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The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) created a joint standard regarding the recognition of revenue.

 

Business processes and financial standards outline when you can recognize revenue for the amounts you bill to customers. You cannot recognize revenue for billed amounts or Cost of Goods Sold (COGS) amounts associated with the billing amount until the performance obligation to the customer is satisfied.

 

This functionality is not required for Real Estate Management until December 2018; however, JD Edwards has completed the Revenue Recognition enhancement for software release 9.2.

 

Much of the setup for Real Estate will use the same basic functionality that has previously been rolled out for Accounts Receivable, Contract and Service Billing and Sales Orders.

 

Please see New Enhancement for FASB - Revenue Recognition in Real Estate Management for Release 9.2 (Doc ID 2260000.1) for further information on installation and documentation.

Oracle’s investment in JD Edwards continues! - Oracle has announced extensions of the Premier Support periods for the latest releases of JD Edwards EnterpriseOne and World. This support information is documented in the Oracle Lifetime Support Policy for Oracle Applications. The JD Edwards Product Roadmap has been updated and republished on MyOracle Support. For details on Premier Support and Continuous Delivery, read this FAQ.

 

A Great resource is also Important Change to Oracle's Lifetime Support - Extending Premier Support for JD Edwards Latest Releases (Doc ID 2251064.1).

8iE6jn6bT.gifMany suppliers have a business process where they cannot invoice customers until the customer confirms delivery of the product, which completes the supplier’s performance obligation. The elapsed time between shipping and delivery can be as great as 60 days. With this business process, suppliers cannot recognize revenue until the invoice has been posted, which must occur after the performance obligation. Also during the in-transit period the shipping company continues to have legal ownership of the product until it has been accepted by the receiving customer.

 

During this period, the value of in-transit inventory must remain on the balance sheet of the shipping company until the material is received and accepted by the customer. Invoicing and Sales Update processing must be delayed until the material is received and accepted at which time the legal ownership is transferred from the Supplier to the Customer.

 

An enhancement is available in the 9.2 release of JD Edwards EnterpriseOne to provide the functionality to create journal entries for In-Transit Inventory at the time of Ship Confirm (P4205).  For additional information see 9.2 Enhancement - Retaining Ownership of Inventory While In Transit (Doc ID 2246772.1).

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