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Everything you need to know about the Oracle Cloud Financials 22C Release

July 21, 2022
   /   
by 
Iffat Ara Khanam

Our last blog, Everything you need to know about the Oracle Cloud 22C Release, provides a high-level overview of Oracle’s 22C release. This post will outline the key changes to the Financials module release of 22C. The Oracle Cloud 22C release introduces many new features and enhancements to the Financials module. 

Since Oracle quarterly updates have the potential to impact your existing customizations and integrations, they can’t be deployed in production without adequate testing. Oracle customers need a comprehensive testing strategy to handle the Oracle Cloud Financials 22C release that mitigates the risk of their Oracle Financials processes breaking, and disruptions to their business continuity.

Check out Opkey's Advisory Document for the Oracle Cloud 22C Release to get comprehensive details on these financial updates. Let’s discuss the key updates and service excellence improvements in the Oracle Financials Cloud 22C release notes:

Technical/Functional changes - Common Financials:

Usability: 

  • Changes to the Fiscal Document pages to show the correct discounts and adjustments in line with recent enhancements in the fiscal document extract.
  • The Oracle Cloud Financials 22C Release added a feature to display email addresses and phone numbers in the bill-to contact LOV on the Edit Transaction page. This enhancement quickly identifies the correct bill-to contact.
  • Added support for the withdrawal of the AR dispute management workflow tasks when the task creator is no longer with the organization. 

Resiliency:

  • With the Oracle Cloud Financials 22C Release, error messaging has been improved in the error notification to display the proper message.
  • The Hold Resolution Workflow performance was improved by only fetching relevant invoice details.

 Performance:

  • There is improved performance of the Balance Transfer job during printing of an output file with source and target account information.

General Ledger:

  • New Feature: Account Balances search by segment value description. This Oracle Cloud Financials 22C Release enables users to search using business-friendly terms without having to remember numeric values. 
  • Efficiency improvements for General Ledger posting processes: With the Oracle Cloud Financials 22C Release, General Ledger processes like Auto Post Journals, Manual Posting of Journals, and Auto Reverse Journals can now be run in parallel.  This allows operational improvements and results in increased output. 

Expenses:

  • Expense allocation line-level splits with multiple selections: The line-level split allows employees to apply allocations to specific lines of an expense report. 
  • Expense item creation from receipts emailed from a personal email address: With the Oracle Cloud Financials 22C Release, employees can send expense receipts from personal email addresses to create expenses.

Payables:

  • New Feature: Converting emails into attachments for supplier invoices using intelligent document recognition. Introduced with the Oracle Cloud Financials 22C Release, customers can track the sender of the invoice document as well as any additional information in the email.  
  • New Feature: Payment approval is based on payment process request total amount. This Oracle Cloud Financials 22C Release allows users to route all payment process requests to the treasury department if the requested total payment amount exceeds the threshold limit. 

Receivables:

  • Attachment category enhancements have been added in dispute creation so financial managers can control job roles. The collection manager can now perform actions (read, edit, or delete) on attachments that belong to any attachment category (dispute or collection).

More features and functionality from the Oracle Fusion 22C release can be found in the following financial modules: Taxes, Common Financials, General Ledger, Payables and Expenses, Receivables and Cash, and more.

Testing best practices to successfully execute the Oracle Cloud Financials 22C Release:

  • Identify the scope of testing: Identify what needs/doesn’t need to be tested during the Oracle Financials Cloud quarterly update
  • Run quick Sanity/regression tests to ensure business continuity.
  • Identify the business processes to be tested manually, and those to be tested via automation. 

Test Guidance from Opkey

We understand that two weeks are not enough time for most organizations to  test all their critical business processes, workflows, and security roles manually. With Opkey’s test automation platform, you can successfully navigate through the Oracle Cloud 22C with less time, money, and effort. 

Get in touch with us today.

And if you want to see how Opkey can manage these updates for you–so you don’t have to lift a finger– check out our Oracle Quarterly Updates Managed Service.

How we help with Oracle Financial Cloud upgrades:

  • Our Pre-Built Accelerator library of 1,000+ test scripts and 2,000+ business components across various Oracle Financials modules can instantly be applied to your environment.
  • Detailed pre-release advisory documents to highlight the exact changes expected in the Oracle Cloud Financials 22C Release.
  • Impact Analysis reports show as-is vs. to-be processes and highlight key changes to be tested.
  • Test data preparation for new scenarios added to the Oracle Financials module.
  • Security validation and reports validation results on day 1 of the update. 
  • Dedicated staff with 24/7 support.
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