What’s New in 24B: Payables and Expenses

What’s New in 24B: Payables and Expenses

Author: Zunair Aziz, ERP Consultant at Namos Solutions

There are some exciting new features and enhancements introduced in release 24B for both Payables and Expenses which Oracle clients can leverage to enhance their return on Oracle Cloud Investment. This blog will cover these amazing updates related to Supplier invoicing, payment processing and employees’ expenses recording / reimbursement one by one in detail including the brand new feature of ‘Escheatment of Unclaimed Checks’ introduced in this release.

One Time Payment FBDI Spreadsheet to Allow Attachment URL and Remittance Messages Capture Fields on the Invoice

Many of our cloud customers in the Health Care, Higher Education, Public Services and Financial Services industries, initiate bulk one-time payments to payees who are not considered suppliers. These types of payments include Student Refunds in Higher Education, patient claims in Health Care, or payments to individuals on Jury Duty. The One Time Payment (OTP) FBDI is an existing feature in Oracle ERP Financials Cloud, allowing customers to import transactions from external systems as payment requests and make payments through Oracle Fusion.

Organizations with high volumes of one-time payments, typically originating in a 3rd party application, use the FBDI spreadsheet to create these invoices. Some fields on the Payables invoice are required to be added in the one-time payment FBDI spreadsheet. Otherwise, these fields require additional manual updates and entries post importing the invoices, from the Manage Invoice page.

Before 24B, Users submitting One-Time Payment requests through OTP spreadsheets were not able to add attachment URL for invoice images. Additionally, there was no place to capture a reference/remittance message in invoice instalments. This feature enhances One Time Payment FBDI spreadsheet to allow attachment URL and remittance messages to capture fields on the invoice. These additional fields are:

  1. URL Attachments
  2. Remittance Message 1
  3. Remittance Message 2
  4. Remittance Message 3
One time payment fbdi spreadsheet

IDR Extends Adaptive Learning Support to Eight Additional Fields

Intelligent Document Recognition is an amazing Oracle tool transforming the supplier invoice recognition and processing. Making adaptive learning corrections to the incomplete invoices shows IDR where to recognize the missed attribute for subsequent invoices processed for the same supplier. Oracle has added the following additional attributes which can be used for training IDR so that these fields are recognized for subsequent invoice processing. This new enhancement will increase productivity by reducing time and effort spent on manual updates.

  1. Payment Terms
  2. Ship-to Location
  3. First-Party Tax Registration Number
  4. Supplier Tax Registration Number
  5. Multiperiod Accounting: Start Date
  6. Multiperiod Accounting: End Date
  7. Asset: Project Number
  8. Asset: Task Number

Escheatment of Unclaimed Checks

This exciting new feature aims to improve compliance with legal regulations by transferring unclaimed payments over to the appropriate authority. Using this exciting new feature, businesses can identify and escheat unclaimed checks issued for payments to suppliers, or issued to employees for expense payments, that haven’t been presented for clearing during a specific period of time, and transfer the amount to the appropriate local authority. Businesses can also generate a report with a list of payments that are escheated or initiated for escheatment.

Improvement in Supplier Site Selection for Supplier Portal Invoices Based on Purchase Order Details

Before release 24B, all combinations of Supplier Site assignments against different Business Units appeared which created a lot of confusion for the user when attempting to select the correct Supplier Site/Business Unit combination. It can encourage suppliers with small to medium-sized volumes to enter more invoices through this channel.

This feature enhances the Supplier Portal, “Create Invoice” page for Matched invoices, where the Supplier Site LOV now fetches only those Pay Sites, which have the valid assignment against the Bill-to BU of the Purchase Order. The same logic is already used while fetching the Supplier sites in Payables Invoice page.

See below – the Supplier Site Assignment Against the Bill-To BU of the PO:

Supplier Site Assignment Against the Bill-To BU of the PO

See below – Supplier Site LOV in Supplier Portal Before the Change:

Supplier Site LOV in Supplier Portal Before the Change

See below – Supplier Site LOV in Supplier Portal After the Change:

Supplier Site LOV in Supplier Portal After the Change

Invoice Hold Placement and Release for Expense Reports Using a Rest API

This fabulous new feature plays a crucial role in scenarios such as payment rejections, discrepancies in billing, or pending dispute resolutions. By swiftly implementing holds and releases through automated processes, businesses can navigate payment intricacies with agility, reducing the risk of erroneous transactions and optimizing cash flow management. This results in significant time and cost savings, ensures financial accuracy, and fortifies overall operational efficiency.

Automatic Positive Pay File Generation and Transmission for Outsourced Checks Included in the Electronic Payment File

Now with this feature, Banks verify that outsourced check payments are printed or voided as per the instructions shared in the positive pay file. The payment status in the bank is always reconciled and synced up with the corresponding status in the ERP application.

The positive pay file for the electronic payments uses the transmission configuration set up in the payment system. A new Payment System Account – Positive Pay Transmission Configuration is predefined in the ISO20022 Payment System. The transmission configuration must be added to the ISO20022 payment system, and this must be attached to the payment process profile. Alternatively, users can add the same payment system account setting to other payment systems and attach the same to the payment process profile.

Simultaneous Usage of Multiple Payment Gateways

Is yet another wonderful feature introduced in 24B, allowing clients to use multiple payment gateways simultaneously in a single environment for tokenizing customer credit cards. This provides the funds capture setup with greater versatility and allows customers to use alternative payment gateways owing to the constraints of each payment gateway, such as geographic coverage, supported currencies, supported industries, and cost disparities.

Audit of Commute Distance Deduction in Mileage with HCM Address Information

This feature ishelpful where company mileage policy requires deducting commute mileage between home and office from the overall trip distance. When an employee creates a mileage expense with a different home and/or office address than what’s on the Contact Information page of HCM, the corresponding expense report is selected for audit with ‘Commute Distance Variance’ as the reason.

Business benefits include:

  • Enhanced visibility for auditors regarding mileage information within the print preview PDF report.
  • Prevention of inaccurate or fraudulent mileage claims by expense users.
  • Reduction of risk of approval of non-compliant expense reports.
  • Reduction of potential over-payments by the company.
Expense Report Summary

Mailing Address for Expenses Reimbursement

This exciting new feature allows employees to select a mailing address in HCM, other than home and office, to receive reimbursement for business expenses (not cash advance payments). This way employees can claim reimbursements for business expenses while working in a country that’s not their permanent residence, and where local bank regulations require the employee address to match the address registered in that specific country.

Business benefits include:

  • Improved employee satisfaction by allowing employees, who work overseas, to keep their home address in their home country for payroll payment and then use a mailing address to receive Expenses payment. 
  • Reduced payment rejections where local bank regulations require the employee address to match the address registered in that specific country.

Mobile Application Push Notifications

It would allow users to use mobile Web push notifications for Android and iOS devices for select workflows, including expenses. Mobile Web notifications don’t require you to have the mobile application open in your browser to receive notifications. Once you allow notifications on a device, they’re always delivered.

As ever, please get in touch to talk about how Namos can help leverage these new features, or the other ways we can support you in maximizing the value of your Oracle Cloud investment.