounts and the cross currency rounding account

Posted on July 16th, 2012 by Sanjit Anand |Print This Post Print This Post |Email This Post Email This Post

The realized gains and realized losses accounts are used to account for the conversion rate gain or loss in the ledger currency resulting from a cross currency receipt application. For example, if the conversion rate for a foreign currency invoice is 1.7 and the conversion rate of the payment for this invoice is 2.0, Oracle EBS/Fusion posts the difference as a gain to the realized gains account.

The cross currency rounding account is used to record rounding error amounts created during a cross currency receipt application for currencies that have a fixed rate relationship. You must define a rounding error account if you create cross currency receipts.

Posted in Oracle General Ledger | No Comments »

Service Contract Amortization Process

Posted on July 13th, 2012 by Sanjit Anand |Print This Post Print This Post |Email This Post Email This Post

When billing, the system moves the entire billed amount to long-term revenue. When you use amortization, the system moves anything from today's date plus twelve months to short-term revenue. The system moves anything from the beginning of the contract through the end of the amortization period to recognized revenue.

For service contracts, the Amortization Process is a method of moving long-term revenue to short-term revenue, and then short-term revenue to recognized revenue.

Long-term revenue is contracted for more than a 12-month period.

Short-term revenue is contracted within a 12-month period. Recognized revenue is contracted from the beginning of the contract through the end of the amortization period.
Amortization enables you to manage revenue by moving long-term revenue to short-term revenue, and then to earned or recognized revenue. This system only amortizes billed
revenue. When billing, the system moves the entire billed amount to long-term revenue.

When you use amortization, the system moves anything from today's date plus twelve months to short-term revenue. The system moves anything from the beginning of the
contract through the end of the amortization period to recognized revenue.

In Oracle EBS , you don't have any out-of-box feature , you can customize, in order to get , which consist of two process , identifing the new schedule line and GL journal line.

Posted in Oracle Receivable, Service Contracts | No Comments »

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