Oracle Payables, Purchasing and Services Procurement provides an integrated solution to automate acquisition of complex services. Complex service contracts are characterized by:

• High dollar value projects.

• Long lead time delivery schedules.

• Progress payments based on work completion.

• Advances and progress based financing options.

• Retainage options.

Oracle Payables provides the functionality to release progress payments, release and recoup advances, apply retainage on invoices, and release retained funds. Advances are generally one-time prepayments made before work on a contract begins, while contract financing infuses money to the supplier as work progresses. Oracle Payables ensures that the amounts financed are recovered by automatically applying financing to subsequent invoices per the specific terms captured in the purchase order.

For more information, see: Complex Work in the Procurement Suite.