Last updated on October 14th, 2021 at 05:35 pm
Small step to heal the world. Countdown to #IDY2021 #internationaldayofyoga


PS: This post was initially posted on my Linkedin profile and is migrated today as part of transition plan.
Last updated on October 14th, 2021 at 05:35 pm
Small step to heal the world. Countdown to #IDY2021 #internationaldayofyoga
PS: This post was initially posted on my Linkedin profile and is migrated today as part of transition plan.
Last updated on October 14th, 2021 at 05:47 pm
Oracle E-Business Suite (Previously known as Oracle Apps) is one of Oracle Corp.’s major product lines. Also known as Oracle EBS, it is an integrated set of business applications for automating:
Below is the Oracle Fusion Application Product Families:
Notably, TCA (Trading Community Architecture) is used to store information of Banks, Customers and Suppliers – click here for more detail on this.
The focus of this article is on one integral suite called Oracle Projects (Oracle Project Accounting or in short called PA suite).
What is Project Accounting (PA)?
The Project Accounting (PA) suite provides timely and detailed solutions to project managers as well as the finance groups. The details give you improved visibility to project revenues, work breakdown structures, invoice accountability and overall profitability to any project. With the Project Accounting Module you can:
Step 1: Define statuses of any project
Step 2: Maintain draft, baseline and original versions of the project budget
Step 3: Utilize the power of a flexible work breakdown structure and provide accurate and up to date information to finance and the project managers regarding spend rates and burdened costs for materials or labor.
Step 4, Step 5 and Step 6: Put the power of data into the hands of the project managers.
Here is a very short video from YouTube which gives overview on Oracle Projects
Basic terminologies of PA:
Project: A project is a primary unit of work that can be broken down into one or more tasks.
Task: It is the small unit of work created under the project against which transaction can be created. Note: we cannot create transaction/expenditure items directly on the project, hence it is mandatory for each project to have at least one task.
Project Classes: Oracle PA has provided three pre defined project classes.
Project Type:
The project type controls how Oracle Project Foundation creates and processes projects, and is a primary classification for the projects your business manages. You must set up at least one project type to create projects. You must set up project types for each operating unit.
Expenditure category: It is the category created to classify the different types of cost an organization may incur.
Revenue category: It is the category created to classify the different types of revenue an organization may earn.
Expenditure type: It is the identification of cost that is associated to an expenditure item.It is assigned to the expenditure category and revenue category during the setups.
Expenditure class: It is the classification for an expenditure type as how the expenditure type can be used to create transaction. When an expenditure type is classified for a certain type then only those expenditure class transactions are allowed to enter.
In Oracle Project Costing we have predefined expenditure classes.
Labor:
Straight Time: For standard time entry. We use the cost rate multiple with number of hours.
Overtime: Labor cost calculated using a premium cost rate multiplied by hours.
Non-labor project costs:
Expense Reports – Expense reports from Oracle Payables or Oracle Internet Expenses. You cannot enter expense reports directly into Oracle Project Costing. Expense reports that you import into Oracle Project Costing must be fully accounted prior to import.
Usages – You must specify the non-labor resource for every usage item you charge to a project. For each expenditure type classified by a Usage expenditure type class, you also define non-labor resources and organizations that own each non-labor resource.
Supplier Invoices – Supplier invoices, discounts, and payments from Oracle Payables or an external system, and receipt accruals from Oracle Purchasing.
Miscellaneous Transaction – Miscellaneous Transactions are used to track miscellaneous project costs. Examples of uses for miscellaneous transactions are:
Burden Transaction – Burden transactions track burden costs that are calculated in an external system or calculated by Oracle Project Costing as separate, summarized transactions. These costs are created as a separate expenditure item that has a burdened cost amount, but has a quantity and raw cost value of zero. You can adjust burden transactions that are not system-generated.
Work In Process – You use this expenditure type class for Oracle Project Manufacturing WIP transactions that you interface from Manufacturing to Oracle Project Costing. You can also use this expenditure type class when you import other manufacturing costs via Transaction Import or when you enter transactions via pre-approved batch entry.
Inventory – This expenditure type class is used for the following transactions:
Example:
In the above examples for line number 1, time can be entered for expenditure type “Standard_Time”.
Similarly for line number 2 & 4 the respective expenditure class transactions can be entered.
For line number 3 supplier invoices & expense reports can be entered as it has been classified for two different classes.
Types of Currencies
Transaction amounts are stored in the following currencies:
When you enter transactions in a currency that is different from functional currency or project currency, Oracle Project Costing must convert the transaction amount to the functional and project currencies. To convert transaction currencies, Oracle Project Costing must first determine the exchange rate type and exchange rate date.
Task Type:
Note: We can adjust the task at the expenditure item window to make the non billable as billable and vice versa. This is called as expenditure item adjustments.
Employee/Job bill rate Override: Incase a different rate needs to be updated for a particular job or employee the same can be updated at the project or task level.
The employee name needs to be entered along with the bill rate, currency and period applicable. The rate at the task level overwrites the rates at the project level and the rates at the project level overwrites the rate of the bill rate schedule attached at the project level.
Cost rate: It is the rate defined at the job or employee level to derive at the basic cost for a particular expenditure item. The cost rate scheduled are defined in the OU functional currency.
The cost rate can be defined at two levels:
( Navigation: PA Responsibility->Setup->Costing->Labor->Labor Costing Overrides.)
Bill rate: It is the rate defined at the job or employee level to derive at an amount which will be billed to the client.
