Overview
- 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
- 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
- Impact:
- Review the Role information and then make the necessary requests
- Departmental Preparers need these Roles
- Oracle and Concur Role Requests Form
- In case of any issues running the reports or requesting the roles, please submit a ticket
Steps to Take
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
8. Click Save, warning message displays, click Yes, then Save and Close
9. Generate Invoice process will run automatically as a scheduled process behind the scenes (once a day)
10. Select Overview tab, then select Draft Invoices tab
11. Under Invoice Processing Status section, under Draft Invoices, in Search box above Contract Number column, enter Contract Number and press Enter
12. Highlight desired Contract Number select Submit
13. Select Released Invoices tab to review Status is shown as Released
14. To verify Invoice Credit has been processed, return to Home screen, then Receivables > Billing
15. Right click Search icon > enter Transaction Number (Invoice), click Search, then Select Transaction Number
16. Status should show Complete, select Complete, then Credited should display Fully Credited
Reminders
- Once you run the above process, it may take a few hours or till the next day for the Credit Memo to be created in the system because of the behind the scenes background processes that run
- Review the Revenue under Contract Management to make sure the Revenue Adjustment actually took place
Original Invoice should be zeroed out and will not show up on the Receivables Aging Report
If you still have questions or need additional assistance, please submit a ticket