Create and Manage Your Invoice Document for Accounting with Ease

Invoice document for Accounting

hey team so this is going to be a little bit of a different video in my projects normally I do the configurations and then I show you the end to endend flow wherever I'm able to right but as you know for the past few weeks I'm really struggling with an instance which does not get refreshed and we have actually covered so many uh hours of content six to seven hours of content that it is humanly impossible for me to configure everything within those two weeks and then show you a demo Because by the time everything gets lost so that's the biggest challenge I'm facing but I did not want to stop myself and I did want to continue but there is something different in the way I'm going to show you today okay so and I promise you guys that when I'm able to do the onward journey I will do that too but today the way I'm going to show you the flow is slightly different and and you'll understand shortly okay so let me first go to the home so what we'll do today is kind of a reverse engineering process okay so let's go to AR so we are in the project module I know but let me go to AR because at the end like I told you the invoices which are related to the project that is Project invoices also known as the draft invoices they end up in AR module right so let me show you that so we go to manage transactions in AR okay this time the transaction Source would be contract invoices which is basically our project accounting invoices so again what I'm going to show you is after the fact in the sense configurations are done and the data has been captured all the way from projects and it has moved all the way till AR this is after the fact let's say you're doing an investigation how would you do when we get a chance in future I want to show you this onward Journey but as of now in this video it'll be after the fact I want to make it very clear okay all right so let's say the date let's put it or I'll say I don't know how far it went so I remember seeing something in 2013 based projects so I'm just going to select that take today's date and search for it so when you do this what happens is you see invoices the AR invoices okay but if you see the transaction type of the AR invoice is PA invoice which means this is coming from projects okay and this is what our end goal is so again I'm showing you the end goal before reaching there the only reason is I'm not able to Traverse that path du to so many instance challenges but I did not want to stop myself I wanted to show you this perspective and then in the meantime if I get an instance I'll figure it out on how to how to make you walk through this path okay so let's go to this transaction number okay and let's take a notepad handy okay so go to show more you can see it's for the business unit us one business unit the transaction source is contract invoices the transaction type is PA invoice the transaction number is this cross reference we'll see that shortly okay scroll down you can see all the customer detail this is this is all the AR information right now if you go to miscellaneous okay under miscellaneous if you scroll down you will see the information related to the contract because again a contract as for our last two videos contract is for holds one or two projects okay and for those projects we accumulate cost we do the billing and we do the revenue that's how it works on the top you have the contract and there are different Bill plans Revenue plans and that which we discussed but understand the hierarchy contract is a very top level underneath contract you can have one project you can have multiple projects okay in the associated projects tab if you recollect that but for each of these projects we can accumulate the cost which is your project cost we can do invoicing this is your project invoicing that is Project billing which is basically your project invoicing also known as PA draft invoicing okay and then the project Revenue okay and then once this is accumulated here when we run the programs you know transfer Auto invoice program the same Auto invoice program which runs for your uh distributed doar orchestration UT it's just that the source will be different and AR invoice gets created okay that's our flow and obviously after that when you account that AR invoice using the auto accounting that goes into GL so that process Remains the Same okay but the invoice created out of projects module is known as draft invoice and the inv actual invoice is basically your air invoice okay that's what it all means so coming back to this project is p sorry the transaction number is this one it shows me the contract so this is your contract number so take all this let's copy all this okay this is all the contract information and then on the top we have the transaction number we we'll take these also okay cross reference and things so you can see that even in the cross reference is basically showing you the contract number okay the billing contract number all right so now using this contract number let's do a backward propagation okay and why are we doing that because we don't know the project as of now we only know the contract details right so let's go to okay let's go to home let's go to contracts pull out the contracts okay let's take this one okay so now this shows me the contract hopefully yep good news so remember this is the type of contract we created we have we have seen the process still creating a contract but we could not see the process of billing and invoicing because of the implementation challenges I'm facing in the instance okay but remember I'm trying to make you understand the concept even though the Hands-On is missing in this particular case you you should still be able to understand the concept okay it's all about then getting your hands dirty and doing it in the system and we'll definitely do that when whenever the instance gets resolved okay so now go to lines you can see all those contract values here you can see preform project and everything okay let's go to parties it should be for a given customer you can see that it's for Hillman Associates and that was the customer which we just saw even in the AR invoice right so the customer is hman Associates okay okay and then go to lines again and then go to Associated projects so now we know that these are the two projects which are associated with the contract okay these are the two projects which are associated with the contract so the overall process must have been because we have not seen that's why I'm saying must have been contract is