Why Oracle Project Accounting?
When considering undertaking any project, regardless of which business sector involved, the budget is always defined along with a proposed time-frame for executing the respective phases of the project. The Oracle Projects Suite allows a team to streamline their joint efforts to effectively control a projects life-cycle; the core modules which formulate the Oracle Projects Suite comprise of Project Costing and Project Billing. This is why it’s only fitting that we’ve titled our upcoming workshop under what should have been its true name – Oracle Project Accounting!
There are several modules that make up the Oracle Projects Suite, which include; Project Contracts, Project Resource Management, and Project Management. These additional layers are complimentary to the core Project Costing and Project Billing modules.
Project Costing was developed to process expenditures and determine real-time costs to specific projects while integrating “Posts“ to the appropriate General Ledger Accounts (Oracle General Ledger). The Costing module handles the following types of expenditures; Labor (Oracle Human Resource), Expense Reports (Oracle iExpense), Usages, Supplier Invoices (Oracle Purchasing/Payables), Pre-Approved Expenditures and Burden Transactions.
Project Billing on the other hand, assures that the revenue is defined in terms of a process; allowing the organization to comprehensively control each stage of the billing cycle from invoicing to the interface with Oracle Receivables as well as “Posting” transactions to the appropriate General Ledger Accounts. The Billing module handles the following types of functions; Customer Information, Defined Contracts, Time and Material, Auditing along with Reporting Projected Revenue and Status (Oracle Receivables).
Premier Support to the 11.5.10 Application will conclude on November 2010. Many organization are planning an Upgrade to R12 in order to avoid de-support affiliated costs and remain competitive, with the latest features available. In answer to Oracle’s deadline to Upgrade or become de-supported, the OAUG and IT Convergence have responded with our latest set of Oracle Applications Workshops. The partnership creates an added benefit for affiliates of the OAUG by providing discounts to help develop and maximize the potential of Oracle competencies within the member organizations.
