Retrieve the dashboard report by accessing it from the Springboard page within the Fusion Applications

What is Oracle Springboard?

In Oracle, the Springboard refers to a centralized, customizable landing page within Oracle Fusion Applications. It serves as a starting point for users, providing quick access to various functional areas, tasks, reports, and analytics relevant to their roles and responsibilities. The Springboard allows users to navigate and perform their daily tasks efficiently by organizing relevant information and actions in a user-friendly and personalized manner. It typically includes tiles, menus, and links that enable users to access different modules, dashboards, reports, and frequently used features within the Oracle Fusion Applications suite.

This article will outline the process of accessing a custom dashboard report from the Springboard page in Fusion Applications. The steps will be divided into three distinct tasks for clarity and ease of understanding.

1. Create an OTBI analysis.

2. Create a Dashboard using that analysis.

3. Add the custom analysis to the springboard

1. Create an OTBI analysis 

We have created 4 analysis ( in order to make a dashboard )

a) Invoice amount by supplier 

b) Payment done by supplier 

c) Top 10 suppliers by invoice amount due 

d) List of all the invoices by supplier 

2. Create custom Dashboard 

Now using the above analysis created, create a custom dashboard just by adding the analysis to the dashboard. The dashboard is ready as shown below 

Also add a home page link to the dash board so that whenever we close the dashboard we will land to the oracle springboard page. 

For this add the oracle cloud home page link to the dash board.

3. Add the custom analysis to the springboard

Now the final step in the process is to add he custom dashboard created to the home page/springboard of oracle cloud.

For this first we will create a sandbox 

1. Go to setup and maintenance > Edit pages 

It will then prompt for the sandbox name. Give any name and enter into the sandbox. Your sandbox will be created.

2. Click on structure 

3. Click on Create drop down arrow and select Create page entity 

4.  Give appropriate name and select the most relevant Icon which you want to be displayed on springboard. 

a) Under group select the header under which you want this to be displayed

b) Select show on navigator as "Yes" 

Note : here we have added this dashboard for all users. If you want this to be available for specific users you can do that by selecting option "EL Expression" 

c) Select link type as static URL 

d) Under destination give the dashboard URL 

Custom page created shown below 

Now the custom dashboard is added to the oracle cloud springboard. Publish the sandbox and verify the changes

 

Avoiding ERP Implementation Failure: Key Factors to Consider

Implementing an Enterprise Resource Planning (ERP) system is a significant undertaking for any organization. While there are various reasons why ERP implementations can fail, it is essential to recognize these common pitfalls and take proactive steps to prevent them. By addressing these factors, businesses can increase their chances of successful ERP adoption and maximize the benefits it offers. Here are key considerations to avoid ERP implementation failure:

Outlined below are the top 6 key causes/reasons of ERP implementation failure and strategies to avoid encountering them:

1. Inadequate Planning and Strategy: 

Insufficient planning and lack of a clear strategy are primary reasons for ERP implementation failure. To avoid this, organizations should invest time and effort in comprehensive planning. This involves defining project goals, outlining a well-defined implementation roadmap, establishing realistic timelines, and allocating sufficient resources. A robust strategy ensures that all stakeholders understand the objectives and the steps involved in achieving them.

 

2. Poor Change Management:

Resistance to change can hinder the success of an ERP implementation. To mitigate this, organizations must prioritize change management throughout the process. Effective communication, employee involvement, and training programs are crucial for preparing the workforce to embrace the new system. By fostering a culture of change and providing support, businesses can alleviate resistance and increase user acceptance.

 

3. Insufficient User Engagement:

User engagement is vital for ERP implementation success. Inadequate involvement and consultation with end-users can lead to a lack of system acceptance and adoption. To overcome this challenge, organizations should actively involve end-users from the early stages of the project. Soliciting feedback, conducting user acceptance testing, and incorporating user preferences into the system design help ensure that the ERP system meets their needs and aligns with their workflows.

 

4. Inaccurate Data Migration:

Data migration is a critical aspect of ERP implementation. Errors in data mapping, cleansing, and migration can lead to inaccurate or incomplete information in the new system, undermining its effectiveness. To prevent this, businesses should invest in data cleansing and validation processes, ensure compatibility between the old and new systems, and conduct thorough testing before going live. By prioritizing data accuracy, organizations can maintain reliable and consistent information in the ERP system.

 

5. Insufficient Training and Support:

Lack of proper training and ongoing support for end-users can hinder successful ERP adoption. It is crucial to invest in comprehensive training programs that cover both technical aspects and process-specific training. Furthermore, providing ongoing support, such as helpdesk services and access to training resources, ensures that users have the necessary assistance during and after the implementation. Well-trained and supported users are more likely to utilize the ERP system effectively, maximizing its benefits.

