I come across this , very simple way to explain Order to Cash cycle. Very easy to follow.
A project is temporary in that it has a defined beginning and end in time, and therefore defined scope and resources.
And a project is unique in that it is not a routine operation, but a specific set of operations designed to accomplish a singular goal.
Project management processes fall into five groups:
- Monitoring and Controlling
Oracle Projects consists of the following products:
- Oracle Project Costing
- Oracle Project Billing
- Oracle Project Resource Management
- Oracle Project Management
- Oracle Project Collaboration
- Oracle Daily Business Intelligence for Projects
- Oracle Project Portfolio Analysis
The key features of Oracle Project Costing are:
- Versatile template-driven project definition
- Multiple currency financial plan and budget creation
- Diverse accrual and expenditure capture
- Robust expenditure control, collection, and adjustment functionality, integrated with other Oracle applications
- Powerful burdening functionality
- Rule-based general ledger account functionality
- Comprehensive reporting functionality with drilldown capability
- Capable asset creation and CIP cost collection
The key features of Oracle Project Billing are:
- Robust contract project creation functionality, enabling distinction between project types, revenue accrual and invoice methods, billing cycles, and contacts
- Flexible agreements in multiple currencies with either hard or soft limits
- Budgeting for revenue in multiple currencies, separately from cost
- Organization-level and project-specific billing rate schedules and overrides
- Versatile billing retention and tax functionality
- Flexible revenue accrual calculation
- Optional capability to create invoices using invoice methods differently from the way revenue is accrued
- Optional capability, using Date-Effective Funds Consumption, to have revenue and invoice generation use the same logic to determine what funding to consume
- Optional capability to apply receipts to an agreement as advance amounts, and reduce the balance on the advance when expenditure or event transactions are invoiced
- Several powerful invoice management features, including holds, currency selection, and review/approve/release functionality
- Robust adjustment functionality, including billable status change, selective recalculation and write-off management
- Reports for unbilled receivables and unearned revenue
- Integration between Oracle Project Billing and other Oracle applications
The key features of Oracle Project Resource Management are:
- Comprehensive, shared resource repository with Oracle HRMS
- Shared schedules and availability
- Concise requirements definition
- Targeted searches
- Automated approval processing
- Self-service staffing functions grouped by role
- Global resource deployment
- Actual and scheduled utilization
- Project financial forecasts
- Capture time and expense
- Integration with the Oracle Projects Foundation
Key features of Oracle Project Management are:
- Integrated project planning and tracking
- Issue and change management
- Budget and forecast oversight
- Real-time project performance management through visual status indicators for key performance areas and individual measures
- Configurable project performance reporting packs periodically generated and distributed to recipients by e-mail
- Robust project security and access
- Intuitive and easily personalizable user interface
- Integration with everyday Project Management tools
Key features of Oracle Project Collaboration are:
- Access to structured workspaces such as the Team Member Home page
- Collaborate toward issue and change resolution by sharing information and assigning actions to appropriate people
- Documentation of progress against assigned work
- Management of documents and deliverables
- Secure and intuitive user interface
Key features of Oracle Daily Business Intelligence for Projects are:
- Simple setup and out-of-the-box reporting
- Project profitability reporting through portal pages
- Reporting of key performance indicators across the business cycle
- HTML-based reports that display summary and trend information, and provide drill-down to detail information
- Data access secured by organization and operating unit
- Cross-project reporting in different reporting dimensions
- Reporting for multiple calendar types — enterprise, fiscal, and project
- Display of information by year, quarter, month, and week periods
- Comparison of current actual amounts to prior year, prior period, and budgets
- Reporting by enterprise and functional currency
Key features of Oracle Project Portfolio Analysis include:
- Creation and management of portfolios made up of projects
- Comprehensive portfolio analysis tools
- Periodic and ad hoc planning cycles
- Dynamic project weighting and scoring based upon defined selection criteria
- Ability to create multiple project assessment scenarios for individual portfolios
- Full range of portfolio analysis reports, charts, and graphs
- Robust project portfolio approval workflow
Receivables – Different Type of Invoices
Invoice : An invoice, bill or tab is a commercial document issued by a seller to a buyer, relating to a sale transaction and indicating the products, quantities, and agreed prices for products or services the seller had provided the buyer. A document that you create that lists amounts owed for the purchases of goods or services, any tax, freight charges and payment terms.
Credit Memo : A document that partially or fully reverses an original invoice. A credit note lists the products, quantities and agreed prices for products or services the seller provided the buyer, but the buyer returned or did not receive. It may be issued in the case of damaged goods, errors or allowances. In respect of the previously issued invoice, a Credit Memo will reduce or eliminate the amount the buyer has to pay. Note: A Credit Memo is not to be substituted as a formal document. The Credit Memo rarely contains: PO #, Date, Billing Address, Shipping Address, Terms of Payment, List of products with quantities and prices. Usually it references the original Invoice and sometimes states the reason for issue.
This is received if the goods are incomplete, damaged, or incorrect; customers may also receive one if they paid too much money, or if they had been overcharged.
Debit Memo : A vendor may issue a debit memo to a customer if he undercharged the customer. Further, if the customer received defective goods, he may return the damaged merchandise to the vendor along with a debit memo.
ChargeBack : A new debit item that you assign to your customer when closing an existing, outstanding debit item.
Deposit : A type of commitment whereby a customer agrees to deposit or prepay a sum of money for the future purchase of goods and services.
Guarantee : A contractual obligation to purchase a specified amount of goods or services over a predefined period of time.
