Oracle ERP Update 24B: Project Management

Medium Impact

Feature Enablement
ERP Project Management Enablement

24B Update Features Covered:

  1. Create Supplier Contacts From Contract
  2. Milestone Billing and Revenue Recognition
  3. Project, Tasks and Financial Plan Updates Using File-Based Data Import

1. Create Supplier Contacts From Contract

Customer-Voted Enhancement

Users now have the ability to create the Supplier contacts in the Parties tab of the contract during contract creation process. The Create Contact button is enabled for supplier and other third-party roles of a procurement contract.

2. Milestone Billing and Revenue Recognition

Quick Notes:

Customer-Voted Enhancement

For professional services industry or clients using Milestone based contracts.

Upon achieving a milestone, the associated billing event for invoicing and revenue recognition is enabled. This feature helps billing specialists and project accountants to streamline the invoicing and revenue recognition processes, eliminating the need for integrated milestone billing solutions.

Helps in progress tracking and greater control through clear identification and definition of milestones across financial and project planning. Improves the predictable cash flow throughout the project lifecycle.

A Milestone is a significant, single point-in-time event which:

  • May represent a contractual obligation with a client
  • May be used in project plans for scheduling purposes
  • May have associated deliverables
  • May be used in project plans for initiating invoicing and/or revenue recognition
  • Can’t incur costs directly
  • Has a status which easily tracks the completion progress
  • May require a review and approval before completion

NOTE: Oracle is planning to release additional capabilities in upcoming updates.

3. Project, Tasks and Financial Plan Updates Using File-Based Data Import

Quick Notes:

Customer-Voted Enhancement

Use FBDI’s to perform mass changes and update existing project basic information, tasks, project budgets, award budgets, and project forecasts.

Download the latest FBDI’s here.

Import Projects
To update a project, enter the Project Name and the values to be updated in the corresponding columns. 

Import Project Tasks
To modify task details or remove tasks. 

Import Project Budgets and Import Project Forecasts
To update a project budget or project forecast.

NOTE: Oracle is going to enhance support for updating Costing attributes and Project Classification Codes using FBDI’s in the upcoming release updates.