 

6. Unrealistic Expectations and Scope Creep:

Setting unrealistic expectations or allowing scope creep can lead to project delays, budget overruns, and dissatisfaction. To mitigate this, organizations should establish clear project boundaries and realistic expectations from the outset. Regularly reviewing and reassessing project scope, documenting changes, and effectively managing stakeholder expectations help maintain project focus and prevent unnecessary complications.

 

In summary, by considering these key factors, organizations can significantly reduce the risk of ERP implementation failure. Adequate planning, change management, user engagement, data migration, training, and realistic expectations are essential components of a successful ERP implementation. By addressing these areas proactively, businesses can maximize the value and benefits derived from their ERP system.

 Cost of Goods Sold (COGS) Recognition Process In Oracle Cloud

Understanding what is COGS (Cost of Goods Sold) in Oracle ERP

COGS stands for "Cost of Goods Sold." It is a financial accounting term that refers to the direct costs incurred by a company in producing the goods or services it sells. COGS (cost of good sold) includes expenses such as the cost of raw materials, labor, manufacturing overhead, and other costs directly associated with producing the goods or services.

COGS (cost of goods sold) is an important metric for businesses, as it is used to calculate the gross profit, which is the difference between the revenue generated from sales and the direct costs of producing those goods or services. Gross profit is a key indicator of a company's profitability and financial performance. By tracking COGS, businesses can assess the efficiency of their production processes and pricing strategies, and make informed decisions about pricing, inventory management, and profitability. COGS (cost of goods sold) is typically reported on a company's income statement or profit and loss (P&L) statement as a separate line item.

COGS (Cost of Goods Sold) and Revenue Accounting in Oracle fusion/ cloud

In Oracle Cloud, Cost of Goods Sold (COGS) can be tracked and accounted for using the Oracle Cloud Financials module, specifically the Inventory Management and Costing functionality. The Oracle Cloud Financials module provides robust accounting capabilities for managing and tracking COGS in a cloud-based environment.

Below are the steps which need to be performed to recognize COGS (cost of goods sold) and Revenue in oracle cloud

• Complete the sales order 
• Ship the goods and materials
• Once the goods and materials are shipped Import the invoice into accounts receivable (AR) by running Autoinvoice Import
• Recognize the revenue in accounts receivables by running Recognize revenue job 
• Post the invoice to GL
• Run "Transfer Transactions from Inventory to Costing" Job
• Run "Transfer Transactions from Production to Costing" Job
• Run "Transfer Transactions from Receiving to Costing" Job
• Run "Import Revenue Lines" Job
• Finally run the job "Create Cost Accounting Distributions process with COGS Recognition enabled"

1) Complete the sales order

- No accounting entries are generated at this time 

2) Ship the goods and materials

Cost of Goods Sold (COGS) Recognition Process In Oracle cloud

3) AR invoice imported 

4) Revenue Recognized in Accounts receivables 

5) Final entry generated when cogs recognition processes are run in cost management

Cost of Goods Sold (COGS) Recognition Process In Oracle cloud

Cost of goods sold(Cogs) and revenue accounting is an critical aspect of Revenue and COGS recognition process in any business and plays very crucial role in the organization’s/business financial statements. In the above section we have seen what is cogs recognition process in oracle in details and when/how accounting entries are generated for it.

What is cost of goods sold(Cogs)|| Cogs accounting in oracle cloud || cogs accounting entries in oracle

Oracle Fusion procure to pay (P2P) cycle in oracle cloud

Procure to pay (P2P) cycle overview

The Procure-to-Pay (P2P) cycle, also known as Purchase-to-Pay, is a process that covers the steps involved in procuring goods or services for a business or organization, and paying for them.

The Procure-to-Pay cycle helps businesses to streamline the procurement process and ensure that the goods or services are received on time and at the best possible price. It also ensures that payments are made accurately and on time, which helps to maintain good relationships with suppliers.

What is P2P cycle or Procure to pay cycle in oracle cloud/fusion

Oracle Cloud provides a comprehensive P2P-Procure-to-Pay solution that includes modules for procurement, inventory management, supplier management, and financials. It also includes features such as automated approval workflows, supplier self-service portals, and mobile access to help streamline the process and improve efficiency.

