Oracle Cloud Financials 24B Release: What's New?

Oracle Cloud's 24B release is here! The quarterly update delivers exciting new features and enhancements to its Financial Module. Get ready to streamline your processes, enhance efficiency, and gain greater insights with these latest updates.  

This blog post will provide a comprehensive overview of the key changes to the Financials module and how they can benefit your organization.

Are you ready to take your Oracle Cloud financial operations to the next level? The 24B release brings a suite of powerful upgrades designed to simplify workflows, boost accuracy, and unlock valuable data-driven insights.

Oracle Financials 24B Release Notes: What’s New in Technical Updates?

Taxes

• Automated Global Tax Compliance: Oracle now integrates with Avalara for automated tax compliance worldwide, not just within the United States.
• Enhanced Spreadsheets: The Create Taxable Transactions and Correct Taxable Transactions spreadsheets now include lists of values for Debit and Credit accounts.

Budgetary Control

• Expanded Purchase Order Tracking: The advance purchase order budget control process now incorporates purchase orders with future shipment dates.

General Ledger  

• Policy-Based Archiving and Purging: Archive and purge accounting data (journals, balances, subledger journals, etc.) using a policy-driven approach for streamlined data management.

Expenses

• Mileage Reimbursement Auditing: Verify commute distances in expense reports against HCM home and work addresses, aligning with your corporate mileage policy.

• Alternate Reimbursement Address: Employees can now select a mailing address (other than home or office) for business expense reimbursements, providing flexibility for international workers.

• Mobile Push Notifications: Receive web push notifications for iOS and Android devices in certain workflows for timely alerts.

Payables  

• Adaptive Learning Enhancements: IDR now supports adaptive learning on eight additional fields for streamlined invoice processing.

• Expanded Payment FBDI: Gather more data (URL attachments, remittance messages, etc.) in the One-Time Payment File-Based Data Import.

• Unclaimed Checks (Escheatment): Find and escheat unclaimed vendor or employee expense reimbursement checks and generate reports on escheated payments.  

Additional Updates  

• Receivables: Create prepayment invoices to handle advance customer payments.

• Billing & Revenue Management: Set default DocuSign settings and create contracts directly from the supplier contact management screen.

• Project Financial Management: Update project data (tasks, budgets, etc.) using FBDI, handle inactive HR assignments, bulk assign resources, and replace resources across multiple tasks.

• Financials: Utilize REST APIs for invoice holds and rate overrides and leverage enhanced OTBI reporting for work-in-progress.

Why Testing Is Critical with Each Oracle Quarterly Update

Oracle rolls out quarterly updates. The tentative Oracle Cloud 24B Financial release date is set for May 2024. Oracle Cloud updates have the potential to impact existing configurations and integrations. Thoroughly testing each Oracle Cloud Updates is recommended. We advise test automation because it is a difficult undertaking to manually test these improvements in just two weeks.  

The tentative release date for Oracle 24B Financials is set for May 2024. Are you prepared for the upcoming Oracle 24B Release date?

How Opkey Can Help

Opkey's industry-leading testing platform simplifies and streamlines the process of validating your Oracle Cloud Financials environment. Our solution offers:

• Automated Testing: Reduce manual effort and accelerate testing cycles for faster, more reliable results.

• Impact Analysis: Pinpoint the exact areas impacted by Oracle updates, ensuring targeted testing.

• Comprehensive Coverage: Test all critical business processes to minimize the risk of unexpected disruptions.

• Expert Support: Our team of Oracle specialists is here to guide you through the testing process for optimal outcomes.

Let Opkey be your partner in navigating the Oracle Cloud 24B Release and ensuring a smooth and successful upgrade for your financial operations.

Conclusion

The Oracle Cloud 24B Financial Module updates showcase Oracle's commitment to continuous innovation. With these new features and enhancements, finance teams have even more powerful tools to optimize their processes and drive smarter decision-making. Stay ahead of the curve by exploring these changes and determining how they can best empower your organization.