Bills Receivables : A bill receivable is a document that your customer formally agrees to pay at some future date (the maturity date). Bills receivable are often remitted for collection and used to secure short term funding. A written evidence of debt that is payable to the holder; a promissory note or an acceptance (a bill of exchange that has been accepted) is in the hands of a person to whom it is payable a bill receivable.
Types of Invoices in Oracle Payables
1. Standard Invoices: Standard invoices are the invoices issued by a supplier to the buyer, representing the amount due for the products or services the supplier has provided to the buyer.
Standard invoices can be either matched to a purchase order or not matched.
A standard invoice must be positive amount.
2. Mixed Invoices: Mixed invoices are the invoices which can have either positive or negative amounts and can be matched to both purchase orders and invoices.
For example, if there is a mixed invoice for $-1000, you can either match it to an invoice with $-1000 or to a purchase order with an amount $1000.
3. Credit Memo: Credit memo is an invoice raised by the supplier to the buyer with negative amount. It reduces the supplier balance and reduces the liability.
For example the customer has returned some of the goods that he purchased, the supplier sends a credit memo to the buyer to adjust the balance.
4. Debit Memo: Debit memo is an invoice raised by the customer to supplier with negative amount.
The functionality of Debit Memo is same as Credit Memo. Both are to reduce the liability.
The purpose of Debit Memos is to record a credit for a supplier who does not send you a credit memo.
Unlike in AR, both Credit memo and Debit memo are with negative signs in Payables.
5. Prepayment: Prepayments are the invoices raised to record advance payments to a supplier or employee.
6. Expense Reports: Expense reports are the invoices that represent amount due to an employee for all his business related expenses.
7. Withholding Tax: After you apply withholding tax to an invoice, you can optionally create invoices to remit withheld tax to the tax authority.
Payables can automatically create withholding tax invoices, or you can perform this
task manually. If you choose to automatically create withholding tax invoices, you must choose whether to do this during Invoice Validation or during payment processing.
8. PO Price Adjustment Invoices: PO Price Adjustment Invoices are used for recording the difference in price between the original invoice and the new purchase order price.
For example, If a supplier sends an invoice for a change in unit price for an invoice you have matched to a purchase order, PO Price Adjustment Invoices can be used to adjust the invoiced unit price of previously matched purchase order shipments or distributions without adjusting the quantity billed.
PO price adjustment invoices can be matched to both purchase orders and invoices.
9. Quick invoices: Used for quick, high-volume invoice entry for invoices that do not require extensive validation and defaults. After entry, you import these into the Payables system. Validation and defaulting occur during import
10. PO Default – Used if you know the purchase order you want to match to, but you do not know to which purchase order shipments or distributions you want to match.
11 Enter QuickMatch use if you want to match an invoice to all shipments on a purchase order.
- Contingent Workers (Third party Staff) are the ones for who are hired through a vendor, for purposes like Cleaning Staff, Security Staff, Floor Staff etc.
2. Contingent Workers are the ones for whom the company does not run a payroll, but their names and identity are recorded in the system.
3. The vendors are solely responsible for the payroll of these Contingent Workers.
4. For a Contingent Worker the assignment Screen is disabled since he is of person type = “CWK” and their HR details are recorded in the system but assignment details are disabled.
5. They have very limited HR processes actually impacting them because most of the HR stuff are handled by the vendor themselves.
6. Real-time example ” if a team has gone on client side to work say from India to Australia , these people are recorded in the client screen for issuing passes and accesses but the client does not run a payroll for these people so these people are contingent workers”
7. In applications you have person type = Employee, Applicant & other,Select “other” to create Contingent worker.
8. If you are trying to generate custom number generation for all Contingent worker , then in the fast formula include the clause ” if person_type=’CWK’ then ,………” would generate your desired number. It depends on fast formula what kind of number you want to generate.
From Ahmed HRMS trainings… email@example.com
You reverse a termination in order to make an employee active again. For this you follow the navigation mentioned below
Enter & Maintain->Others->End Employment
to open the ‘End employment’ form and click on ‘Reverse Termination’ button to undo the termination of an employee. As a result the person will become active employee again.
In order to rehire, you don’t need to reverse the termination, you will go to date at which you need to rehire an ex-employee. Find the person in Enter & Maintain screen and from ‘Action Type’ drop down on upper right corner of page, selection the ‘Employee’ option and click save, it will make the employee active again.
From MAAHMED HRMS TRAININGS firstname.lastname@example.org
A “statement” is simply the status of the customer’s account at a particular point in time.
Each line item on a statement represents sales transactions, credits, and payments for a given period of time. As such, it doesn’t offer as much detail as the individual sales transactions.
Statements are often sent out on a regular basis (e.g., monthly – let your customers know where they stand and if they still owe you any money).
“Invoice” is a term used by vendors when they want to collect funds from their customers.
When you are creating transactions to receive money from your customers you would refer to it as an Invoice or Sales Receipt.
Invoices are the individual sales transactions that would partially comprise a statement of a customer’s account activity.
Invoices are sent to customers who are not paying immediately when specific work items or goods/services sold are completed or fulfilled (when you are expecting a payment at a later date from a customer). Receive Payment would be used in conjunction with Invoice at the time the customer payment is received.
Sales Receipts are generally used for goods/services rendered at the time of a purchase (sometimes referred to as a “point of sale” purchase), or if customers give you immediate payment.
“Bill” is a term used to describe transactions that are owed to vendors.
When your vendors send you an invoice to collect money from you, it is referred to as a Bill.
Since you are a customer to the vendor, you will receive an invoice from them and enter it as a bill you are expected to pay.