Cloud Critical Patch Update January 2021

Cloud Critical Patch Update

Come January 19th, 2021, Oracle will deliver the first Critical Patch update of the year for Cloud Applications. Patch updates are available in Customers Test POD the first Saturday of their Quarterly Update Month, allowing for 2 weeks for testing and then its pushed into Production POD on the 3rd Saturday of their update month. 

General Ledger:  

Definition and Maintenance of Chart of Accounts and Related Configurations 

  • Define and maintain your chart of accounts and hierarchies using a guided process to ensure your setup adheres to the required standards. The improved user experience centralizes all related elements of managing a chart of accounts and provides efficient tools for loading account values and hierarchies 

Entered and Converted Currency Balances Side By Side in Financial Reporting 

  • View entered currency balances and converted balances side by side in Smart View and Financial Reporting. Accountants can now easily compare the balances 

Prevent General Ledger Period Closure When Open Subledger Periods Exist  

  • Prevent the closure of a General Ledger accounting period if the accounting period for any of the corresponding subledgers is still open, or if incomplete accounting entries or transactions exist for the period. This ensures an effective period close process by validating that all transactions are complete and that incomplete transactions aren’t held up during the close 
  • Assets is now included in the list of subledgers along with the existing Payables, Receivables, Project Foundation, Revenue Management and Cost Management subledgers 

Payables: 

Additional Tax Drivers in Supplier Portal for Accurate Tax Calculation 

  • Use the additional tax drivers available on invoice lines to calculate tax accurately when submitting invoices through the Supplier Portal. This helps suppliers reconcile the tax calculated on the invoice lines with the tax entered on the physical invoice 

Creation and Management of Supplier Invoices with Retainage Payment Terms 

  • Create and manage supplier invoices matched to purchase orders with retainage payment terms. Hold back retainage on complex purchase orders and only release the retained amount once the contract is completed 

Performance Improvements in Manage Invoices Page 

  • The Manage Invoices page search function includes a date range parameter for Supplier Name and Number or Party Name searches 

Supplier Invoice Import with Remittance Bank Account Details 

  • Specify remittance bank account details when creating supplier invoices using the Import Payables Invoices process. This reduces the need to update the default remittance bank account on the imported invoice with the correct one 

Receivables: 

Open Receivables Search Enhancements for Manual Receipt Application 

  • Use improved search and select attributes in the Add Open Receivables window in the Edit Receipt page to select customer transactions for manual receipt application. The receipt customer is now populated by default when you open the window. Additional columns in the search results table for customer bill-to site, transaction receipt method, and transaction date help improve decision-making in selecting transactions for receipt application. Transaction installments marked as internal are excluded by default from the search results, but you can include them by enabling the Include Internal Transactions Excluded from Collections option. 
     

Expenses: 

Configurable Spend Authorization Workflow Rules Using Additional Project Attributes 

  • Use project-related attributes to configure approval rules in the Spend Authorization Workflow. These attributes let you route spend authorization approval notifications to project team members, project task manager, and the hierarchy of the project task manager. 

Cash Management: 

Automatics Reconciliation of Bank Accounts for a Bank, Bank Branch, or Legan Entity 

  • Streamline bank statement reconciliation by submitting the bank reconciliation process for bank accounts of any bank, bank branch, or legal entity. 
  • Extends Flexibility 
    • (Currently has to be run by a bank account) 
  • Current pain point at our clients 

Additional details and information regarding this Critical Patch Update can be found in the Documentation Map (Doc ID 2739466.1) under My Oracle Support.  

For further questions regarding Elire’s support options for your Oracle Cloud investment, check out our Cloud Services page of our website here.