Oracle Cloud Financials 23D Release Guide

Oracle Cloud Applications are built upon an unwavering commitment to continuous innovation. Oracle introduces new enhancements every quarter, updates that enrich the features and capabilities of your Cloud applications. The most recent is the Oracle Fusion Cloud Financials 23D release. In this blog, we will overview important ialterations introduced by the Oracle Fusion Cloud Financials 23D updates in the financial module. We’ll also highlight how Opkey as a test automation platform for Oracle can help you with Oracle 23D update certification.

Watch Dimpy Sharma, Opkey's VP of Product Solutions, explaining key changes that the Oracle 23D release brings to your Oracle environment.

What is Oracle Fusion Cloud Financials Module?

Oracle Fusion Cloud Financials is a global financial platform that connects and automates your financial management processes, including payables, receivables, fixed assets, expenses, and reporting, for a clear view into your total financial health. Oracle Financials module increases forecasting accuracy, shortens reporting cycles, simplifies decision-making, and helps in risk and compliance management.  

Key Features of the Oracle Fusion Cloud Financials 23D Release

• Oracle 23D updates bring a significant performance improvement across accounting sequence processing for large journal batches, AP and AR.

• The commencement of Oracle Financials 23D update streamlines the partner tax calculation process. Previously, the Payables Invoices validation process required two steps - once to flag the invoices for inclusion in the Partner Tax Data Extract and for a second time after the Record Partner Tax Lines process was run. The new feature eliminates the submission of the Validate Payables Invoices process for the second time after the Record Partner Tax Lines process is run.

• Now, users can exclude journal entries from budgetary control validation. This improves the efficiency and performance of the GL posting process when budgetary controls are not required.  

• Users can now edit the supplemental rules when updating control budgets already in use.

• The Oracle Financials 23D allows the exclusion of ledgers from accounting automation. In the 19D update, all ledgers used to be selected by default for the routine tasks of creating accounting entries for subledger transactions, and transferring, importing and posting journals to General Ledger. However, in 23D, system administrators can exclude ledgers that require accounting to be processed at more controlled times or frequencies. This will improve the efficiency of accounting automation for ledgers that handle daily business operations.

• The 23D release brings significant performance improvements in the Create Multiperiod Accounting Report. The BI Publisher version of the Create Multiperiod Accounting Report has been optimized to improve the overall performance of this report. Changes pertaining to this have been made to the "CreateMultiperiodAccountingDm" data model and "CreateMultiperiodAccounting" report used in the Create Multiperiod Accounting Execution Report.

These are the key highlights of Oracle Fusion Cloud Financials 23D Release. Since, it is beyond the scope of this article to highlight all the changes, we recommend you to go through our Advisory Document for Oracle Fusion Cloud’s 23D Release.

As you’re now aware about key changes that occur with the Oracle Fusion Cloud 23D update, you also need to understand that these changes can significantly impact your existing business processes and custom reports. Thus, testing needs to be put on the forefront to ensure that the release meets quality and performance standards.  

Since manual testing of Oracle Updates within a short span of two weeks is a challenging task, we recommend you to incorporate test automation. Opkey is one such platform that speeds up your testing process and ensures that business continuity remains intact.  

Certify Oracle Fusion Cloud for 23D Update in just 3 days with Opkey

Opkey is a No-Code test automation tool that expedites your Oracle Cloud quarterly update certification. Before each update is applied to customers’ environments, Opkey runs a comprehensive series of automated tests to validate the features being released against your environment. Leveraging these tests, Opkey tells you clearly what changes are occuring in your transactions, configurations, and custom screens.  

Opkey’s predictive impact analysis engine takes the guesswork out of determining what needs to be tested before changes are deployed to your Oracle Cloud apps. Instead of testing all test cases, you only need to test those that are highly risky and their dependent components. This can eliminate hours of effort and struggle.  

These tests should validate:

• The health of the builds in a simulated existing customer environment
• Successful execution of tests in a simulated new customer environment
• End-to-end business process flows
• Primary use-case scenarios
• Alternate use-case scenarios
• Oracle Cloud’s security tests
• Reports and integration tests
• Additional scenarios derived from design specifications

Testing doesn’t have to be a headache or a drain on your team. Automation can turn it into a point of strength rather than inconvenience.