Everything You Need to Know about the Oracle Financials Cloud 22B Release

Our last blog, Everything you need to know about Oracle Cloud 22B Release-SCM, provides detailed information about the changes to the Oracle’s SCM module with the 22B release. This post is focused on the changes that have come to the Financials module with the 22B Oracle Update.

The Oracle Cloud 22B release has introduced many new features and enhancements to the Financials module. If these changes are implemented without proper testing, they could disrupt business continuity.

Oracle customers need a robust testing strategy for the Oracle Cloud Financials 22B release, that will mitigate the risk of their Oracle Financials account breaking. This allows them to focus on how to take advantage of the new features Oracle has rolled out.

Testing Best Practices to Successfully Execute Oracle Cloud Financials 22B Release

• Identify the scope of testing: Determine what you need to test, and what you don’t need to test, during the Oracle Financials Cloud quarterly update
• Execute quick Sanity and tests  ensure business continuity
• Identify the Financials business processes to be tested manually, and business processes to be tested via automation
• Utilize Impact analysis reports that highlight what changes between the releases

Let’s now analyze the key technical and functional updates we have got from the Oracle Financials Cloud 22b release notes.

Technical changes from the Oracle Financials Cloud 22B Release

Asset Depreciation: Analyze asset depreciation details by category & depreciation methods and periods

Return on assets analysis: Measure the return on an organization’s fixed assets from acquisition to retirement

• You can now submit customer disputes for any part of a transaction, using the Receivables Dispute REST API
• We can now audit any updates to interface lines that are made using the Receivables Transaction Interface Lines REST API

Functional changes from the Oracle Cloud Financials 22B Release

General Ledger

• The Data Model for the General Ledger Account Details report is enhanced with the 22B update to include additional columns. The additional columns provide more information about the periodic journal activity for each general ledger account to reconcile beginning and ending account balances.

Expenses

• Allocate specific amounts to a project or expense accounts during an expense report entry. The application auto-calculates the percentage of allocation to the project or account using the amounts entered.
• Configure expense approval rules using accounting segments. This enables companies to route expense reports to account owners for approval, thereby providing visibility into expenses charged to their accounts.

Payables

• The Oracle Cloud 22B release provides adaptive learning data sharing between environments for intelligent document recognition.
• Use the interactive invoice viewer to correct line information for invoices using Intelligent Document Recognition (IDR). IDR uses Adaptive Learning to improve line recognition on subsequent invoices from the same supplier.
• Recognition of specific internal suppliers for invoices created using intelligent document recognition

Receivables

• Enhancements to the receivables aging by general ledger account for multi fund accounting reports
• Management of negative invoice line amounts and transaction completion

More features and functionality from the Oracle fusion 22B release can be found in the following financial modules: Taxes, Asset and Lease Management, Accounting and Control, Budgetary Control Region and Country-Specific Features, Receivables and Cash, and more.

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Check out Opkey's Advisory Document for the Oracle Cloud 22B Release to get complete details on these financial updates.

How Opkey can Help

We know that Oracle Financials customers will only have 2 short weeks to ensure that existing business processes won’t be adversely affected by these changes. Opkey's managed Oracle Cloud quarterly certification will help you to successfully navigate through this Oracle Cloud 22B update without having to lift a finger.

Here’s how we do this:

• Our Pre-Built Accelerator library of  2000+ business components and 1000+ out of the box test scripts across various Financials modules can instantly be applied to your environment.
• Our detailed advisory document prior to updates highlights the exact changes that are expected.
• Our Impact Analysis reports show as-is vs. to-be processes, and highlight key changes that need to be tested.
• Test Data Preparation for new scenarios added to the financials module.
• Security Validation and Reports Validation Results on Day-1 of applying patch.
• Dedicated Support staff with 24/7 support.