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What is in Oracle Financials? – Enterprise Resource Planning – Simple Guide

The financial applications of the Oracle ERP suite of applications are the General Ledger and the sub-ledgers. The financial applications discussed in this book include the following (the common shorthand abbreviation is shown in parentheses):

General Ledger (GL)
Accounts Payable (AP)
Accounts Receivable (AR)
Fixed Assets (FA)
Projects (PA)

In addition, the Inventory (INV), and Purchasing (PO) applications can make journal entries into the General Ledger, but these applications are more properly classified as manufacturing or distribution applications.

The General Ledger provides the capability for multiple sets of books and supports complex enterprise organizations. The General Ledger hosts the sub-ledgers and provides the definition of the chart of accounts structure, a fiscal calendar, and a currency. Because the GL and FA applications can support multiple sets of books and the other financial applications can support multiple organizations, you can set up separate and fully functional accounting systems for each of your business organizations.

General Ledger

The General Ledger (GL) application is the foundation for a full-featured accounting system. The GL receives journal entries from the Oracle subledgers and has an open interface for incoming journal entries from non-Oracle systems. We discuss this application in detail in Chapter 11, “Using Oracle General Ledger.” Although not strictly part of the GL application, the Application Desktop Integrator (ADI for GL enables you to perform reporting, journal entry, and budgeting functions while using an Excel spreadsheet interface. The GL application provides you with the following major business functions:

The capability to create, change, approve, reverse, and post manual and electronic actual, statistical, and budget journal entries
The capability to create and update budgets
The capability to establish budgetary control and online funds checking
Accounting for multiple companies
Consolidation of multiple sets of books
Financial reporting writing through the Financial Statement Generator (FSG) and the Application Desktop Interface (ADI)
Fiscal calendar and chart of accounts maintenance
Currency transactions, conversion, translation, and revaluation

Payables

Use Oracle Payables (AP) to control and process your payments for purchases of goods and services, employee expense reports, taxes, rents, and so forth. The release 11i version of this application provides two user workbench environments for invoice and payment processing. The manual invoice entry screens can be set up for high-speed data entry. The AP application is a subledger to the GL, and it is tightly integrated and shares data with the purchasing application. There are 20 general application steps and 27 specific AP steps to set up and configure the AP application in 11i, and we discuss the following features of AP in Chapter 12, “Using Oracle Payables”:

The capability to set up and maintain supplier records
Electronic and manual invoice entry
Expense report processing
The capability to create and maintain invoice holds and payment schedules
Cash disbursements for checks and electronic transfers
Accounting distributions
Two-, three-, and four-way invoice matching and validation with purchase orders and receipts
Sales tax and VAT processing
Expense and disbursements journal entries to GL
Foreign currency transactions
Bank transaction reconciliation

Receivables

Use the Oracle Receivables (AR) application to recognize revenue, process cash receipts, and collect money that is owed to you. A user workbench is provided for each of these three functions. In addition, there are manual and automatic versions of programs to support billing and cash receipt transactions. The AR application is a subledger to the GL, and it is closely integrated and shares data with the Order Management (OM) application. There are 53 setup steps to configure the release 11i AR application. You will find a discussion of these functions in Chapter 13, “Using Oracle Receivables”:

The capability to set up and maintain customer records
The capability to process cash receipt transactions
The capability to support collection activities with call history, statements, and dunning letters
The capability to create and maintain revenue and adjustment transactions
Accounting distributions
Revenue and cash receipt journal entries to GL
Foreign currency transactions
The capability to archive and purge

Fixed Assets

The Fixed Assets (FA) application can be set up to maintain asset records and process transactions using three workbenches for assets, mass additions, and tax. FA is a subledger to the GL. There are 32 setup steps to configure the release 11i FA application, and I discuss this application in Chapter 14, “Using Oracle Assets”:

The capability to create, maintain, and retire fixed asset records
Asset physical inventory
The capability to compute and maintain depreciation calculations
Depreciation and asset transaction journal entries to GL
Tax accounting
Capital budgeting
Asset listings and construction in progress reports

