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Credit and rebill a transaction

Posted on February 28th, 2014 by Sanjit Anand |Print This Post Print This Post |Email This Post Email This Post

Sometimes the simplest way to manage a credit transaction is to credit and rebill.

You credit the entire balance of an invoice, duplicate the original invoice and update the duplicate with the correct information, then resubmit to the customer.

Common scenarios for credit and rebill include:

  • A customer indicates that an invoice does not reflect the correct price of a product or service. The customer requests a new invoice with the correct information.
  • A customer wants to correct their accounting directly in the subledger, instead of making a manual journal entry in general ledger. With credit and rebill, the credit memo reverses the accounting of the original invoice, and the updated duplicate invoice creates new accounting for posting to general ledger.
  • The customer wants to change the bill-to information on a posted transaction.

Usually, The credit and rebill actions are performed in few steps and will create the credit bill and the new rebill.

Posted in Oracle Receivable | No Comments »

Oracle Environmental Accounting and Reporting [ EAR] -Solution for capturing and reporting environmental and emissions data

Posted on February 19th, 2014 by Sanjit Anand |Print This Post Print This Post |Email This Post Email This Post

In Release 12.1.3 of the eBusiness Suite, Oracle included an Environmental Accounting and Reporting application.

Environmental Accounting and Reporting (EAR) enables to record and account for activities that have an impact on the environment. It provides the ability to store date effective energy consumption and emissions by location that are later used for environmental reporting.

EAR provides several flexible means to record environmental data through the use of standard transactions , such as invoice processing, inventory issues, batch entry, and manual
data entry.

Supported by a built-in emissions calculation engine that takes the emission factors, the emission sources and the transactional data, it computes the CO2 equivalent and the inventory usage, and stores the data where all the reporting is then done, the Environmental Data Ledger.

It allows the classification of green house gas (GHG) emissions data by Scope 1, 2, or 3 [ see more details at the end] , and also by standard industry codes

The application was originally built by an Australian company NDEVR and subsequently acquired by Oracle . [ Source Oracle Website]

Oracle Environmental Accounting and Reporting is an add-on module to Oracle E-Business Suite and provides multiple modes to capture environmental data, a GHG emissions accounting engine, and pre-built dashboards and reports to:

  • Record, account, track, and report activities that impact the environment.
  • Participate in voluntary GHG monitoring and disclosure programs such as Carbon Disclosure Project.
  • Identify opportunities to improve energy efficiencies and reduce GHG emissions.
  • Recognize and undertake early voluntary actions for reducing greenhouse gas emissions.
  • Fulfill mandatory GHG reporting requirements enforced by global and local legislations.
  • Enhance shareholders confidence as an environmentally conscious organization.

Some of the key features of Oracle EAR that allow you to achieve the above are:

  • Store date effective energy and emission factors for location specific GHG accounting.
  • Maintain an emissions audit data trail in the Environmental Ledger for a time based analysis, reporting, and statutory auditing requirements.
  • Classify GHG emissions data as Scope 1, 2, or 3 and by standard industry codes. Refer to the Setting Up chapter for more information on Scopes.
  • Configure organization hierarchy to meet specific analysis and reporting needs of the enterprise.
  • Record environmental data through several flexible means – through ERP transactions, manual batches or import using WebADI templates.
  • Report emissions data using Oracle Business Intelligence dashboards.
  • Define KPIs for tracking an enterprise’s sustainability performance.

Technology Overview

Oracle Environmental Accounting and Reporting uses the following Oracle technologies:

  • Oracle Business Intelligence Enterprise Edition (OBIEE).
  • Oracle E-Business Suite (EBS) Technology Stack.
    • Following applications of Oracle E-Business Suite to be able to run the EAR application:
      • Oracle System Administration
      • Oracle Inventory
      • Oracle General Ledger
      • Oracle Human Resource Management System
      • Oracle Payables
      • Oracle Assets
      • Oracle Projects
  • Oracle Data Integrator (ODI).

Oracle Environmental Accounting and Reporting

The centre of the diagram [ Fig 1] shows the environmental ledger [ CHG Ledger] – the central storage for EAR, which is supported by a number of configuration screens.
The top section of the diagram shows how environment source data may be collected from:

  • Oracle Payables (e.g. from electricity invoices which show usage statistics)
    • EAR integrates with Oracle Payables to capture data while processing Invoices with or without Purchase Order match, related to the supply and use of products and services that have environmental impact.
  • Oracle Inventory (e.g. if you have an onsite petrol bowser)
    • EAR integrates with Oracle Inventory to record data related to the issue of Items to Assets that result in environmental emissions
  • The Environmental Transaction Batches window (manual data entry specifically related to environmental sources)
  • Or upload data from spread-sheets using Oracle WebADI Templates (e.g. from data extracted fromother systems)
  • EAR leverages Oracle Data Integrator (ODI) to transfer the data from the Environmental Ledger to the Environmental Data Warehouse. The Oracle Business Intelligence application uses the data for environmental reporting through the pre-built dashboards and reports.
  • EAR enables you to record environmental transactions involving the issue of items, to assets defined in the Oracle Assets application.
  • EAR allows you to map Environmental Organizations to projects and tasks defined in Oracle Projects. While processing Invoices that have references to projects and tasks, EAR uses this information to identify organizations to calculate and store environmental data based on the projects and tasks mapped to the organization.

Environmental Reporting Overview

Oracle Environmental Accounting and Reporting provides the following pre-built dashboards to report the source usage, emissions data, carbon disclosure, and KPI measures for organizations:

  • Emissions
  • Energy
  • Metrics
  • Reporting
  • Summaries
  • Test
  • Transaction
  • Usage

Categorization of Emission Types

  1. Scope 1 : Direct GHG Emission from sources owned or controlled by the organization (i.e. gasoline that is put into a fleet of vehicles owned by the organization)
  2. Scope 2 : Energy Indirect GHG Emission from the generation of imported electricity, heat or steam consumed by the organization (i.e. electricity or gas bought by the organization)
  3. Scope 3 : GHG emission that arises from GHG sources that are owned or controlled by other org anizations (i.e. business travel)

Additional Reference

  • Oracle Environmental Accounting and Reporting User's Guide 12.1 (# E23439-02)
  • MOS 1327248.1 - Oracle Environmental Accounting and Reporting Release Notes 12.1.3

Posted in Functional, General Interest, Oracle Application | No Comments »

What’s a revenue contingency?

Posted on February 16th, 2014 by Sanjit Anand |Print This Post Print This Post |Email This Post Email This Post

A revenue contingency is the terms and conditions in a sales contract or business agreement that prevents revenue from being immediately recognized, based on the revenue recognition requirements mandated by US GAAP and International Accounting Standards.

In context to Revenue Management and Reporting , Typical contingencies that can delay revenue recognition include customer creditworthiness, nonstandard payment terms, and nonstandard refund policies.

Typically , most of revune managment system come with predefined revenue contingencies which you can assign to your customer transactions.

You can define your own contingencies based on the predefined contingencies, and you can define revenue contingency assignment rules to control which contingencies are assigned to which transactions.

Moreover , you can assign a contingency to a transaction based on the revenue policy of your enterprise.

You have these options:

  • Credit Classification: The contingency is assigned to the transaction if the applicable customer has a credit classification that matches one of the credit classifications defined in your revenue policy.
  • Payment Terms: The contingency is assigned to the transaction if its payment terms exceed the payment terms threshold of your revenue policy.
  • Refund: The contingency is assigned to the transaction if it includes a refund policy that exceeds the refund policy threshold of your revenue policy.

Posted in Basic Accounting | No Comments »

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