Oracle R12 Financials Enhancements Cheat Sheet – > EBTax

Posted on January 15th, 2011 by Sanjit Anand || Email This Post

This is New Product in R12 which provides the infrastructure for transaction tax knowledge management and delivery using a global system architecture that is configurable and scalable for adding country specific tax content.

• Modules Integrated with EB Tax:
  • Oracle Purchasing
  • Oracle Internet Procurement
  • Oracle Receivables
  • Consigned Inventory
  • Oracle Payables
  • Oracle Intercompany Invoicing
  • Oracle Order Management
  • Oracle Trade Management
  • Oracle Services Contracts
  • Oracle Order Capture/iStore/Quoting
  • Oracle Internet Expenses
  • Oracle Project Accounting
  • Oracle General Ledger
• Configuration Options & Provider Service Subscriptions: Users using a subscription model can share the tax setup. The owner of tax setup data is defined as a Configuration Owner and can be an Operating Unit or a Legal Entity.
• Events and Configuration Owner Options: Tax Events model allows E-Business Suite applications to map their various documents and actions across applications into corresponding tax event classes and tax event types.
• Tax Configuration Manager: This component is responsible for creating and maintaining the structural foundation of tax, the building blocks.
• Tax Determination Services: This component calculates transaction taxes based on transaction details and tax setup information.
• Centralized Tax Record Repository for Audit and Reporting
• Tax Reporting: Tax Reporting is flexible enough to provide data in a user-friendly format that allows the standard and identified country specific requirements to be met.
• Tax Simulator: This user interface help the tax manager simulate the effect of a new rule or new ‘incremental’ setup data, such as a new tax rate.
• Guided Configuration: Enables a tax manager, i.e., an expert in the domain of tax, to configure the system to meet the tax requirements in one or more countries.
• Additional Enhancements:
  • Deferred Tax in Payables
  • Enhanced handling of Tax on Freight
  • Sales and Use Tax in procurement
  • Enhanced exemptions and exceptions
  • Multiple Tax Registrations
  • Multiple Recovery types
  • Tax reporting codes
  • Cash as well as Accrual Basis reporting for tax
  • Enhanced handling of Tax on Intercompany Movements

1. Understanding Security in : Oracle Financials and Manufacturing
2. Release 12 Localizations – Financials for Asia Pacific
3. Highlights:Release 12 Oracle EBS Financials
4. R12 – Oracle General Ledger – New and enhanced features
5. Welcome to R12 Account Payable