Project Accounting – Overview of Oracle Apps R12

A project is temporary in that it has a defined beginning and end in time, and therefore defined scope and resources.
And a project is unique in that it is not a routine operation, but a specific set of operations designed to accomplish a singular goal.
Project management processes fall into five groups:

• Initiating
• Planning
• Executing
• Monitoring and Controlling
• Closing

Oracle Projects consists of the following products:

• Oracle Project Costing
• Oracle Project Billing
• Oracle Project Resource Management
• Oracle Project Management
• Oracle Project Collaboration
• Oracle Daily Business Intelligence for Projects
• Oracle Project Portfolio Analysis

The key features of Oracle Project Costing are:

• Versatile template-driven project definition
• Multiple currency financial plan and budget creation
• Diverse accrual and expenditure capture
• Robust expenditure control, collection, and adjustment functionality, integrated with other Oracle applications
• Powerful burdening functionality
• Rule-based general ledger account functionality
• Comprehensive reporting functionality with drilldown capability
• Capable asset creation and CIP cost collection

The key features of Oracle Project Billing are:

• Robust contract project creation functionality, enabling distinction between project types, revenue accrual and invoice methods, billing cycles, and contacts
• Flexible agreements in multiple currencies with either hard or soft limits
• Budgeting for revenue in multiple currencies, separately from cost
• Organization-level and project-specific billing rate schedules and overrides
• Versatile billing retention and tax functionality
• Flexible revenue accrual calculation
• Optional capability to create invoices using invoice methods differently from the way revenue is accrued
• Optional capability, using Date-Effective Funds Consumption, to have revenue and invoice generation use the same logic to determine what funding to consume
• Optional capability to apply receipts to an agreement as advance amounts, and reduce the balance on the advance when expenditure or event transactions are invoiced
• Several powerful invoice management features, including holds, currency selection, and review/approve/release functionality
• Robust adjustment functionality, including billable status change, selective recalculation and write-off management
• Reports for unbilled receivables and unearned revenue
• Integration between Oracle Project Billing and other Oracle applications

The key features of Oracle Project Resource Management are:

• Comprehensive, shared resource repository with Oracle HRMS
• Shared schedules and availability
• Concise requirements definition
• Targeted searches
• Automated approval processing
• Self-service staffing functions grouped by role
• Global resource deployment
• Actual and scheduled utilization
• Project financial forecasts
• Capture time and expense
• Integration with the Oracle Projects Foundation

Key features of Oracle Project Management are:

• Integrated project planning and tracking
• Issue and change management
• Budget and forecast oversight
• Real-time project performance management through visual status indicators for key performance areas and individual measures
• Configurable project performance reporting packs periodically generated and distributed to recipients by e-mail
• Robust project security and access
• Intuitive and easily personalizable user interface
• Integration with everyday Project Management tools

Key features of Oracle Project Collaboration are:

• Access to structured workspaces such as the Team Member Home page
• Collaborate toward issue and change resolution by sharing information and assigning actions to appropriate people
• Documentation of progress against assigned work
• Management of documents and deliverables
• Secure and intuitive user interface

Key features of Oracle Daily Business Intelligence for Projects are:

• Simple setup and out-of-the-box reporting
• Project profitability reporting through portal pages
• Reporting of key performance indicators across the business cycle
• HTML-based reports that display summary and trend information, and provide drill-down to detail information
• Data access secured by organization and operating unit
• Cross-project reporting in different reporting dimensions
• Reporting for multiple calendar types — enterprise, fiscal, and project
• Display of information by year, quarter, month, and week periods
• Comparison of current actual amounts to prior year, prior period, and budgets
• Reporting by enterprise and functional currency

Key features of Oracle Project Portfolio Analysis include:

• Creation and management of portfolios made up of projects
• Comprehensive portfolio analysis tools
• Periodic and ad hoc planning cycles
• Dynamic project weighting and scoring based upon defined selection criteria
• Ability to create multiple project assessment scenarios for individual portfolios
• Full range of portfolio analysis reports, charts, and graphs
• Robust project portfolio approval workflow