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Collaborative SIG Presentation: Projects to Profit Fundamentals

Collaborative SIG Presentation: Projects to Profit Fundamentals

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Collaborative SIG Presentation: Projects to Profit Fundamentals

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  1. Collaborative SIG Presentation:Projects to Profit Fundamentals Becky Alvarez, Rysigo Technologies Corp. and Wendy Lamar, Rolta TUSC

  2. Agenda • About the Presenters • Introduction • Configuration • Flow

  3. Wendy Lamar • Senior Management Consultant with Rolta TUSC • Over 13 Years Experience Implementing and Supporting Oracle Applications • OAUG Project SIG Development Liaison • Duties Include Gathering Customer ERs and Facilitating Prioritization and Communicating Those to Oracle Product Strategy

  4. Becky Alvarez – Director of E&C Practice WHAT WE DO STRATEGIC CONSULTING SERVICES SPECIALIST AREAS • Engineering and Construction • Professional Services • Energy and Utilities • Hi Tech / IT • Transportation • Oracle EBS, CRM, Primavera, OBIEE • Global Deployments, Shared Service Centers • Global Program Offices™ • Project Centric Organizations PRODUCTS • Collaborative Proposal Management • Collaborative Risk Management • Risk Management for Oracle Projects 70 years of collective experience designing, building and implementing many of the Oracle Application is use today. Rysigo Technologies Corp. provides Collaborative Work Management software and services. Business and Finance Transformation Management Consulting ERP, CRM and Analytics Reporting Applications Management

  5. Introduction Where are we in the P2P Flow

  6. Where are we now in P2P? Quote to Cash People to Paycheck Start Procure to Pay Project to Close Design to Build Accounting to Financial Reports End

  7. Configuration How to Set Up Projects for P2P

  8. Configuration • Define Payables Options for Discounts • Prorate Expense: Discount prorated across all distribution lines • Prorate Tax: Percentage of discount prorated across all tax distribution lines • System Account: Credits the total discount to the discount taken account defined in AP Financial Options

  9. Configuration • Profile Options • PA: Allow Adjustments to Receipt Accruals and Exchange Rate Variance • PA: Allow Override of PA Distributions in AP/PO • PA: Default Expenditure Item Date for Supplier Cost • PA: Default Expenditure Organization in AP/PO

  10. Configuration • Supplier Invoice and Project Related Purchasing Account Generators • Default Supplier Cost Credit Account • (PA System Options) • Interface AP & PO DFF Profile Options • PA: Transfer DFF with AP • Expense Reports, Vendor Invoices • PA: Transfer DFF with PO • Receipt Accruals

  11. Configuration

  12. Project Suite Considerations • When running the process ‘PRC: Interface Supplier Costs’ ensure that the following parameters are set to Yes: • Interface Supplier Invoices • Interface Receipt Accruals • Interface AP Discounts

  13. Project Suite Considerations • All modules have a Create Accounting process that interfaces journal entries to Subledger Accounting. The parameters control interface to GL and posting of GL journal entry. • The Create Accounting process per module typically must complete successfully prior to interface of expenditure item to Project • Transactions create journal entries in the source module – cost collects in Project module

  14. P2P Flow How Contract/Billable Projects are updated by POs

  15. P2P Process Flow

  16. Create Requisition and/or PO • Requisition or PO Line is Entered Referencing: • Project • Task • Expenditure Item and Expenditure Organization • Account Generator Derives Default Charge Account, Accrued Liability (Inventory AP Accrual), and Variance Accounts

  17. Create PO

  18. Distribute to Project

  19. Updates Committed Costs Before After

  20. Receive Goods / Confirm Work • Receive Goods / Confirm Work - Accrue on Receipt Interfaces Cost to Project @ PO Price • Receiving Transaction Processor • Create Accounting for Receiving DR Inventory or Expense Account OR CIP CR Accrued Liability • PRC: Interface Supplier Cost Parameter ‘ Interface Receipt Accruals’ = YES

