In simple word Credit Memo is used to reduce the balance due for a transaction , Debits Memo that we assign to a customer to collect additional charges like freight charges, taxes or finance charges.

Credit memo to Decrease  and Debit memo to Increase our receivable.

DEBIT MEMO   In AR , Debit memo is issued to a customer to increase his liability. For example , if the customer was not charged with freight charges and we need to add them to his liability, as we can’t prepare one more invoice for the freight charges. We prepare a debit memo.

Debit memo information is stored in RA_CUSTOMER_TRX_ALL, the type of transaction a particular row represents can be found out from the field class of  AR_PAYMENT_SCHEDULES_ALL by linking the CUSTOMER_TRX_ID field in the two tables.

Debit memo is usually not linked to any other Invoice like credit memos; the whole idea behind creating a debit memo is to increase the customer outstanding balance.

CREDIT MEMO   Credit memo is issued when the customer is over invoiced, that customer ‘s charged more than what customer should have been charged. Credit Memos with negative amount are typically used for crediting the customer’s account with some balance. Credit memo information is also stored in  RA_CUSTOMER_TRX_ALL

Credit memo can be created in two different ways;  the idea behind creating a credit memo is to reduce the customer invoice balance.

Example of scenario in which a Credit Memo is created
Say you have created an invoice of $5000 for a customer ABC and have sent it across. Later upon receiving the goods, customer realized one of them worth $1000 is defective and had to return it. We have already issued an invoice of $5000 but now we are supposed to charge them only $4000 because of the refund of $1000 for the defective piece. In such a situation, we create a credit memo of $1000 and apply to the invoice of $5000 to bring down its balance to $4000. We again send the credit Memo note to the customer to let them know that they have to pay us only $4000.

Credit Memo can be created in two ways

1. Manually creating a credit memo like any other AR manual invoice.

•  Invoice Class: Credit Memo
•  Invoice Type: OM Credit Memo, Credit Memo

2. Querying an existing AR Invoice and calling the Credit function from Actions menu
    Query the AR Invoice for which you want to create a credit memo

• Click on “Actions menu”
• Specify the “Reason for Credit Memo”
• Enter the Line % for Credit memo (Eg: 25% entered)
• Enter the Tax % for Credit memo (Eg: 10% entered)
• Click the Save button

SLA Integration

Asset accounting is tightly integrated with SLA, users can use the seeded accounting definitions or can define custom definitions leveraging the flexibility of SLA.

Mass Additions Enhancements

New columns provided to Mass Additions interface tables to import certain values like asset life, depreciation method etc from legacy systems without deriving from asset category setups

New extensible pubic APIs provided to automatically prepare mass additions without user interface for all required attributes such as expense account, asset category, location etc.

XML Reports

XML publisher support major asset transaction reports in variable formats by creating your own templates using familiar tools such as Acrobat, Word and Excel.

Automatic Depreciation Rollback

Function to Roll Back Depreciation is removed as it is handled by the Assets automatically.

If users need to make adjustments to one or few assets after running depreciation without closing period, they can proceed to do so, oracle assets rollback depreciation for the assets adjusted automatically

Assets for which depreciation was rolled back is automatically picked up during the next depreciation run or at the time that the depreciation period is finally closed.

Other Enhancements

Enhanced logging for Asset Transactions and Programs

Enhanced functionality for Energy industries a) Asset Impairment b) Energy units of Production Method (UOP) c) Energy straight line method.
 

Interface Table

GL_BUDGET_INTERFACE is used to upload budget data into your Oracle General Ledger application from an external source. Each row includes one fiscal year’s worth of budget amounts for an account. When you load this table, you must supply all NOT NULL columns with data. In addition, you must supply a valid account combination in the SEGMENT columns appropriate to your chart of accounts. Finally, you must supply the budget amounts in the appropriate AMOUNT columns.

The mandatory (not null) columns of the Interface table are,

• BUDGET_NAME
• BUDGET_ENTITY_NAME (the budget organization)
• CURRENCY_CODE
• FISCAL_YEAR
• UPDATE_LOGIC_TYPE (A for Add, R for Replace)

Other important columns are,

• SET_OF_BOOKS_ID
• BUDGET_VERSION_ID
• PERIOD1_AMOUNT through PERIOD60_AMOUNT
• SEGMENT1 through SEGMENT30

Validations

• Budget Name and Budget Entity Name
• Currency Code
• Account Segments(Code Combination in GL_CODE_COMBINATIONS Table)

To upload a budget

1. Navigate to the Upload Budget window (Budgets > Enter > Upload).
2. Enter the Budget and Budget Organization.
3. click Upload.

General Ledger submits a concurrent process to upload budget information from the GL_BUDGET_INTERFACE table.

Budget Upload Validation

Budget Upload validates all of your budget information for compatibility with General Ledger. Budget Upload also checks to make sure that the following conditions are true:

• Your account is assigned to a budget organization

• The budget entry type for your account is Entered

• Your budget is not Frozen

• Your budget organization is not Frozen

• Your budget fiscal year is open for your budget

Once updated, General Ledger automatically deletes the rows of budget records in the Budget Interface table.

Base Tables

• GL_BUDGETS
• GL_BUDGET_ASSIGNMENTS
• GL_BUDGET_TYPES