21C: ERP – What's New in Core Accounting
Shyam Santhanam + ERP Product Management Team
Oracle Cloud ERP Applications Development
August 4, 2021
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All information in this presentation is current as of August 2021 and Oracle undertakes no duty to
update any statement in light of new information or future events.
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Core Accounting – What’s New in 21C
Automation and Efficiency Operational Improvement to
• Chart of Accounts
Transactional Processing
Onboarding & Maintenance • Guided Exception Management
• Supporting Reference • Country and Localization requirements
Management around intercompany flows
• Controls around Financial Financial Reporting
Close
• Industry Use Cases – Financial Services
• using simplified User Interface
• EPM and ERP Integration
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A Quick Glimpse: New Features
Theme Description Release Product
Automation and Definition and Maintenance of COA and related Configurations 21A General Ledger
Efficiency
Multiple Supporting Reference selection using simplified User Interface 21A Subledger Accounting
Rapid Implementation improvement to create separate values sets for Primary Balancing 21A General Ledger
and Intercompany segments
Prevent General Ledger Period Closure When Open Subledger Periods Exist 21A General Ledger
Journal Categories Excluded During Manual Journal Entry 21B General Ledger
New Rest API enhancements- Chart of accounts filter, Account Combination Shorthand 21C General Ledger
aliases
Operational Credit Memo for negative Intercompany transactions 21C Intercompany
Improvement to
Subledger Journal Entry Analysis 21B Subledger Accounting
Transactional
Processing Intercompany Descriptive Flexfield Transfer to Receivables and Payables 21B Intercompany
Review and correct accounting exceptions to subledger 20D Subledger Accounting
Financial Income Statement Accounts Average Daily Balance tracking 20D General Ledger
Reporting
Entered and Converted Currency Balances Side by Side in Financial Reporting 21A General Ledger
Transfer Income Statement and Balance Sheet Account Balances to Different Closing 20B General Ledger
Accounts
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Oracle and/or its affiliates Integration from EPM to GL 21C General Ledger/ EPM
A Quick Glimpse: New Features
Theme Description Release Product
Automation and Definition and Maintenance of COA and related Configurations 21A General Ledger
Efficiency
Multiple Supporting Reference selection using simplified User Interface 21A Subledger Accounting
Rapid Implementation improvement to create separate values sets for Primary Balancing 21A General Ledger
and Intercompany segments
Prevent General Ledger Period Closure When Open Subledger Periods Exist 21A General Ledger
Journal Categories Excluded During Manual Journal Entry 21B General Ledger
New Rest API enhancements- Chart of accounts filter, Account Combination Shorthand 21C General Ledger
aliases
Operational Credit Memo for negative Intercompany transactions 21C Intercompany
Improvement to
Subledger Journal Entry Analysis 21B Subledger Accounting
Transactional
Processing Intercompany Descriptive Flexfield Transfer to Receivables and Payables 21B Intercompany
Review and correct accounting exceptions to subledger 20D Subledger Accounting
Financial Income Statement Accounts Average Daily Balance tracking 20D General Ledger
Reporting
Entered and Converted Currency Balances Side by Side in Financial Reporting 21A General Ledger
Transfer Income Statement and Balance Sheet Account Balances to Different Closing 20B General Ledger
Accounts
Enterprise Journal Integration from EPM to GL 21C General Ledger/ EPM
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Deep Dive
Credit Memo for Negative Intercompany Transactions
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Credit Memo for negative Intercompany transactions
Capability highlights
• With this enhancement, Intercompany
leverages Receivables transaction types
when creating transactions
Create
Transfer to
Review the
Transfer to
Review • Intercompany transactions with negative
Intercompany
transaction
Receivables
Receivables
Invoice
Payables
Payables
Invoice
amounts or reversals can be handled as
credit memo in receivables.
