Team Elire is excited to have attended Interact 2019, the Healthcare Industry User Group (HIUG) conference in Orlando, Florida! This annual conference hosted over 600 attendees and 175+ educational sessions and clinics. HIUG fosters the collaboration of Oracle application users across the healthcare industry, cultivating connections between Oracle Enterprise users and services.
Elire is grateful to have had the opportunity to continue building our relationships with Oracle users, experts, and HIUG board members at our exhibit booth and our Topgolf event. We always enjoy connecting current and prospective clients for interactive networking events. This year’s event was co-sponsored by our partners, Canon Information and Imaging Systems.
Elire was recently named the Partner of the Year with Canon Information & Imaging Solutions for 2018. Elire and Canon have partnered to successfully deliver the AP Automation Solution from Canon to Elire’s PeopleSoft and E-Business Suite Customers, as well as develop the future of OCR technology to streamline and automate day-to-day business processes for AP Users.
We had multiple attendees inquire about support for Lease Administration/New Accounting standards. Information regarding our solutions and services surrounding these new standards can be found on the Lease Administration and Asset Management page of our website. While visiting our site, be sure and scroll to the bottom of the page and download our informational Onesheet. In addition to the curiosity surrounding options for support for the new Lease Administration/Accounting standards, our Team saw interest from attendees in Continuous Delivery Methodology support and PeopleSoft Test Framework (PTF).
Thank you to all of those in attendance and we hope to see you at HIUG Interact 2020! Contact our sales team at [email protected] for further information about our range of consulting services.
Recently, PeopleSoft PUM FSCM Image 31 became available and includes functionality to ensure Government Accounting Standards Board (GASB) compliance as it relates to Lease Accounting.
The GASB issued statement number 87 (GASB 87), is a new accounting standard for lease accounting. The new standard is effective in 2020. GASB 87 is similar to previously released guidance from FASB and IASB with some differences. A key requirement under GASB is to capitalize leases as assets and liabilities on the balance sheet. The operating lease classification no longer exists under GASB. This is similar to guidance under IASB. However, GASB does classify certain leases as ‘Financed Purchases’ which is different from IASB or FASB.
When the business unit reports under GASB, the system classifies assets in the business unit as finance and disregards the criteria for classification of leases used by FASB. This can be completed by enabling the GASB 87 features using the same installation options used for IASB and FASB.
In addition, GASB 87 requires organizations to classify certain leases as a ‘Financed Purchase.’ The initial measurement of the lease liability and the asset is the same for a financed purchase. The difference is the liability account used for a financed purchase. The liability should be reported using the ‘Financed Purchase’ account rather than the ‘Lease Liability’ account.
The GASB identifies a financed purchase as a lease that:
Transfers ownership of the underlying asset to the lessee by the end of the contract and the lease cannot contain termination options.
The lease may contain a fiscal funding or cancellation clause as long as it is not reasonably certain of being exercised.
The GASB views this lease as a financed purchase rather than a lease liability, because the lessee is expecting take ownership of the leased asset.
Accounting for financed purchases requires changes to transaction code configuration, the transaction code selected on the asset, and the accounting entry templates. This is completed by creating a new transaction code for Financed Purchases (FP – Financed Purchase – Fin Purch). When adding a new asset, the checkbox “Transfer of Ownership” will also need to be selected for these instances.
About the Author: Bryan Reynolds is a Consultant in Elire’s Lease Administration Practice, responsible for implementing Oracle’s Lease Accounting Modules.
Mid-March, PeopleSoft Released highly anticipated Image 27 which included the following new functionality and enhancements:
Expanded eProcurement Fluid Requisition Capabilities (0:20) – Define default field values for a requisition and add a one time shipping address for a requisition. Mass Changes allows you to modify multiple requisitions at one time. You can also now view, copy, and print for requisitions
Fluid Purchase Order Acknowledgements (1:41) – PeopleSoft has expanded the comprehensive supplier secure portal feature, including POA functionality, and configurable “My Preferences” page to prioritize and respond to POAs.
Bank Transfer Center in Fluid (3:28) – PeopleSoft added the Bank Transfer tile to the Cash Management Fluid Homepage to update existing bank transfer details and create new bank transfers. You can update details only if the status of the Transfer is “new.” In update mode – BU, Transfer type, and ID type are not editable.
Lease Accounting Phase 4 (5:13) – Lease Accounting Phase Four shares Lease Functionality between Asset Management (AM) and Lease Administration (LA), allowing AM users to use LA functionality delivered in the previous three phases. This functionality address core accounting requirements for Payables leases. A new activity guide is available to perform all tasks for performing the migration. The Guided Migration Process Activity Guide enables you to perform migration tasks necessary for utilizing the new accounting standard, including preparing to Transition to the New Standard, and Transition.
Asset Profile Inactivation (6:25)– Asset Profile is used to add assets to the system with pre-defined depreciation and tax criteria for a specific asset type. With Image 27, PeopleSoft added the status field to the profile definition field. You can mark an asset profile active or inactive. This prevents obsolete assets from populating an asset with incorrect criteria and depreciation values.
Calculating Taxes when Saving Invoice (7:11) – PeopleSoft Billing allows you to calculate taxes from the invoice page without having to navigate to the summary page. The Calculate taxes icon is not available for invoices that have a status of “invoiced” or “final.”
Courtesy Copy of Consolidated Invoices (8:01) – PeopleSoft Billing provides the capability to have courtesy copy addresses on consolidated headers. You can select the copy address link to access the create consolidated addresses page.
Component Keyword Search for Grants and Contracts (8:33) – Image 27 provides new search capabilities for award and contract general components using Elasticsearch, including keyword search across contract and award attributes.
Accounting Tag in General Ledger Journal (9:23) – Accounting Tag, a centralized and standardized accounting definition, is designed for financial products in fluid and classic plus. It is a simplified method to manage and maintain accounting data. With Image 27 – PSFT extends the use of Accounting tags, replacing speed types when enabled, for Online Journal Entry, Budget Journal Entry, and Journal Excel Spreadsheet Upload.
SAM Revised General Services Administration Requirements (10:07) – PeopleSoft expands the system for award management leveraging the new SAM taxpayer Name Field from the inbound interface field. Select the user taxpayer name for alternate withholding on the federal processing options page, this allows PSFT system to update the supplier withholding information if it is different from the legal business name.
Activating Contract and Upgrade Bill Plans en Masse (11:00) – Two new actionable exception reports have been added to “My Work” on the Contracts Work Center, Contracts for Activation, and Invalid Billing Plans, allowing you to take action on an individual update or take actions en masse.
Additional Features:
ISO 2022 – Customer Credit Transfer Initiation for Switzerland