first created okay contract is created just like what we saw in the previous videos and then these two projects were attached to the contracts okay and then we started accumulating this information that is costing billing and invoicing this would be the flow contract would have been first created for a given customer the projects would have been connected to the contracts between these two projects let's assume one of them for now okay let's say this is the project contracts is this one project is this one for this project cost would have been accumulated so you could have labor cost material cost whatever and then you're billing the project client with the project billing and then internally you are calculating the revenue this is like your expenses on the project this is like kind of your AR invoice which becomes your AR invoice in future and this is your AR Revenue this goes into the AR and the GL Revenue okay so that's how the flow is now let's go to the project and see since we have seen the contract now let's go to the project now we know the projects so we got the AR invoice from the AR invoice we got the contract from the contract we are getting the project invoice sorry projects now let's go to the projects project financial management let's see if the project shows up okay so this is the project so now we know the total relationship between the contract number the project number where the cost will be accumulated the billing will be uh generated which will be a draft invoice and the project Revenue will be um accumulated okay so let's go over all these uh project the project is currently in the close status uh the dates for 3rd June to 2nd August 2015 so we cannot enter any new transaction in this status but we can use this project to see how the data was created for that okay so let's go to the project number and let's go to the project overview so I showed you how to create a project but in this one let's just quickly go over what what are the different things which are created in this project so we have the basic information there is no uh documents let's go to the financials tab okay so all these are autop populated we don't have to do anything but it shows you the corresponding contract number if you see and what is the total invoice amount how much was the revenue recognition so as in when as in when you accumulate cost as in when you accumulate uh uh I mean you generate the re invoicing and then as in when you generate the revenue the corresponding information is captured at a project level so remember I used to tell you project management is more like a mini Erp right so whatever you are doing on a given project through through the other modules like costing module bilding module they get accumulated that information is made available for you at the project level so that's what this one shows okay now we click on the invoice amount like let's see what are the different invoices so these are the different invoices which make up that total invoice so this is the this is the project but under what that is the contract there's a contract line one this was the accounting date this is the customer and this project is for one given customer so you'll only have that information but the corresponding invoice amount okay and this tells you the invoice number the draft invoice number this is your PA invoice number okay this is your PA invoice number and similarly the revenue so what it's been it's the exact same amount because in this project whatever invoice was done the ex exact invoice was also generated as Revenue so this is what we are going to do okay so this shows you all the project and the corresponding again this is not something you enter it automatically calculates all that but when you do the accounting for the revenue you can go and click on view accounting and you can see that the revenue account these are Revenue related accounts external Revenue so this is again a system generated functionality for project revenue and if you want to customize this this can be done using subledger accounting so as of now this is all standard but like you know SL is optional so if you don't customize an SLA then the default SLA rules get picked up so in this case you can come and see where it has been hit okay now let's see how we can look at the different cost for a given project so you go to projects you come to cost now that you know the project number go here see when you are entering cost you would have used manage unprocess cost and this is what we had seen in the previous video but now you're looking at the different cost so we need to go to manage project cost okay so let's keep the business unit as us one business unit let's give the project name as this one okay so it showed up expenditure organization should be this I'm guessing this should be the right one as for the setup but let's see okay see again if all your setups are done properly all these will automatically start populating otherwise you know something or the other will not work so so far whatever setups we have seen all of them needs to be properly done so we are trying to find out what are the different costs now these are the different costs which are uh accumulated for this particular project and how do you enter cost it's this one manage unprocess cost if you're doing it stand alone that is on the project but if you importing it from external system like AR sorry um any other system like time sheet system you know and things like that where the expenses are being calculated that can be brought in okay so this one will just show you everything so let's see any one um transaction number which is basically a cost transaction Okay so so see this says this cost is from supplier invoice so the supplier AP invoice has been integrated that's why you are seeing that but that only happens when you integrate the Standalone Oracle uh payable module using all the poet combinations let's say you fill in all the poet information in projects it should bring all that information in here in the sorry in payables then it should bring all the information in projects modules that's what it says so this is this whole information is about one single transaction one single transaction okay you click on this one single transaction it will show you everything about this single transaction how it was costed how it was built and these are all ad advanced concepts we won't be seeing that in this play series but in future depending on the you know the likes and comments and the growth of the channel I'll be including borrowed and L intercompany billing and all that but for