Provider
Key benefits
• Enables compliance with legal, fiscal,
Receiver
taxation, and document sequencing
regulations
• Provides flexibility when creating IC
transactions to select the suitable receivable
transaction type at a transaction level
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Key Set ups : Credit Memo for negative Intercompany transactions
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Receivables set up for generating Credit Memo
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Business Flow: Credit Memo for negative Intercompany transactions
Create Review the Review
Transfer to Transfer to
Intercompany Receivables Payables
Receivables Payables
transaction Invoice Invoice
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Business Flow: Credit Memo for negative Intercompany transactions
Create Review the Review
Transfer to Transfer to
Intercompany Receivables Payables
Receivables Payables
transaction Invoice Invoice
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Business Flow: Credit Memo for negative Intercompany transactions
Create Review the Review
Transfer to Transfer to
Intercompany Receivables Payables
Receivables Payables
transaction Invoice Invoice
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Business Flow: Credit Memo for negative Intercompany transactions
Create Review the Review
Transfer to Transfer to
Intercompany Receivables Payables
Receivables Payables
transaction Invoice Invoice
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Deep Dive
Subledger Journal Entry Analysis
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Subledger Journal Entry Analysis
21B: Analyze accounting rules for a journal entry
Capability highlights
• Comprehensive diagnostics for subledger
Subledger Accounting journals
Subledgers Rules
• Payables • Journal Line Rules • Support for draft, invalid and final events
• Receivables • Description Rules
• Accounting Hub, • Account Rules
etc. • Supporting References
Review Key benefits
• Single point of reference for accounting setup
General Ledger
Update
• Journals • Insight into source values used for specific
journal context
Analyze
• Visibility of rule priority evaluation
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Subledger Journal Entry Analysis
Enabling the feature
Create new job role Add Function Assign role to user • The feature is auto-enabled
with Role Category : Security policy : who should perform
Financials – Job Review Accounting Subledger Journal • Viewing the analysis is restricted through a new
Roles Diagnostic Entry Analysis function security policy - Review Accounting
Diagnostic
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Subledger Journal Entry Analysis
Reviewing the accounting rules in Analyze Journal Entry page
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Subledger Journal Entry Analysis
Reviewing the accounting rules in Analyze Journal Entry page
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Subledger Journal Entry Analysis
Reviewing the accounting rules in Analyze Journal Entry page
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Subledger Journal Entry Analysis
Reviewing the accounting rules in Analyze Journal Entry page
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Subledger Journal Entry Analysis
Reviewing the accounting rules in Analyze Journal Entry page
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Subledger Journal Entry Analysis
Reviewing the accounting rules in Analyze Journal Entry page
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Subledger Journal Entry Analysis
Reviewing the accounting rules in Analyze Journal Entry page
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Subledger Journal Entry Analysis
Use Case 1 – Preview Accounting Rule Evaluation
• Accounting Hub user configures the accounting rules and
Configure submits draft accounting to review accounting results
• Subledger Journal Entry Analysis feature is used to analyze
Analysis the rule setup when accounting is not as expected
• Necessary setup corrections are made
Correction
Accounting
• Accounting is re-run and the entries are reviewed again
Review
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Subledger Journal Entry Analysis
Use Case 1 - Preview Accounting Rule Evaluation
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Subledger Journal Entry Analysis
Use Case 1 - Preview Accounting Rule Evaluation
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Subledger Journal Entry Analysis
Use Case 1 - Preview Accounting Rule Evaluation
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Subledger Journal Entry Analysis
Use Case 2 – Analyze accounting exceptions
• General Accounting Manager reviews accounting exceptions in
Exception
Review
Manage Accounting Errors page
• The Invalid journal entry is analyzed using Subledger Journal
Analysis Entry Analysis feature
• Necessary corrections are made to the rule setup
Correction
Accounting
• Accounting is re-run and the entries are reviewed again
Review
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Subledger Journal Entry Analysis
Use Case 2 – Analyze accounting exceptions
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Subledger Journal Entry Analysis