The Procure-to-Pay P2P cycle in Oracle Cloud is a comprehensive process that includes the following steps:

1. Purchase order requisition 

2. Request for Quotation (RFQ)

3. Quotations

4. Creating a Purchase Order

5. Receive Goods/Services

6. Creating an Invoice

7. Supplier Payment

8, Reconciliation 

1. Create purchase order requisition 

Requisitioning: The procure to pay (P2P) cycle in Oracle cloud begins with the creation of a requisition by a requester, which includes information such as the item or service requested, quantity, and delivery date.

2. Request for Quotation 

The user generates a request for a quotation after creating requisitions by providing all the required information (RFQ). An RFQ is a request for quotes, also known as an invitation to bid, that a business sends to possible suppliers.

A request for quotation (RFQ) is a letter that the supplier receives outlining the goods or services required and the buyer's pricing. Any other terms and conditions pertaining to the purchase are also included in the RFQ.

3. Quotations 

In the P2P (Procure-to-Pay) cycle, a quotation is a formal document issued by a supplier to a buyer in response to a request for quotation (RFQ). The RFQ typically specifies the goods or services that the buyer requires, and the supplier's quotation will include details such as the price, quantity, delivery terms, payment terms, and any other relevant information.

4. Create Purchase order 

Once the Quotation is approved the the next step is to create a purchase order in the system.

A purchase is an essential document in the Procure-to-Pay (P2P) process in oracle cloud, as it authorizes a supplier to deliver products or services and provides evidence of the agreement between the two parties. It serves as a legal document that protects both the buyer and the supplier, ensuring that the buyer receives the correct products or services at the agreed price and the supplier is paid promptly.

The purchase order contains detailed information, such as the item description, quantity, price, delivery date, payment terms, and shipping instructions. The supplier must fulfill the terms and conditions specified in the PO, including delivering the products or services as agreed upon.

5. Receive Goods/Services

In the Procure to Pay (P2P) cycle, receiving is the process of acknowledging the delivery of goods or services from a supplier. Receiving is an important step in the P2P cycle because it allows organizations to ensure that they have received the correct quantity and quality of goods or services that they have ordered.

The receiving process typically involves comparing the goods or services received against the purchase order and verifying that they meet the required specifications. This can include inspecting the goods for damage or defects, verifying quantities, and confirming that the goods are of the quality specified in the purchase order.

Once the receiving process is complete, the receiving department will typically update the purchase order to reflect the goods or services that have been received, and will notify the accounts payable department that the invoice can be processed for payment.

Effective receiving processes can help organizations to minimize errors and discrepancies in their procurement processes, which can improve efficiency and reduce costs.

6. Create Invoice

Once the receipt is created into the system next step is to create the invoices into the system. This invoice is matched against the purchase order and receipt in Oracle Cloud to ensure that the correct items or services have been received.

7. Create Payment

Once the invoices are entered into the system the next step is to create the payment for the invoices as in when you receive the payment from supplier.

8. Reconciliation 

Finally, the accounts payable balance is reconciled in Oracle Cloud to ensure that all invoices have been paid and the balance is up-to-date.

By following these steps in Oracle Cloud, the Procure to Pay cycle can be completed accurately and efficiently, ensuring that the supplier is paid in a timely manner and the accounts payable balance is up-to-date.

 

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Automatic bank statement reconciliation in cash management in oracle cloud

In this blog we are going to discuss how automatic reconciliation in done in oracle cloud cash management and why reconciling the transaction is an Important task in any ERP.

Let us first understand what is bank statement reconciliation in oracle cloud cash management.

What is Bank Statement Reconciliation in Orcale Cloud Cash Management 

Bank statement reconciliation in Oracle Cloud cash management refers to the process of verifying and matching the transactions recorded in an organization's bank statement with the transactions recorded in its accounting system.

This is typically done to ensure that all transactions have been accurately recorded and to identify any discrepancies or errors that may require further investigation. By reconciling bank statements in Oracle Cloud, organizations can maintain accurate financial records and identify any potential issues before they become more serious.

Oracle Cloud offers a variety of tools and features to help organizations automate and streamline the bank statement reconciliation process. These tools typically involve importing bank statements into the system, matching transactions with those recorded in the accounting system, and resolving any discrepancies that are identified. The reconciliation process can be customized to meet the specific needs of the organization, and reports can be generated to provide an overview of the reconciliation process and any issues that were identified.

What is automatic bank statement reconciliation in oracle cloud cash management

Automatic bank statement reconciliation in Oracle Cloud cash management is a feature that enables organizations to automatically match transactions recorded in their bank statements with transactions recorded in their accounting system. This is done using predefined matching rules that are configured in Oracle Cloud.

The process of automatic bank statement reconciliation in oracle cloud cash management typically involves importing bank statements into Oracle Cloud, mapping the bank statement fields to the corresponding fields in the accounting system, and setting up matching rules that define how transactions should be matched.