this current playlist We Are focusing on costing and billing okay so for this transaction if you have to look at the cost click on this one okay let's first look at the general itself this cost was for this project for this particular task of the project so the poet information right p is uh project number is uh P the expenditure organization that's your o the expenditure type is your e contractual services and the t is the project task so all this shows up here you won't be entering anything it's just when you're creating a default transaction um it will automatically populate all this information okay so this is your tables is the transaction Source what is the document which is basically your AP invoice and uh this again some this is I think the source document number okay there is something coming from the source that will show up here and then you have the transa this this particular transaction number which business unit what is the project unit all these comes from the setups if your setups are fine it'll come here now when you do the costing it will show you when you do import the cost uh we will see that in future if the system works fed better but when you import the cost the cost information um shows up here and how you do it is you you enter the cost here I mean using either unprocessed cost or expenditure Backes or capture cost there are different ways you can do this manage unprocessed cost is basically like a UI based cost entry system okay but expenditure batches is when you do bulk using excels Excel spreadsheets okay this is also another way this also downloads multiple spreadsheet labor for labor there could be something for you know non labor there will be a different type of template so all these are also downloading templates okay once you import that cost you can account that cost so you have to see the accounting you go here and you show it will show you what are the different Accounting in this case I think uh the sub setups for supplier invoice are not done but once you done it will show up all your accounting here okay now go to billing this is what you have invoiced costing is one thing but this is what you have invoiced if you send the invoice you run the project invoices all that invoice information shows up here and if you can see here under billing you have invoice and revenue costing doesn't have invoice and revenue right there are two not not two different things costing is just one thing but under billing you have an invoice you have a revenue so if you have generated any PA draft invoices for this it will show up here and the corresponding Revenue will show up here okay so that's that's on this transaction so this is how the cost is accumulated and uh now after cost what else we can see is let's go to the contracts and see the billing so the entire cost comes under the project so in Project financial management you create the project in Project cost you accumulate the cost okay but to see the revenue you have to go to revenue and the billing you have to go to contract management and under contract management you have these invoices and revenue click on this invoice and you can say manage invoices remember this PA invoice okay let's give the contract number now I think this was the contract number let's keep everything date let's click on search with this basic information says no results found I think there should be something right date maybe the date is wrong because I remember the project was between 13 and 15 so I gave a 14 date now this is your invoice the invoice number 73 it shows you the contract number the which customer it is accepted means it is gone from projects to receivables module that's what acceptance means Okay click on the number so you will see the invoice Header information so this is your invoice details okay the draft invoice details and after you transmit this to the AR you know using Auto invoice you can also see the receive corresponding receivable Z invoice here so basically system maintains the link link between all these different modules so this is your AR invoice direct AR invoice which was created out of the um out of the PA invoice so it has Link in both sides okay so that's your invoice and then this again has a contract information because invoice is all about contracts which line was consumed all this is like too much of a dashboard information all that is automatically available for you okay see this again I'll repeat this session which I'm showing you is at the end after the fact when everything has been done and only reason I'm doing that right now is because I don't have is to create new projects in this instance there's a lot of issue so I wanted to make sure you understand the end goal where we are going with all the knowledge you have received from me so far I think you can relate to what is going to happen once you end up creating because if you understand this all you need to do now is create a project create a sorry create start with creating a contract create a project for that contract associate the project with the contract start entering cost for the project create um a PA invoices project accounting invoices for the project and then generate the revenue for that project and those things are all standard jobs PA draft invoice so if I go to the billing page right you can see this generate invoices this is basically once your cost has been entered in the costing screen if you want to generate PA invoice this is what you do you come and say click generate invoices and you give the source details this is your ESS job something very similar to your auto invoice import program here it is used only to generate the PA invoice and it is generated if you see here for particular contracts just like you can create a AR invoice for particular order you know you you can similarly create a PA invoice of for a particular contract here so you can use this job to create uh U create the pa inv pa draft invoice okay so that is about the invoicing so we have seen contracts and then under the contracts we've seen contracts then we have seen invoices now cost has been accumulated for a project under a contract invoices have been generated now in one of my Revenue recognition sessions I told the invoice and revenue is completely Standalone they are completely interdependent you do not have to do them at the same time but they are two different functionalities but they are interrelated with each other right so you come to this Revenue here click on this Revenue now for those invoices which you generated if you want to run Revenue you come here and you have these