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Back to R12 – Upgrade Overview
AR are now fully support new modules like E-Business Tax and Subledger Accounting.
Overview:

Integration with E-Business Tax
Integration with Subledger Accounting
Centralized Banks and Bank Accounts Definitions
Integration with Payments for Funds Capture
Balance Forward Billing
Late Charges Enhancements
Customer UI Redesign
Process Changes

Integration with E-Business Tax

Release 12 introduces Oracle E-Business Tax to manage tax across the E-Business [...]

First Install Java JRE 1.5.0.13 as usual as the download from the Apps server to IE8 would not work – and just install the version required by default so you might need a different version
Then add your Apps server to IE8 security settings:

Lower the security setting to medium-low for Trusted Sites:

Allow pop-ups from [...]

Oracle E-Business Tax covers “standard” procure to pay and order to cash transaction taxes, with the exception of withholding taxes and those taxes handled by the Latin Tax Engine solution.
In general the limited per module 11i setup has been changed to become a proper self-contained tax engine. With that however comes complexity to the extent [...]

Back to R12 – Upgrade Overview
Subledger Accounting is a new application that provides an accounting abstraction layer for subledgers – between subledger accounting events and GL journal entries.
This functionality was in 11i placed in each of the subledgers implemented in different way resulting in different reconciliation processes for each of the subledgers.
Subledger Accounting also [...]

Back to R12 – Upgrade Overview
This is a completely new module to provide a central payment capture and disbursement facility.
Overview

New Concepts: Payment Processing Profile, Payment Request and Payment Instruction
Payment disbursement functionality for Payables
Credit card functionality for Advanced Collections and Receivables
Bank account transfer functionality for Cash Management
Secure storage and encryption of payment [...]