Projects

The Oracle Projects solution provides a suite of highly integrated applications enabling your organization the capability to capitalize on global opportunities, and I discuss this application in Chapter 15, “Using Oracle Projects.” Oracle Projects (formerly known as Project Accounting) enables your organization to set up projects and tasks and assign related expenditures. Costs can be burdened and translated to Revenue, Billing, and Capital items when required. One of the major benefits of using Oracle Projects is the capability for a project-oriented business to manage its projects with a proactive approach. Projects offers detailed online and standard reporting, including the following features:

Defines projects and tasks (WBS) and enables the control of posting transactions to projects
Cost and revenue budget entry and maintenance, tracks budget versions
Records transactions in detail and tracks expenditures via Timecards, Expense Reports, Usages, Commitments, and Supplier Invoices;
Interfaces these transactions between Oracle Applications
Allocation functionality from costs within the Projects application (input/output) or General Ledger accounts (input)
Capital project maintenance, CIP transactions, and the capability to interface assets to Oracle Assets
Tracks customer contracts as Agreements, which are funded by projects
Revenue and Invoice Generation with various methods, including Time and Materials, Cost Plus, and Percent Complete;
Fully integrated with the General Ledger (Revenue) and Accounts Receivable (Invoices) modules
Multi-currency support for your customer invoices and expenditures
Cross Charging, Inter Company, and Inter Project Billing
Detailed audit trail when data is interfaced between Oracle Applications
Reports cost and revenue

Accounting Management Process

CFO responsibilities in the accounting management process for:

...an emerging business:
    Create chart of accounts & general ledger
    Establish banking relationship
    Develop cash policies & procedures
    Reconcile balance sheet
    Complete emerging business strategic financial management

...a small business:

All of the emerging business fundamentals listed above, plus:
    Establish operating & capital budgets
    Create balance sheet account reconciliation process to prove accuracy of financial statements
    Complete comprehensive accounting policies & procedures
    Hire outside audit firm
    Complete small business strategic financial management

...a medium or large business:

All of the emerging and small business fundamentals listed above, plus:
    Eliminate monthly accruals
    Automate routine transaction processing where possible
    Focus accounting function on production of predictive financial information
    Finance should be fully integrated into strategic decision-making process
    Focus should be on evaluating strategic opportunities
    Should manage performance measurement system
    Complete medium and large business strategic financial management

Our experience
    7 years of experience in annual negotiations of US and foreign banking agreements
    Reduced annual budget cycle from 10 to 3 weeks for a mid-sized manufacturer
    Reduced month-end close from 7 to 2 days, year-end close from 4 to 2 weeks and annual audit from 5 to 2.5 weeks for $40 million company
    Eliminated labor, variance, job-step and WIP reporting; the use of work orders and MRO purchase orders for manufacturer
    Developed policies & procedures for start-up organizations
    Re-wrote accounting policies & procedures for nonprofit organization

Accounting Management

Our Accounting Management Package is designed to complete your daily financial record-keeping tasks as well as your month and quarter - end closing tasks, followed by preparation of your financial reports and analysis of your business.

We want you to feel confident that your accounting system accurately reflects your current situation so you can concentrate on running your business instead of trying to stay on top of your books. We will manage your business finances and keep you on the right track.

Our primary responsibilities involve supervision of the bookkeeping and data entry, ensuring the integrity and accuracy of your accounting system. On a regular basis, we close the books, prepare your financial reports, review your outstanding payables and aging receivables and check your cash flow to help identify specific areas that need attention. We will present this information so you will be able to understand your company’s financial position.

Management accounting and Business Improvement

Accounting in recent times has shifted from its core purpose of providing information to owners. Most financial statements and information packs are now designed in a common format to inform tax authorities and finance providers of the results of the business but not in a way that enables the business owner to obtain relevant information to run the business better.