  21. Receive Goods / Confirm Work

  22. Match Vendor Invoice to PO • Vendor Invoice Match to PO - Variances are Interfaced to Project (New Expenditure Item) • Validate Vendor Invoice • Create Accounting DR Accrued Liability CR Accounts Payable DR/CR Price Variance

  23. Match to PO

  24. Update Projects Before Supplier Invoice for Match against PO After $5,000 Supplier Invoice Entered and Interfaced to Projects. Period to Date and Inception to Date Costs increase by the invoice amount and the Commitment is reduced by the invoice amount.

  25. Pay Vendor Invoice • Pay Vendor Invoice - Discounts Taken are Interfaced to Project (New Expenditure Item) • Create Accounting • DR Accounts Payable • DR Discounts Taken** • CR Cash • PRC: Interface Supplier Cost Parameter ‘Interface Payment Discounts’ = YES **Discounts Taken dependent upon AP configuration

  26. P2P Flow How Capital Projects are updated by POs

  27. Capital Project to Assets Flow

  28. Asset Charges – AP to PA • AP Distribution Line Charges Project and Asset Clearing Account: • Contract Project • Payables Interfaces the Cost to Oracle Assets for Capitalization and GL Accounting • Payables Interfaces the Cost to Oracle Projects for Cost Collection to the Project and Reporting; No GL Impact • Capital Project • Payables Interfaces the Cost to Oracle Projects for Capitalization, GL Account Generation, Project Cost Collection and Reporting. Journal Entry Sources are Payables and Assets.

  29. Capital Project • Create Capital Project • Add Asset Definition including Asset Attributes at Project or Task • Collect Costs against Project • Distribute all Costs, Generate Cost Accounting Events, Create Accounting BEFORE Generating Asset Lines • Summarize your Project Data (Project Performance or Project Summary) BEFORE Generating Asset Lines

  30. Project Asset Setup

  31. Project Task Asset Line

  32. Project Task Asset Setup

  33. Capital Project • When Ready to Place the Asset in Service, Update the Asset Assignment with an Actual In Service Date (Current Period) • Run the PRC: Generate Asset Lines process to Create Summary Asset Lines • Adjust Lines, Associate Unassigned Lines • Auto Accounting Rules Determine Journal Entry DR Asset CR CIP

  34. Update Asset Service

  35. PRC: Generate Asset Lines Creates the Asset Line(s)

  36. Capital Project • Run the PRC: Interface Assets to Oracle Assets process • In Oracle Assets Review and Post Mass Additions • Monthly: Run Depreciation • Creates Accounting • Interfaces and Posts Journal Entry to GL

  37. Interface Asset to FA

  38. View Asset in FA after Additions

  39. Contract Project • Create Contract Project • Include Customer and Billing Setup • Collect Costs • Distribute Costs • Generate Cost Accounting Events • Create Accounting

  40. Customer Invoice Flow

  41. Revenue Recognition Flow

  42. Contract Project - Revenue • Generate Draft Revenue based on Distribution Rule of Project • Release • Generate Revenue Accounting Events • Create Accounting • Transfers and Posts Journal Entry to GL DR UBR CR Revenue

  43. Contract Project - Receivables • Generate Draft Invoice based on Distribution Rule of Project • Approve and Release • The next three steps can be combined in PRC: Submit Interface Streamline (Option XI) • PRC: Interface Invoices to Receivables • Autoinvoice Import • PRC: Tieback Invoices from Receivables

  44. Thank You Becky Alvarez, Director E&C Practice Rysigo Technologies Corp. Join us for a Project to Profit Q&A follow up and a drawing for a FREE Wii Console & Game Today (Wednesday) 3:00pm The Peabody Hotel Tower 2, Business Suite 21111

  45. Q&A Q & A Wendy Lamar: Becky Alvarez: