R12.1.X New Features

Ledger Architecture
- Ledgers: Define by Chart of Accounts, Calendars, Currency and Accounting Conventions.
- Ledger Sets: Group of Ledgers sharing the Same Chart of Accounts and Currency.

Centralized and Flexible Rules based Accounting Engine
- Ruled based engine with configurable accounting rules
- Single source of truth for accounting, reconciliation and reporting with common data model and repository and posting engine.
- Consistent data model and user interface across all subledgers.

Centralized Legal Entity Management
- Manage Legal Corporate Structure
- Link tax, intercompany, bank account and accounting functions
- Isolate legal compliance issues at legal entity from the management and security issues at operating Unit.

Centralized Banking and Payments
-Single user interface for all setup and maintenance related to banks and internal bank accounts.
-Centralized management of all funds capture and disbursements
-Centralized credit card management.

Centralized Global Tax Processing
-Centralized Tax Engine with single data model for rules and transations across geographes and applications
-Centralized tax repository for global visibility
-Simplified tax configuration across legal entities and oracle apps.

Advanced Global Intercompany system
- Centralized intercompany and intracompany accounts setup
- Fully configurable approval rules and invoicing options.
- Physical Payables and Receivables intercompany invoice generation.

Oracle General Ledger:

- Single Page for all accounting setup with Accounting Setup Manager.
- Prevent Accounting errors with Alternate accounts
-Replacement for Disabled Accounts
-Prevent unauthrized posting with Control Accounts
-Simplify security and Data Access and Definition Access sets.
-Sequential numbering of accounting entries
-Journal line reconciliation-Journal Batch Copy
-Historical Data initialization for new reporting currencies and secondary ledgers.

Oracle Payables:

- Pay on behalf of a different party with 3rd party payments
- Greater flexibility in defining and calculating discounts for quick payments.
-Application of withholding taxes at time of invoice validation and during payment
-Improved resolution for dispute processing with suppliers.
-Imporve invoice data entry and management with line level entry, approval, matching and tax calculation.
-Automated netting of Customer and Supplier balance
-Self-Service invoivce allows employees and suppliers to enter various invoice type online.
-New interface and data model for supplier managment in TCA.


Oracle Receivables:
-Streamlined receipt porcessing with cash application work queue.
-Enhanced performance for high volume receivables processing.
-Synchronize Cost of Goods Sold(COGS) with Revenue.
-Increased efficiency with line level cash application.
-Improved billing communcation with balance forward billing.
-Create standard late charge polices that can be assigned to customer accounts or account sites.

Oracle Advanced Collections:
- Assign bankruptcy status at the customer level
- Effetively manage later stage delinquency status assignment at case and contract level.
- Internal only comment visibility for dispute processing.
- Streamline system setup and operational maintenance with implementation checklist.
-Consolidation of collections features provides collections workbench
-Improved ability to collect with enhanced dispute management.

Oracle Assets:
- Flexible accounting configuration
- Automated depreciation rollback for selected assets
- Enhanced mass additions interface for legacy conversions
- Unplanned depreciation(impairments) for energy industry
- Unit of production and straight line depreciation methods for O&G industry.
- Flexible reporting with BI Publisher.

Source: My Oracle support