Oracle Cloud

Oracle Cloud 22C Update: What’s New in Financials

As Oracle’s Cloud 22C updates have just been released, Oracle customers are pondering how to test their instance to keep business continuity intact. Oracle has been on the forefront of innovation and rolls out quarterly updates to offer new features and functionalities to its customers. However, these updates have the potential to impact existing configurations, making regression testing a mandatory requirement.

Oracle’s quarterly updates are first deployed in the test environment and two weeks later in the production environment. Customers are given a two weeks window to perform regression testing of all their critical business processes, customizations and integrations with third-party apps. During this short window of two weeks it is really difficult for business users to perform testing that includes activities like creation of test scenarios and scripts, defining a timeline, and resource planning.

Enterprises that are struggling with Oracle Cloud quarterly updates need to revisit their testing strategy by incorporating test automation. By automating repetitive but necessary steps in regression testing, test automation speeds up the testing process, enabling customers to better handle frequent updates.

What’s New with Oracle 22C Update in Financials

Simplified Workflow Rules Configurations

Oracle’s Simplified Workflow Rules Configuration feature can be used to create workflow rules for Payables Invoice Approval and General Ledger Journal Approval workflows using spreadsheets. You can download the templates using the Manage Workflow Rules in Spreadsheet task to create and manage workflow rules according to your approval policies. In Oracle 22C Update, you can view additional configuration settings for approval routings. You can control the job level options to better define the approvals by setting the options such as a majority vote.

Predefined roles for Oracle Fusion ERP for Self-service Cloud Service

Self-service offers easy access to self-service functions – expense reporting, timecard entry, and transaction approval to users. Admins can either use the predefined abstract role or create a new role and assign it to a self-service user. With an abstract role, users get privilege to access all ERP self-service capabilities, including expense reporting, timecard entry, talent profile management, and scheduled process submission.

Tax rates derived using UOM for quantity based taxes

Users can compute, charge, and report accurate tax amounts when multiple UOMs (Unit of Measure) are used for the same item.

Exclusion of documents from tax calculations by partner

Improve process performance, reduce payload and processing costs by excluding Payables invoices that requires no tax calculation.

What’s New with Oracle 22C Update in Budgetary Control

Invoice Payment Management

Oracle 22C Update provides budgetary control by allowing payment of invoices only when funds are available in the cash control budget.

What’s New with Oracle 22C Update in General Ledger

Account Balance Search

In the Oracle Cloud 22C update, Oracle has introduced an additional search button that allows users to search with business friendly terms without requiring to remember numeric values.

General Ledger Posting Process

Oracle Cloud 22C Update will also witness efficiency in general ledger posting processes as they can now run in parallel. Users can run AutoPost Journals, Manual Posting of Journals, and AutoReverse Journals simultaneously.

What’s New with Oracle 22C Update in Payables & Expenses

Expense Item Creation

This Oracle 22C update in payables & expenses enables employees to create expenses by sending expense receipts from personal email addresses. This new feature validates expense receipts forwarded from personal addresses to create an expense automatically.

Form 1099-MISC & Form 1099-NEC for Tax Year 2022

As per the new layout by the US Internal Revenue Service (IRS), Form 1099-MISC and Form 1099-NEC for Tax Year 2022 can be generated for tax filing purposes.

Test Guidance by Opkey

To successfully navigate through the Oracle 22C update, you need a robust testing strategy. Opkey can help you seamlessly drive past through Oracle 22C update with its robust continuous testing strategy. Opkey is Oracle’s leading test automation platform that comes with a pre-built library of 5,000+ test cases that can be applied instantly to your environment, saving you time, money and effort on the release cycle.

Additionally, Opkey provides:

  • Release Notes Review
  • Impact Analysis
  • Customer Education
  • Opt-Ins Discussion
  • Test Plan Updates
  • End-to-End Regression Testing
  • Testing Results Walkthrough

Feel free to contact Opkey to get further assistance.

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