The bill rate can be defined at two levels:
Transfer Price Rules and Schedule: Transfer price rules control the calculation of transfer prices for labor and non-labor cross charged transactions. To drive transfer price calculation for cross charge transactions between the provider and receiver, use the Transfer Price Schedule window to assign labor or non-labor (or both) transfer price rules to the provider and receiver pair on a schedule line
ICB: It is a process, where we have different legal entities involved, and the OUs under these LE owns the employees and projects.
Note: In ICB process, an internal invoice is generated in provider OU.
Borrowed And Lent: It is a process, where we have one legal entity involved, and the OUs under the LE owns the employees and projects. The employee and project can be in the same OU or different OU but the LE has to be same.
Note: No internal invoice is generated in B&L process, only accounting happens to post cost.
Labor: When an employee enters time on a specific project it is known as charging efforts of the employee on the project for a given time frame. This time further has some cost defined to calculate the actual cost incurred by the employees on the project.
The calculation process of the raw cost for such labor/time entered is called as Labor Cost.
The time can be entered via a third party tool or via the PA pre approved batch.
Overtime – Labor cost calculated using a premium cost rate multiplied by hours.
Non labor expenditure types: The expenditure items created via supplier invoices or expense reports are called as non labor expenditure types. The expenditure types created need to be added in the non labor expenditure schedules.
Navigation: PA -> Setups -> Expenditure -> Rate schedule.
To be continued …
References:
https://docs.oracle.com/cd/E28271_01/fusionapps.1111/e15525/intro.htm (Oracle Documentation)
https://knoworacle.wordpress.com/2014/08/26/r12-oracle-project-accounting-few-basic-concepts/
https://pushpal.wordpress.com/2012/10/02/23/ (TCA – Trading Community Architecture)
Last updated on October 14th, 2021 at 05:47 pm
Dear Friends,
I am glad to share with you all that I completed the training on demand on “Oracle Database 12c R2: Advanced PL/SQL”.
Thanks to Oracle University and my faculty Brent Dayley for providing this training on demand.
The training covered important features in Oracle PL/SQL in 12c R2 version. It was well designed and gave a good head-start from the technical perspective.
I would also like to thank Oracle University which provides wonderful platform for such courses.
My detailed resume can be found here.
Cheers!
Vijay
Last updated on October 14th, 2021 at 05:48 pm
Happy New Year 2020 to all friends.
Here is what the world searched on Google in year 2019.
May you and your family be showered by blessings of the almighty in abundance! Wish you a happy and prosperous new year 2020 🙂
Cheers!
Vijay Mahawar
Last updated on October 14th, 2021 at 05:48 pm
The first law of thermodynamics, also known as Law of Conservation of Energy, states that energy can neither be created nor destroyed; energy can only be transferred or changed from one form to another. (Source – Wikipedia)
A single bolt of lightning carries a relatively large amount of energy (approximately 5 billion joules or about the energy stored in 145 litres of petrol) (Source – Harvesting Lightning Energy). Till today humans are yet to successfully harvest the energy from Lightning.
It’s a concern when the rapid pace at which the energy is getting transformed into pollution in urban cities and posing a threat to the entire ecosystem.
Yet there is dim light of hope at the end of the tunnel. The DHI Centre of Excellence for E-mobility (Website) and National Electric Mobility Mission Plan (NEMMP) are central government initiative promoting e-mobility.
Green initiatives by few private players manufacturing 4-wheelers (Mahindra Electric), 3-wheelers and 2-wheelers (Ather Energy) are also having small positive yet significant impact on the world’s top 22 polluted cities that happens to be in India.
Few challenges faced – Infrastructure with only few charging points. This is solved by Sun Mobility – which is a promising startup promoting E-mobility in India.
Whether you are riding driverless or with drivers – E-mobility will be the savior and hopefully would slow down the rising pollution in Indian cities.
Source: Some references in this article are taken from BBC Click Episode.
Disclaimer – All recommendations and reference in this article is sourced from public domain. All that is stated here is the personal opinion of author. The author does not have any financial interest of whatsoever in the business of these initiatives.
Last updated on October 14th, 2021 at 05:35 pm
Hi Friends,
I am sharing a beautiful video on “How to find happiness within yourself?” which is from SpeakingTree.
Cheers!
Vijay
Last updated on October 14th, 2021 at 05:48 pm
Happy New Year 2019 to all friends.
Here is what the world searched on Google in year 2018.
May you and your family be blessed abundantly! Wish you a happy and prosperous new year 2019 🙂
Cheers!
Vijay Mahawar
Last updated on October 14th, 2021 at 05:39 pm
Dear Friends,
Today is Gita Jayanti
शान्ताकारं भुजगशयनं पद्मनाभं सुरेशं
विश्वाधारं गगनसदृशं मेघवर्ण शुभाङ्गम् ।
लक्ष्मीकान्तं कमलनयनं योगिभिर्ध्यानगम्यम्
वन्दे विष्णुं भवभयहरं सर्वलोकैकनाथम् ॥
Meaning:
1: (Salutations to Sri Vishnu) Who has a Serene Appearance, Who Rests on a Serpent (Adisesha), Who has a Lotus on His Navel and Who is the Lord of the Devas,
2: Who Sustains the Universe, Who is Boundless and Infinite like the Sky, Whose Colour is like the Cloud (Bluish) and Who has a Beautiful and Auspicious Body,
3: Who is the Husband of Devi Lakshmi, Whose Eyes are like Lotus and Who is Attainable to the Yogis by Meditation,
4: Salutations to That Vishnu Who Removes the Fear of Worldly Existence and Who is the Lord of All the Lokas.
Source: Here
Happy #GitaJayanti 🙏
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