Overview

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• This article is intended to assist and demonstrate to Financial Information System (FIS) users how to create a Credit Memo against an open Invoice, which also includes the appropriate Revenue Adjustment to match the changes made
• This article is specific to Project and Portfolio Management (PPM), it does not apply to Invoices for Sponsored Projects/Clinical Trials generated through SPARCM or Account Receivables (AR) Invoices

Critical Concepts

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• Examples are used in this KBA to demonstrate the process, to reverse or cancel Invoices and reflect the updated Revenue, in Oracle Production, you will be using your data
• Department preparers require particular roles to create Invoices and issue Credit Memos in PPM
• PPM billing should NOT be credited through Receivables
  
  • Impact:
    
    • Revenue is overstated for the associated contract
    • Unbilled AR is understated
    • PPM and AR become out of sync
• Review the Role information and then make the necessary requests

1. Departmental Preparers need these Roles
2. Oracle and Concur Role Requests Form
3. In case of any issues running the reports or requesting the roles, please submit a ticket

Steps to Take

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 Crediting or Cancelling an Invoice

1. Login to Oracle Financial Cloud (OFC)

2. Select Projects and Awards then Contract Invoices

3. Click the Tasks icon on the far right, in Review and Adjust, select Manage Invoices

4. In Manage Invoices, Search section, enter Business Unit, Contract Number, in Date, delete entered Date, click Search

5. In Search Results, select desired Invoice Number that is to be reversed/cancelled

6. Under Invoice Distributions section, in Details, click Events tab, select desired Event Number, e.g. 5  

7. In Edit Event, Amount in Bill Transaction Currency, Zero out Event for full refunds, for partial refunds, enter the new revised Amount

• For full credit of the invoice, enter zero (0) in the event amount, save the event, run "Generate Invoices" process and the system will create full refund on the original invoice, which will be in "Draft" status and will need to be submitted for approval.
• For partial credit, enter the remaining amount, save the event, run "Generate Invoices" process and the system will reverse the original invoice in full. The credit of the original invoice will be in "Draft" status and will need to be submitted for approval. Run "Generate Invoices" process one more time and the system will reissue a revised invoice in "Draft" state, which will also need to be submitted for approval. Here is how to run "Generate Invoices" job.
• In case there was a payment made on the original invoice, it will need to be unapplied and applied according to specific business case scenario. Please open up Services and Support call with FinOps team, instructing them on how to apply already received payment. To open up a ticket, click here.