What is new in R12

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What’s New in R12 Financials? 1] Ledgers and Ledger Sets: The ledger is a new fundamental concept in Release 12. The ledger replaces the 11i concept of a set of books. It represents an accounting representation for one or more legal entities or for a business need such as consolidation or management reporting. 11i & Prior = Sets of Books (3 C’s)    Chart of Accounts Accounting Calendar Currency R12 = Ledgers (4 C’s)     Chart of accounts Ledger currency Accounting calendar Accounting
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  What’s New in R12 Financials?   1] Ledgers and Ledger Sets:  The ledger is a new fundamental concept in Release 12. The ledger replaces the 11i concept of aset of books. It represents an accounting representation for one or more legal entities or for abusiness need such as consolidation or management reporting. 11i & Prior = Sets of Books (3 C’s)      Chart of Accounts    Accounting Calendar    Currency R12 = Ledgers (4 C’s)      Chart of accounts    Ledger currency    Accounting calendar    Accounting method  –  new 4th While a set of books is defined by 3 C‟s, chart of accounts, functional currency, and accounting calendar, the ledger is defined by a 4th C: the accounting method. This 4th C allows you toassign and manage a specific accounting method for each ledger. Therefore, when a legal entityis subject to multiple reporting requirements, separate ledgers can be used to record theaccounting information. Primary Ledger:      The main “Activity” Ledger       Usually in the local currency    For Operational reporting  Secondary Ledger:      Differs from Primary Ledger by Chart of Account, Calendar, and/or Accounting Method    For Statutory, Tax or Consolidated reporting Reporting Currency Ledger:      Differs from Primary Ledger by Currency ONLY    Just a translation of the Primary Ledger  –  no rules required    For Consolidated reporting LEDGER SETS:      Grouping of ledgers with the same chart of accounts and calendar/period typecombination    Essentially treats multiple ledgers as one 2] Subledger Accounting:  You can consider SLA as a bridge or an Intermediate platform that talks to Subledger products(these are other applications or modules) and the General ledger. All Accounting entries for yourmodules (like AP, AR, Projects, Inventory, etc) are treated as Sub-Ledgers and they first sent tothe SLA engine. The SLA applies its rules (some or these rules are pre-configured and also youcan configure as many rules as you want) and then sends the necessary journal entries to theGeneral ledger.In a nutshell, the following services are provided by Oracle SLA     Rule based Generation and storing of accounting entries    Storing subledger balances    Subledger or SLA accounting entries    Subledger reporting (some examples could be Open Account Balances Listing andSubledger Journal Reports, etc ) 3] Multi-Org Access Control (MOAC):   „Multi - Org Access Control‟ popularly known as „MOAC‟ in short form is an enhanced feature in Release 12. MOAC will enable users to access secured data in one or more Operating Units froma single responsibility.End-Users can access/transact data within several operating units based on Security Profileattached to a responsibility. i.e. End-Users can access/transact data on multiple Operating unitsby accessing one operating unit at a time without changing a responsibility. This Providesflexibility for end-users to work conveniently with multiple Operating Units in shared serviceEnvironments with single responsibility. 4] Advanced Global Intercompany System (AGIS):  Advanced Global Intercompany System (AGIS) enables you to create, settle and reconcileintercompany transactions. Intercompany transactions are transactions that occur between tworelated legal entities in an enterprise or between groups in the same legal entity. The balances of   the intercompany transactions must be eliminated or adjusted when preparing the consolidatedfinancial statement, or it might result in overstated financial results, which in turn might lead tolegal repercussions against the enterprise. Intercompany transactions can be identified andeliminated by the use of specific accounts to book these transactions. 5] Tax Engine:  It Centrally manage tax transactions across entire E-Business Suite.     Single Repository of transactions for global business insight    Centralized rules applied to transactions to manage globally and reduce risk     Automation of tax processes on transactions to improve operational efficiency    Improved Reporting    Effective Date Setup    Extensible architecture that supports additions, e.g. Self-assessed Use Tax 6] Bank Model:  Because of changing business need and high demand of global partners, the R12 release witnessgreat changes ever into the bank model. Bank account is now associated with Legal entity ratherthan Operating Unit and hence single bank account serves multiple Operating Units. This makesbank with strong capability to pay across operating units. More over banks accounts can beshared by applications and can be designed for use by Payables, Receivables and Payroll.The new bank account model allow you to define and keep track of all bank accounts in the e-Business Suite in one place and explicitly grant account access to multiple operatingunits/functions and users. The new model reduces the number of access points to manage bank accounts by providing a centralized user interface where all internal bank accounts can be set up.
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