Once the matching rules have been configured, Oracle Cloud automatically matches transactions in the bank statement with those recorded in the accounting system based on the defined rules. Any discrepancies that are identified are flagged for further investigation.

The advantage of automatic bank statement reconciliation in oracle cloud cash management is that it can significantly reduce the time and effort required for manual reconciliation, allowing organizations to focus on more strategic tasks. It also reduces the risk of errors and ensures that financial records are accurate and up-to-date.

How to configure Automatic bank statement reconciliation in oracle cloud cash management

Setting up automatic bank statement reconciliation in Oracle Cloud cash management involves several steps. Here are the general steps involved in setting up this feature:

1 Define Bank/Brach/Account: The first step in automatic bank statement reconciliation in oracle cloud cash management is to define the bank, bank branches and a account in Oracle Cloud cash management by providing details such as bank account number, bank name, and bank branch.

2. Define transaction codes: Define transaction codes that are used to identify transactions in the bank statement. These codes are typically provided by the bank and are used to categorize transactions such as deposits, withdrawals, fees, and interest. Some of the examples for transaction codes are given below.

 

3. Define matching rules: Define matching rules that specify how transactions in the bank statement should be matched with transactions in the accounting system. This includes rules such as matching based on transaction amount, transaction date, and transaction code. Further matching can be one to one , one to many, many to one and many to many.

Automatic Bank Statement Reconciliation in Oracle Cloud Cash Management

4. Define Tolerance rules : Tolerance rules in Oracle Cloud Cash Management define the acceptable differences or variances between the amounts recorded in a bank statement and the amounts recorded in an organization's accounting system. Tolerances can be created on date/days or on amount (value or percentage) or combination of both. If the bank statement lines lies within the tolerance rule range it will be reconciled with the system transactions.

5. Define Parsing Rules : One of the important setup in automatic bank statement reconciliation in oracle cloud cash management is defining parse rules. In simple language Parse rules are basically rules created to move data from one filed to another in other words parse rules transforms data from bank statement while bank statement import process. 

Consider the below example for better understanding

In the above example the there are 3 rules created. Rule 1 says that for the the transaction code 165 whatever ( (X~) ) is coming in "Customer reference" filed in bank statement move it to "Reconciliation reference" filed in system. It is simply moving the content of Customer reference filed in bank statement to Reconciliation reference filed of the system. 

Now this was a simple example the scenarios can be complex as well in that case we need toh write parse rules accordingly.

6. Define Reconciliation rule set :  In the previous steps we have created matching rules and tolerances rules. The next  important setup in automatic bank statement reconciliation in oracle cloud cash management is to combine those rules under a single rule to make a combination and this is called as Reconciliation rule set.

7.  Assign the Reconciliation Rule seta and Parse rule set to bank accounts : The next step is to assign the parse rule set and reconciliation rule set toh the bank accounts under controls tab in bank account section. 

8. Define transmission configurations : A transmission configuration is a set of specific transmission details. Configuration of transmission protocol is necessary if you want to automate the integration of your ERP system with bank. These integrations can be inbound in case of bank statement retrieval or it can be outbound in case of AP payment and positive pay. Below you can see how to configure transmission protocol for bank statement retrieval.

All the values provided in the fields are bank specific and you need discuss all these with the banks before setting this up.

Note: 

PGP Public Encryption Key :→ This will be provided by the bank (upload the file through Import and Export, file name should be ending with _public.key.)

PGP Private Signing Key: → This will be generated by our IT team (upload the file through Import and Export, file name should be ending with _secret. Key.)

9. Define payment system : Define the payment system for the banks for which automatic bank statement reconciliation is required. Assign the transmission protocol the payment system defined.

10: Now at the month end you can run the automatic bank statement reconciliation process: Run the automatic bank statement reconciliation process in oracle cloud cash management to match transactions in the bank statement with transactions in the accounting system based on the predefined matching rules.

11. Review and resolve discrepancies: Review any discrepancies identified during the reconciliation process and resolve them as necessary.

By following these steps, organizations can set up automatic bank statement reconciliation in Oracle Cloud and improve the accuracy and efficiency of their financial operations.

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15 Reasons to change an ERP system from on-premises to the cloud

There could be several reasons where a business could think of moving to cloud system. Sometimes the reasons could be specific to business as well. Below we are going to discuss top 15 reasons to change a ERP system from on premises to the cloud.

Let us see first what is an ERP?