This shift has caused business owners to treat their financial statements as a commodity or a compliance product rather than as an information tool. As a result, business owners have had to pay substantial accounting fees for a product which they ultimately feel is of no benefit to them.

At Judsons, we have designed tools and financial reporting templates that provide more useful information to the business owner than present traditional accounting financial statements. By identifying the key drivers for revenue and costs in the business, we can report back to the business owner how the key metrics for these drivers are trending both historically and against budgeted results.  From these reports we can then advise the business owner as to the achievability of their financial goals for the business.

These reports can be prepared quarterly or monthly depending on the needs of the business owner. We can also help design dashboard type reporting or "management in a page" reports to the business owner so that they can visualise the performance of the business in formats that make sense to them rather than in typical accounting reports.

Not only can we assist with managerial accounting matters, we also can provide facilitation to business off site meetings or business planning sessions. All these activities are conducted with a view of improving the business either through better planning and execution or through better information being provided to the owner. In short, we aim to provide the business owner with better information to enable them to make better business decisions.

Enterprise Management System

Enterprise Managment System is the field of organizational development that supports organizations in managing internal and external activities.
Auctus have emerged to help business managers implement in business activities areas such as Banking, Financial accounting, payroll mangement, Billing.
Typically, an EMS uses or is integrated with a relational database system.The deployment of an EMS can involve considerable business process analysis, employee retraining, and new work procedures.

Billing and Account Management

Advanced Billing and Accounting Management software module gives you a simple, efficient and cost-effective way to gain full control over accounting processes of an organization. Simple and reliable bookkeeping utility is useful accounting software for small business organization to meet the exact needs of business in most cost effective way

Payroll Management

This is a small business payroll system develop technology. Automatically calculates net paycheck amounts using the latest income tax tables. Calculates Advanced Earned Income credit payments, provides payment history reports per employee and for the company.It is flexible, sophisticated and easy to use.It also provides the ability to keep track of employee documents and events.

SOX Audits, Forensic Accounting, Management Studies, and Training Seminars in the greater Los Angeles, CA Community

Have you been searching for a Los Angeles, CA company that can assist you with SOX Audits,  Business Plans, Forensic  Accounting,  Management Studies,   Outsourcing and Training Seminars? There is no better time than the present time to check out Los Angeles Management Consultants. We pride ourselves on great customer service and remain flexible to work with specific needs.

Los Angeles Management Consultants is the leader in the greater Los Angeles, CA area in respect to Management Studies, SOX Audits, Business Plans, Forensic Accounting and Training Seminars. So why should you choose Los Angeles Management Consultants?

    Unparalleled Customer Service
    Industry Expertise
    Guaranteed Quality
    Great Value & Exponential Benefits
    Portfolio Of Previous Work
    Many satisfied customers in greater Los Angeles, CA area

At Los Angeles Management Consultants we think of our clients as partners, for we work as a team. Moreover, we work hard at maintaining the highest customer satisfaction and giving back to our greater Los Angeles, CA community. If you have any questions in regards to Outsourcing,  Forensic Accounting, Management Studies, Business Plans, Training Seminars, or SOX Audits,   please let us know, and we will be glad to answer them.
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Looking for Forensic Accounting, Management Studies, SOX Audits, Business Plans or Training Seminars in the greater Los Angeles, CA Community?
At Los Angeles Management Consultants we maintain a trait which sets us apart from the competition in Los Angeles, CA. Whether we are dealing with Management Studies, Forensic Accounting, SOX Audits, Business Plans or Training Seminars, we remain versatile and focused. Flexibility is necessary because not every client in the greater Los Angeles, CA community has identical requirements.

We expect the unexpected, which is why we develop a clear understanding of customer needs before implementing their unique solution. At Los Angeles Management Consultants, we make sure we keep the customer informed and participatory. We want the greater Los Angeles, CA community to rely on us for their needs regarding Forensic Accounting, Management Studies, SOX Audits, Business Plans or Training Seminars.