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Oracle Project Accounting/Contracts Presentation Integration Overview.

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Presentation on theme: "Oracle Project Accounting/Contracts Presentation Integration Overview."— Presentation transcript:

1 Oracle Project Accounting/Contracts Presentation Integration Overview

2 2 What does OKE stand for? OKE is an acronym for Oracle Project Contracts O Oracle K Contracts (legal abbreviation for) E Engineer to Order

3 3 OKE Project Scope Defining, implementing, and training employees on standard processes and technology for integrated contract execution and management Converting active contract data –Converting contract data related to active Construction projects from legacy system and Oracle Purchasing to OKE (8 Construction Projects) –Scanning those contracts and related documents and saving them to Documentum Contract Execution Business Document Management Contract Change Management Requisition/ Purchase Order Project Closeout Reporting and Analysis Processes:Technology:

4 4 What is OKE? A repository for contract financials and reporting information A structure for executing and managing contracts and their related documents (e.g. letters of intent, business documents, and change orders) A tool to link to contracts and business documents in Documentum A tool for contract creation--you cannot print out your final contract from OKE Generating additional work Intuitive--it will take some practice to get used to its functionality OKE is... OKE is not...

5 5 Benefits 4Consistent contract processes and technology 4Automated reminders to facilitate contract compliance 4Single data entry point for contract information 4One version of the truth 4Real-time access to comprehensive contract data in a single contract repository 4Enhanced reporting capabilities 4Compliance with Sarbanes-Oxley Act 4Intensive use of Oracle Workflow for approval authorizations How will you benefit from OKE?

6 6 Background Systems view

7 7 High-level Execution/Management Process Business Document Management Change Management Project Closeout Reporting and Analysis Contract Execution Requisition/ Purchase Order Contract Execution Enter letter of intent and contract information in OKE Utilize approval workflows Access contract documents via Documentum Business Document Management Send and receive business documents Enter business document information in OKE Access business documents in Documentum Requisition/Purchase Order Initiate requisitions via OKE Import and autocreate requisitions into POs in Oracle Purchasing Change Management Enter trends, internal contract adjustments, and change orders Project Closeout Closing contracts and the project Reporting and Analysis Inquire on contract data Run contract reports

8 8 Integration Points of OKE with Other Systems Oracle Project Contracts Oracle Project Contracts Oracle Project Accounting Documentum Oracle Purchasing TrendsRequisitions Document Images Commitments Oracle Accounts Payable Actuals

9 9 What is a Project? A Project is a body of work to which costs are charged and tracked A Project can be made up of one or many tasks, which identify the specific breakdown of the project work –The hierarchy of tasks is called the Work Breakdown Structure (WBS) Project Task 1 Task 2 Task 1.1 Task 1.2 Task 2.1 Task 2.2 Coding happens at the lowest level task only

10 10 What is a Project Template? A Project Template is a pre-defined WBS structure that can be copied and modified to create new projects Mirant has various groups of templates/projects

11 11 Template Example - Construction 00 Indirect Accounts 01 Sitework & Demolition 02 Concrete Construction Template Tasks 0200000 Boilerhouse HRSG Slabs 000 Home Office Administrative Charges 010 Site Prep, Grading & Improvement 020 Powerhouse Concrete 0203000 Turbine / Generator Equipment Foundation 0204000 Misc. Powerhouse Equipment Foundations Sub- Tasks Lowest Level Sub-Tasks for 020

12 12 What is a Parent Project? Organization of multiple sub-projects under a primary project Allows inquiry across sub-projects Business Dev Parent (Master) Sub- Projects Business Development Tasks Tasks Finance Ops & Maint EquipmentConstruction Finance Tasks Operations & Maintenance Tasks Equipment Tasks Construction Tasks (Cost Codes)

13 13 Changes in Project Accounting Example - Contract to PO Oracle Project Contracts ContractDeliverables Tracking System Budget $ X $40M Commitments $ X $35M Actuals $ X $0M Forecast to Complete $ X $0M Forecast at Completion $ X $35M Variance RequisitionPO Board Approved Project Budget Project Status Inquiry (PSI) in Project Accounting $ X $5M Oracle Purchasing Commitments Oracle Project Accounting BD Construction Finance O&M Equipment $40M$35M$0M $35M$5MParent Project Mirant agrees to buy engineered equipment from a vendor for $35M. (Updated Weekly)(Updated Nightly)

14 14 Changes in Project Accounting Example - Invoice PO Oracle Purchasing Invoice Oracle Payables Actuals Oracle Project Accounting Project Status Inquiry (PSI) in Project Accounting Vendor sends Mirant a progress billing for $10M. Budget $ X $40M Commitments $ X $25M Actuals $ X $10M Forecast to Complete $ X $0M Forecast at Completion $ X $35M Variance $ X $5M BD Construction Finance O&M Equipment $40M$25M$10M$0M$35M$5MParent Project Board Approved Project Budget (Updated Weekly)(Updated Nightly)

15 15 Changes in Project Accounting Example - Trend Oracle Project Contracts Forecast to Complete Oracle Project Accounting Project Status Inquiry (PSI) in Project Accounting Mirant realizes the equipment may cost $40M instead of $35M. Budget $ X $40M Commitments $ X $25M Actuals $ X $10M Forecast to Complete $ X $5M Forecast at Completion $ X $40M Variance $ X $0M BD Construction Finance O&M Equipment $40M$25M$10M$5M$40M$0MParent Project Board Approved Project Budget (Updated Weekly)(Updated Nightly) TrendDeliverables Tracking System

16 16 Changes in Project Accounting Example - Change Order Project Status Inquiry (PSI) in Project Accounting Mirant and Vendor agree the equipment will cost $39M. Budget $ X $40M Commitments $ X $29M Actuals $ X $10M Forecast to Complete $ X $0M Forecast at Completion $ X $39M Variance $ X $1M BD Construction Finance O&M Equipment $40M$29M$10M$0M$39M$1MParent Project Oracle Project Contracts Change Order Deliverables Tracking System PO Oracle Purchasing Commitments Oracle Project Accounting Board Approved Project Budget (Updated Weekly)(Updated Nightly) Trend


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