ERP stands for Enterprise Resource Planning. It is a software system that enables organizations to manage and integrate their business processes, including finance, accounting, human resources, supply chain management, inventory management, procurement, and more, into a single, unified system.

ERP systems provide businesses with a centralized database that enables real-time access to critical information, streamlines processes, and provides better visibility into business operations. They automate routine tasks, reduce manual errors, and increase operational efficiency, productivity, and profitability.

ERP systems typically include various modules that are customized to meet the specific needs of the organization. These modules can be tailored to manage specific functions, such as financial management, human resources management, or supply chain management, and can be integrated with other modules to provide a comprehensive solution for the entire enterprise.

What is on-premise ERP?

On-premise ERP (Enterprise Resource Planning) is a type of ERP software that is installed and runs on the organization's own servers and infrastructure, within their own premises. In this model, the company is responsible for managing and maintaining the ERP system, including hardware, software, and security.

On-premise ERP solutions require significant upfront investments in hardware, software, and IT infrastructure. Companies must also have an in-house IT team or hire external consultants to manage the ERP system, maintain servers, and ensure system security. The company is also responsible for managing software updates and upgrades, which can be complex and time-consuming.

On-premise ERP systems are typically highly customizable, providing businesses with the ability to tailor the software to meet their specific needs. However, the customization process can be complex and expensive, and can make the system difficult to upgrade or migrate to a new platform.

What is a Cloud ERP?

Cloud ERP (Enterprise Resource Planning) is a type of ERP software that is hosted in the cloud and accessed over the internet. In this model, the software and data are hosted on remote servers, which are managed and maintained by the vendor, eliminating the need for companies to manage their own IT infrastructure.

Cloud ERP solutions offer several advantages over traditional on-premise ERP systems. They can be accessed from anywhere, at any time, using a web browser or mobile device, providing businesses with greater flexibility and mobility. Cloud ERP solutions are also typically more cost-effective, as they require no upfront investment in hardware or software, and are typically offered on a subscription basis.

Cloud ERP solutions also offer easier scalability, as businesses can easily add or remove users as needed, and can scale their infrastructure up or down as their needs change. They also offer better security, as vendors typically have dedicated security teams to manage and maintain the security of their systems.

Here are 15 reasons why a company might consider changing their ERP system from on-premises to the cloud:

Cloud ERP (Enterprise Resource Planning) has several advantages over on-premise ERP solutions. Below are the top 15 reasons to change a ERP system from on premises to the cloud:

1. Scalability: Cloud-based ERP systems allow for easy scalability, making it simple to increase or decrease resources and services as needed. This makes it easier for companies to grow and adapt to changing business needs.

2. Lower upfront costs: With a cloud-based ERP system, companies can avoid the high upfront costs associated with on-premises systems, such as purchasing hardware and software licenses.

3. Subscription-based pricing: Cloud-based ERP systems typically offer subscription-based pricing models, which can be more cost-effective for companies, as they only pay for the services they use.

4. Reduced IT maintenance: With a cloud-based ERP system, the provider takes care of system maintenance and upgrades, reducing the workload on in-house IT teams.

5. Automatic backups and disaster recovery: Cloud-based ERP systems typically offer automatic backups and disaster recovery solutions, ensuring that data is protected in case of a system failure or disaster.

6. Access from anywhere: Cloud-based ERP systems can be accessed from anywhere with an internet connection, allowing employees to work remotely and increasing productivity.

7. Improved collaboration: Cloud-based ERP systems can facilitate collaboration between different departments and locations, allowing for faster and more efficient decision-making.

8. Real-time updates: Cloud-based ERP systems can provide real-time updates and reporting, allowing for faster and more accurate decision-making.

9. Better security: Cloud-based ERP systems typically offer better security features, such as encryption, firewalls, and intrusion detection, than on-premises systems.

10. Automatic updates: Cloud-based ERP systems typically provide automatic updates and patches, ensuring that the system is always up-to-date with the latest features and security fixes.

11. Easier integration: Cloud-based ERP systems can be easier to integrate with other cloud-based services and applications, such as CRM systems and analytics tools.

12. Faster deployment: Cloud-based ERP systems can be deployed faster than on-premises systems, as there is no need to install and configure hardware and software on-premises.

13. Improved customer service: Cloud-based ERP systems can provide better customer service, as customer data can be easily accessed and analyzed, allowing for more personalized and effective interactions.

14. Better compliance: Cloud-based ERP systems can provide better compliance features, such as audit trails and access controls, to meet regulatory requirements.

15. Improved ROI: Cloud-based ERP systems can provide a better return on investment, as they typically require less upfront investment, lower ongoing maintenance costs, and can provide faster time-to-value.

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