Use Case 2 – Analyze accounting exceptions
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Subledger Journal Entry Analysis
Use Case 3 – Incorporate Feedback from Subledger Users
• Payables Manager reviews accounting entries from View Accounting
Accounting window and observes incorrect account combination was used for Freight
Review
• The journal entry is analyzed using Subledger Journal Entry Analysis
Analysis feature
• Necessary corrections are made to the account rule setup
Correction
• Accounting is re-run and the entries are reviewed again
Review
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Subledger Journal Entry Analysis
Use Case 3 – Incorporate Feedback from Subledger Users
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Subledger Journal Entry Analysis
Use Case 3 – Incorporate Feedback
from Subledger Users
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Deep Dive
Definition and Maintenance of COA and Related
Configurations
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Definitions that make up Chart of Accounts configurations
Model Chart of Manage Chart of
account segment Account segment Manage Hierarchies
structure Values
Manage account
Deploy Chart of Combinations ,
Shorthand Aliases, Manage Security on
Accounts
Cross Validation segments
Rules
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Definition and Maintenance of COA and related Configurations
Capability highlights
New centralized User Interface has been introduced
for managing the below:
• Create/Edit Chart of Accounts
• Manage segment security, Hierarchy related to
COA
• Deployment of COA
• Direct link to Manage Account Combinations,
Aliases, Cross Validation Rules
Key benefits
• Simplified User experience
• All set ups at a single place
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Business Flow: COA Maintenance
Invoking Rapid Implementation Spreadsheet from the centralised UI
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Business Flow: COA Maintenance
Upload COA and Entitiy File from the centralised UI
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Business Flow: COA Maintenance
Monitoring the status of Upload jobs
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Business Flow: COA Maintenance
Editing Label names, default hierarchy and other configurations
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Business Flow: COA Maintenance
Value Sets – UI, Edit or adding new values
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Business Flow: COA Maintenance
Value Sets – UI, Edit or adding new values
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Business Flow: COA Maintenance
Value Sets – UI, Edit or adding new values
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Business Flow: COA Maintenance
Managing Hierarchy
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Business Flow: COA Maintenance
Segment Security
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Deep Dive
Prevent General Ledger Period Closure When Open
Subledger Periods Exist
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Prevent General Ledger Period Closure When Open Subledger Periods
Exist
Capability highlights
With this enhancement, Period close process will
prevent GL accounting period from being closed if
any below given exceptions exist
• Subledger Accounting periods not closed
• Unprocessed and untransformed subledger
General ledger transactions
• Intercompany exceptions
• Pending transactions in GL interface
Unposted transactions in GL
Flow of Data
Receivables
Key benefits
Projects Costing
• Streamlines period close checks and controls
ensuring period is closed when exceptions
Payables Assets Revenue resolved and therefore more accurate financial
Management
reporting
• Helps meet audit requirements
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Business Flow: Prevent General Ledger Period Close when open
subledger periods
When General ledger period being closed from UI
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Business Flow: Prevent General Ledger Period Close when open
subledger periods
When General Ledger period being closed from ESS job
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Business Flow: Prevent General Ledger Period Close when open
subledger periods
Additional Information
• Exceptions will be checked for the following subledgers
• Payables
• Receivables
• Revenue Management
• Project Foundation
• Assets
• Costing
• One or more subledgers can be excluded so that period close skips any exceptions that may
exist for those subledgers
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Additional Resources
Dive into the details with What’s New online
Cloud Readiness > Oracle ERP Financials: What’s New in 21C
Cloud Readiness > Oracle ERP Financials: What’s New in 21B
Cloud Readiness > Oracle ERP Financials: What’s New in 21A
Join upcoming events: Financials – 21C Product Webinars
• August 18th ERP - What's New in Payables and Expenses 21C
• September 1st ERP - What's New in Receivables and Cash Management 21C
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Q&A
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Thank You
