Below are the steps in Oracle Procure to Pay Cycle.
> With Purchasing, you can easily create requisitions on-line. Complete a requisition for any item by simply entering the requestor name, item description, delivery location, price, delivery quantity, and accounting distribution.
Create Purchase Order
> Purchasing provides the Purchase Orders window that you can use to enter standard and planned purchase orders as well as blanket and contract purchase agreements.
Create Inventory Receipt
> Purchasing lets you control the items you order through receiving, inspection, transfer, and internal delivery. You can use these features to control the quantity, quality, and internal delivery of the items you receive.
Enter AP Invoice
> An invoice from a supplier representing an amount due for goods or services purchased. Standard invoices can be either matched to a purchase order or not matched. Oracle Payables facilitate entering of supplier invoices and/or credit memos.
> Oracle payable also provides functionality for payment of supplier invoices and also facilitate various payment methods such as EFT and Checks.
Transfer to GL
>> Once all sub-ledger transactions are done, accounting is maintained in General Ledger. Oracle also supports various financial reports for different reporting needs.