different options under Revenue the first one is generate Revenue just like we had generate invoices on that page we have generate Revenue here two independent features they can run either together or separate doesn't matter but this one creates all the project revenue and again project revenue is created with this but for accounting that project Revenue you have SLA based rules already written and you can customize those rules to generate project Revenue you know to have any overrides on any any particular segments that you can do okay so as process you have generated the invoices we have generated the project revenue and then obviously the next step is uh transmit everything to the uh General sorry accounts receivable and that is done using your Standard Auto invoice program even within even within uh cost right even within projects module there is a way where you can enter I mean send the details directly to the U AR in and now I'll quickly show you how to send it from projects to receivables okay okay now let's say you want to transfer the PA invoice to receivables how do you do that you go to receivables you go to sorry not receivables your contracts you go to invoices see the general idea is PA invoices are transferred to AR as an invoice and the PA revenue is directly transferred to GL that's how the concept is okay so now let's pull in the bill invoices manage invoices let's go to the project number okay let's keep this date let's see if it still mandatory I just need some invoices okay so now let's say the project invoices are generated and which is on the PA side and everything is ready and then you have to submit it to the AR what you need to do is click here there are two ways either you go to actions and there is this thing called transfer invoice details to receivables so this one is already gone and it's accepted so it's showing you the status as accepted but it's transferred invoice details for receivables okay and then there's the second job confirm invoice acceptance status and receivables after that is when this status becomes confirmed what this means is in the AR side it has been confirmed it has been completed yet it's gone to the AR so it's like a tieback process okay so that's true so there is one way you can come to action and do it and then the other one is here the bulk process right so transfer invoice details to receivables and the confirm invoice acceptance statuses so those are the two jobs which is for bulk processing okay and this one is for individual individual transaction processing okay so that is about how the invoices are done and let's go to the revenue so you have all these different transac for Revenue right so revenue is generally sent to GL so you do a create accounting for Revenue okay projects so when you select projects it will select transfer the revenue from projects to G all right see so that was core of uh the projects module we have seen overall how to create a projects we have seen how to create contracts in the previous videos and in today's video unfortunately since I was not able to show you entire creation end to endend I took a different approach because I did not want to stop uh my training just because an instance is not cooperating okay definitely I want to show you this end to end process flow but today's n to end process flow think of it as a theory session with the screenshots unfortunately without a demo but it's pretty straightforward now that you know all these screens what you can also try is create a contract create a project and then for that project create a cost accumulate the cost then generate the revenue sorry invoice and then generate the Reven Revenue those are the five six steps which you will do as part of project accounting all the configurations which we have done so far has been done only for that and you know when you calculate the cost when you accumulate the cost those cost are for different purposes right you know if it's a labor cost obviously the human resources labor rates will come into picture similarly if it's an expense or it's an airfare or things like that if we have seen in the previous videos how to set up all that okay so bottom line it's kind of an of project building session definitely I will have one more session on billing if all these setups work fine for me but I do not know when that will happen so think of this session as a backup session if something really works out properly for me I will still show you the end to end process but let's say for some reason I'm not able to show you then keep this as a backup okay keep this in the back pocket because this video will tell you the flow we have seen all the setups we have seen projects creation we have seen contract creation what we have not seen is for a given project for a given contract how to exactly acculate the cost we've seen similar things in the past we have started creating cost for one of our previous projects which we created in one of the previous instances where I was showing you this but that is currently not available and that's why I chose this approach I hope you appreciate the effort I'm putting into making you guys understand the concept behind projects see I understand that I'm not able to show you this particular Hands-On you know which I wanted to show you all these days due to some challenges but I still did not want to stop myself from you know not uh stop myself from showing you this uh this end to- endend process because that's what you need to remember in your mind you may do Hands-On some of you are smart enough you know they're doing handson some of you are just listening to the videos so for both both people I think my apology for the people who are not who are following me and doing the Hands-On unfortunately for you guys I'm not able to do the next handson but please wait for me as soon as the instance uh works or cooperates I will do that and if one of you have already some kind of instance where all these configurations have been done and you want to do the next step and you have everything ready that is you have the projects ready the contracts ready so then you can give me that access to that instance and I will show you how to do that Hands-On after that okay so that's what I had team so like I said keep this as a backup session if I'm able to continue I'll do the end to end otherwise I'm going to do Capital project next and then we can always come back and visit this one when I'm able to do this okay and that's a promise I give you guys all right thank you very much for your time and I'll see you in the next session May the Oracle be do