Release Summary
Oracle has recently released this guide to educate and inform users regarding the latest features and functionality of the 21C Cloud Financials update. It features the information Cloud Financials users need to know and describes the tasks you may need to perform for the update. Oracle delivers new updates to their Oracle Cloud Applications each quarter, meaning that every three months users can expect to gain access to new features and functionality that help your organization thrive.
Each section of the guide includes a brief description of the changes users will see with 21C, an outline of the steps you need to take to enable or begin using the feature, and a description of the resources available to help users take appropriate action. Some features are delivered “enabled,” meaning they are immediately available to end-users. Other features will be delivered as “disabled,” meaning you must take action in order to use them.
Below, we will highlight some of the noteworthy features and changes of the Oracle Cloud 21C release.
ADVANCED COLLECTIONS
Collections Data Point for Account Total Amount Past Due
This change is provided to the data point Account Total Amount Past Due for Sites. Users can access the Account Total Amount Past Due for Sites data point from the Edit Scoring Data Point page. Users will find information such as the total amount past due for the customer account at the site level on this page.
You’ll also find that this data point is the sum of the total amount due on all transactions for all sites. The value of this data point will be the same for all sites that belong to the customer account.
ASSETS
Asset Inquiry Page Enhancements
Within Financials, the 21C release features changes to the Export to Excel icon in the Asset Inquiry page. This will allow for the immediate download of the spreadsheet file when the asset volume is less than 200 or less. When the asset volume is greater than 200, the spreadsheet file will be delivered through a notification, meaning you can export a high volume of assets to a spreadsheet more efficiently.
Invoice Rules Tab in the Create Book and Edit Book Pages
Under Payables, users are able to access the options related to invoice transfer by using the Invoice Rules tab in the Create and Edit Book pages. With 21C, users will find the options are grouped under the Invoice Rules tab in the Create Book and Edit Book pages. Prior to this release, the options were in the header region of these pages under Use Payables invoice date as date placed in service, allow unallocated Payables invoice lines, suspend automatic merger of Payables invoice lines.
Budget Entry Classification for Initial or Adjustment Budget Balance Using Spreadsheet and Budget Transfer
In the previous Update 21B, users would specify the budget entry classification as initial budget or budget revisions for file-based budget data import and budget spreadsheets to impact either initial or adjustment budget balances.
For 21C, budget transfers from Review Budgetary Control Balances are classified as budget revisions and update budget adjustments balance no matter their budget period status. Budget transfers are classified as a budget revision when the control budget period status is open or available for budgeting. This is an opt-in feature, meaning that users need to see the opt in User Interface (UI) guide to enable this feature.
Budgetary Control Budget Balance Synchronization to Different Period Names and Non-Budgeted Segments
21C allows users to map the Budgetary Control budget segments and calendar to the General Ledger (GL) calendar and chart of accounts to enable automatic synchronization of the Budgetary Control and GL budget balances. This allows for synchronized budget balances between Budgetary Control and GL, even when your budget calendar and budget segments are different than the ledger. It’s worth noting that the budget calendar doesn’t have to be the same as the accounting calendar, and budget segments can be a subset of the chart of accounts.
Journal Sources Cost Accounting and Receipt Accounting Added as Budgetary Control Exceptions
Journal entries created from Cost Accounting and Receipt Accounting are, by default, excluded when budgetary control is enabled for new ledgers. These journal source exceptions prevent budgetary control validation on General Ledger journals generated for Cost Accounting and Receipt Accounting sub-ledger transactions that haven’t yet been budgetary controlled in the sub-ledgers.
CASH MANAGEMENT
Bank Transfers Using a Rest API
In Cash Management you’re now able to create, update, and view bank transfers with or without settlements using the Bank Transfers REST API. This REST API enables external systems to integrate with Cash Management for initiating and settling fund transfers between bank accounts.
EXPENSES
Dual Currency Corporate Card Support
In Expenses, you can now upload corporate card transactions for dual currency corporate cards. This enables employees to submit them in expense reports as well as make payment requests for these transactions in the payment currency accepted by the card issuer.
