Book Image

Oracle E-Business Suite 12 Financials Cookbook

By : Yemi Onigbode
Book Image

Oracle E-Business Suite 12 Financials Cookbook

By: Yemi Onigbode

Overview of this book

Oracle EBS Financials Suite is a solution that provides out-of-the-box features to meet global financial reporting and tax requirements with one accounting, tax, banking, and payments model and makes it easy to operate shared services across businesses and regions. Have you ever wondered how the EBS Financials modules integrate with each other, and do you want to know how this is done quickly? If so, this book is for you. You may have read about what EBS financials does, but with this book on your work desk you will see how to do it. The Oracle E-Business Suite 12 Financials Cookbook will enable you to taste the core functionalities of the main modules using bite size recipes. Each recipe is organized in a way that will enable you to learn the core steps to perform in a key business scenario; it then dives deeper into concepts and scenarios. Discover scenario-based recipes, designed to help you understand how the end-to-end processes within EBS R12 Financials modules are linked together, through touch points. With each chapter, this book develops a full business end-to-end scenario to cover the financial modules. You will start by creating items in Inventory, and then purchase items in Procurement. Then you will move on to entering supplier invoices and paying them in Payables and creating and managing assets. See how items are sold and shipped to customers in Order Management, and how funds are received from customer in Receivables. Manage cash and transfer transactions to General Ledger, and then close periods.
Table of Contents (15 chapters)
Oracle E-Business Suite 12 Financials Cookbook
About the Author
About the Reviewer

Exploring Item attributes

There are more than 250 Item attributes grouped into 17 main attribute groups. In this recipe, we will explore the main groups that are used within the financial modules.

How to do it...

Let's explore some Item attributes:

  1. 1. Search for the Finished Good Item by navigating to Items | Master Items:

  2. 2. Click on the Find icon. You then enter the Item code and click on the Find button to search for the Item.

  3. 3. Select the tabs to review each of the attributes group:

  4. 4. In the Main tab, check that the Item Status is Active. We can also enter a long description in the Long Description field.

  5. 5. The default value of the primary Unit of Measure (UOM) can be defined in the INV: Default Primary Unit of Measure profile option. The value can be overwritten when creating the Item. The Primary UOM is the default UOM used in other modules. For example, in Receivables it is used for invoices and credit memos.

  6. 6. In the Inventory tab, check that the following are enabled:

    • Inventory Item: It enables the Item to be transacted in Inventory. The default Inventory Item category is automatically assigned to the Item, if enabled.

    • Stockable: It enables the Item to be stocked in Inventory.

    • Transactable: Order Management uses this flag to determine how returns are transacted in Inventory.

    • Reservable: It enables the reservation of Items during transactions. For example, during order entry in Order Management.

  7. 7. In the Costing tab, check that the following are enabled:

    • Costing: Enables the accounting for Item costs. It can be overridden in the Cost Management module, if average costing is used.

    • Cost of Goods Sold Account: The cost of goods sold account is entered. This is a general ledger account. The value defaults from the Organization parameters.

  8. 8. In the Purchasing tab, enter a Default Buyer for the purchase orders, a List Price, and an Expense Account. Check that the following are enabled:

    • Purchased: It enables us to purchase and receive the Item.

    • Purchasable: It enables us to create a Purchase Order for the Item.

    • Allow Description Update: It enables us to change the description of the Item when raising the Purchase Order.

    • RFQ Required: Set this value to Yes to enable us to require a quotation for this Item.

    • Taxable: Set this value to Yes with the Input Tax Classification Code as VAT 15%. This can be used with the default rules in E-Tax.

    • Invoice Matching: Receipt Required Yes. This is to allow for three-way matching.

  9. 9. In the Receiving tab, review the controls.

  10. 10. In the Order Management tab, check that the following are enabled:

    • Customer Ordered: This enables us to define prices for an Item assigned to a price list.

    • Customer Orders Enabled: This enables us to sell the Item.

    • Shippable: This enables us to ship the Item to the Customer.

    • Internal Ordered: This enables us to order an Item via internal requisitions.

    • Internal Orders Enabled: This enables us to temporarily exclude an Item from internal requisitions.

    • OE Transactable: This is used for demand management of an Item.

  11. 11. In the Invoicing tab, enter values for the Accounting Rule, Invoicing Rule, Output Tax Classification Code, and Payment Terms. Enter the Sales Account code and check that the Invoiceable Item and Invoice Enabled checkboxes are enabled.