Now, in order to upload card charges to Expenses, the billed currencies of transactions must equal the payment currencies of the corresponding company accounts. With dual currency support, companies can easily process dual currency corporate card charges and enable employees to submit these charges directly from the Expenses work area.
Single Click Audit Activation with Preconfigured Rules
This 21C change allows companies to audit anomalous expenses, such as expenses with public sector attendees, duplicate expenses, and expenses with violations using pre-configured models and rules. Enable this intelligent audit for the company by the click of a button. Now, audit rules are defined at the business unit level and with single click audit activation, companies can enable audit rules for all business units all at one time. Additionally, new audit rules allow companies to identify potential anomalies even when expenses are within company policies.
GENERAL LEDGER
Chart of Accounts Filter Creation Using a REST API
Financials users can now use the Chart of Accounts Filter REST API to create an identifier for a chart of accounts filter with one or more segments. The identifier can then be used as a job parameter for submitting processes that have an account filter parameter. The benefits of this feature are:
- – Reduced errors due to automating a manual process
- – Increased efficiency from streamlining across external processes or systems
Account Combination Shorthand Aliases Retrieval Using a REST API
You can Retrieve shorthand aliases for account combinations using the Account Combinations Shorthand Aliases List of Values REST API. Users are able to search for an account combination using the shorthand alias and retrieve all shorthand aliases details for one or more charts of accounts. The business benefits of this feature are:
- – Reduced errors from automating a manual process
- – Increased efficiency from streamlining across external processes or systems
LEASE ACCOUNTING
End of Lease Processing
Lease Accounting provides tools that support the end of lease processing activities of managing options and terminating leases. As leases come to the end of their term, lessees need to make decisions related to these activities which may increase or decrease the lease term.
For example, exercising a renewal option extends a lease, but exercising a termination option shortens the lease. Lessees can opt to do nothing and let the lease end naturally. Each choice has an impact on the lease dates, liability balance, and right-of-use balance.
Rapid Implementation for Lease Accounting
Users can complete setups required for Lease Accounting from a Rapid Implementation spreadsheet. Setups include Lease System Options, Lease Payment Templates, and Index Rates. The business benefits to Rapid Implementation for Lease Accounting include adding multiple system options, discount rate indexes, and payment templates from one place increases efficiency, resulting in a faster implementation.
PAYABLES
Prevention of Split in Invoice Accounting When Funds Are Not Reserved
In 21C, prevent invoice accounting splits when the invoice contains both non-expense and expense distributions. The non-expense distributions should not be reserved in Payables and GL. This removes the need to configure sub ledger accounting rules to block the split of accounting journals during import into GL. With this feature, a single journal entry is created for an invoice with both non-expense distributions that don’t require budgetary control and expense distributions that require budgetary control.
Forms 1099-Misc and 1099-NEC for Tax Year 2021
For 2021, the Form 1099-MISC and the Form 1099-NEC have been updated according to the specifications published by the U.S. Internal Revenue Service (IRS). The following changes are made for tax year 2021:
- – Box 11 in Form 1099-MISC: You must report total cash payments of $600 or more paid during the year to any person who is engaged in the business of catching fish in Box 11. Use the income tax type MISC11 to report transactions in this box. Select the income tax type MISC11 in the supplier profile to default the value on the invoices automatically for such suppliers. Alternatively, select the income tax type MISC11 during invoice creation.
- – Form 1099-NEC resized: The height of the form is reduced to accommodate 3 forms on a page. There is no change in the process for generating the forms. Submit the process US 1099 Report to generate the paper Forms 1099-MISC and 1099-NEC. After the process is completed, click Republish. Select the Copy A and Copy B of the respective forms for printing.
RECEIVABLES
Country-Specific Inbound Acknowledgement and Status Processing for Receivables Invoices Delivered in Universal Business Language 2.1 XML Format
You can provide inbound acknowledgment and status processing for Receivables invoices delivered in Universal Business Language 2.1 XML format for Australia and France, in accordance with country-specific legal requirements.
These are just some of the notable features and changes in the 21C release. For more information and specific instructions for enablement, refer to the Cloud Readiness / Oracle Financials Cloud 21C Guide here or the Oracle Help Center. For information on updating or enhancing your Oracle Cloud Financials system, visit Elire’s Cloud Services here.
