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Here are to 10 reasons business users & accountants would love Fusion financials, presented in a quick on-the-go readable format for quick review & later in the series we will take deeper dive in these & related topics.
Oracle Fusion Financials offers an integrated financial management suite that is really designed to automate, streamline, and control an organization’s financial management processes end-to-end. It includes a broad suite of applications that are completely integrated. It has your traditional GL, Payables, Receivables, Assets, Expenses, Collections and Cash Management as well as the common module architecture from EBS that includes the centralized Subledger Accounting, centralized customer and supplier data (TCA :Trading Community Architecture), Tax, Payments, and Intercompany.
(1) Embedded intelligence within the context of business transactions to offer “actionable insight” for users. Embedded intelligence is displayed in the same window where users enter transactions so they do not have to drill down or invoke a separate popup. The Projected Balances pane on the right provides that information as the journal is entered prior to posting.
(2) Financial report designing made easy using Financial Reporting Center ; Produce snapshot reports with static data, or define live reports. Change users point of view or report parameters, end-users can instantly refresh results on-the-fly. Again, this is all live data that works off of pre-aggregated multi-dimensional balances,export results to MS Office, such as Word and PPT, and dynamically refresh results within those office products.
(3) Board Quality Financial Statements that You can export results to MS Office, such as Word and PPT, and dynamically refresh results within those office products. So if you’re giving a PPT presentation to your Board of Directors, you can instantly update your financial results within PPT. You can export results to Excel for further analysis and perform multi-dimensional analysis and drill down to live transactions.
(4) Enhanced Reporting & Analytics ad hoc ledger queries within a web environment which supports multi-dimensional analysis, pivoting, and drill down. All queries are lightning fast because it works off the same analytic cube that stores pre-aggregated balances at every level.
• They can easily expand and collapse sections.
• They can change query criteria to instantly refresh results.
• They can drag and drop page level dimensions to slice and dice data.
(5) Information Driven Dashboards Contextual users operations & are controlled by roles assigned to users
Use account monitor to : Proactive monitoring of your critical balances,User-configurable rules and thresholds,Be alerted to account balances that exceed thresholds,Year over Year or actual vs budget comparison,Embedded intelligence built-in to assess the change (favorable vs unfavorable),Drill to view break down of balances for each child value that rolls up to the parent value.
Users can also perform ad hoc balance queries using Account Inspector. They can perform multi-dimensional analysis, slicing and dicing of information, and pivoting– all within a web page. This works off the same analytic cube with pre-aggregated balances at every level so all queries are lightning fast.
(6) Enhanced User Experience : Information at your fingertips & in context of the work performed at that moment
(7) Spreadsheet Integration to reduce Errors & Manual work : Extensive spreadsheet integration across Financials, allowing Finance users to work in a familiar environment that is highly efficient. Spreadsheets are seamlessly integrated with the applications for high volume data entry and one-click uploads
(8) Defining & maintaining your Business process made easy using Enterprise Structure implemented using the chart of accounts and organizations. Although many alternative hierarchies can be implemented and used for reporting, you are likely to have one primary structure that organizes your business into divisions, business units, and departments aligned by your strategic objectives.
Hyperion Data Relationship Manager Integration with Fusion GL : Oracle Hyperion Data Relationship Management functions as a hub where reporting structures are maintained, analyzed, and validated before moving throughout the enterprise. Use Oracle Hyperion Data Relationship Management to manage charts of accounts segment values and hierarchies for independent value sets in Oracle General Ledger. Users create new segment values, edit their properties, and maintain hierarchies using the Data Relationship Management web client. This information can be synchronized to general ledger instances using a concurrent request program in Oracle General Ledger.
(9) Job roles & Duties to control who can access which part of your Business Process & what actions they can perform
(10) Easy to Own & Implement No more keeping track of your setup using million spreasheets.
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Enterprise Structure in Fusion Application – a backbone of Your Financials Implementation
The Enterprise Structures configuration deals with creating your GL structure & can be complete manually or using Enterprise Configurator, which is an interview-based tool to guide through the process of setting up a basic enterprise structure. By answering questions about enterprise, the tool creates a structure of divisions, legal entities, business units, and reference data sets that reflects your enterprise structure. Before we start looking at details of Enterprise structure, below is the Overall process in Fusion GL which will use the enterprise structure.
Financial enterprise structures are the entities that define the reporting, legal and business aspects of your enterprise
Enterprise structure now has a definition & an instance to allow users define various accounting representation.
Chart of accounts structure:
Building block of chart of accounts implementation, geared towards flexibility, minimizing setup efforts. Defines the number of segments, segment sequence, labels and default value set for each segment.
Chart of accounts structure instance:Also referred to as chart of accounts,Multiple charts of accounts can share the same structure, but each may be customized differently to fit your transactional and reporting requirements: Value set,
Account hierarchy, Dynamic combination creation
**Assuming reader is already familiar of it We will not go in much details of COA, Balancing segments, Calendars, Accounting method definitions & their setups.
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Creating Implementation project in Oracle Fusion
In this training article we will understand how to create Implementation project in Fusion Financial Application.
Why we create implementation project?
Implementation project is the grouping of task which we need to perform. It decides what we want to implement in the given instance. For example we have HCM, financial and procurement available with us. In this case we can either create a single implementation project for all the offerings or we can create three different implement projects for each offering.
Creating Implementation project:
All implementation related configuration can be done in Functional setup manager (FSM). In order to get the access of FSM, it is mandatory that the roles of application implementation consultant and application implementation manager are assigned to the ID.
The screen below highlights all the offerings which we can implement in the instance. To get to this screen we need to go to functional setup manager and click on getting started. The screen highlights the flow of implementation where first we need to plan which all offering we need to implement. Then we will configure or enable the offerings which we need and also which module we want to implement (for example within financial we can implement general ledger or payable or both , ….). Then we will implement the project based on the offerings configured.
Click on any such offerings say financials. We will get the following screen giving the task list which needs to be followed while doing the implementation. The task list enclosed PDF files listing down the task details which are required to be configured if we want to enable that offering (e.g. financial in this case).
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In my previous article, I discussed the basics of Succession Management in Oracle Fusion Talent Management.
To recap, the Succession management enables your organization to develop and maintain succession plans to determine who will eventually replace personnel currently in key positions. Using Oracle Fusion Succession Management business process, users can determine who is ready to transition to positions before the positions are vacant to ensure a smooth transition, and provide visibility to the appropriate individuals to manage the process.
This article covers the topic of creating a succession plan for a job, and adding candidates to the plan. Imagine XYZ Vision Corporation needs a succession plan to track candidates for a manager job. Let’s see how to create a succession plan for the manager job, select candidates who can potentially fill the job and rate their readiness, risk of loss, and impact of loss.
1.Sign in as HR Specialist. Under Career, select Succession Plans to open the Succession Plans work area, Overview page.
2. Click the Succession Plans tab to open the Succession Plans page.
3. Click Create to open the Create Succession Plan: Enter Details page.
4. In the Name field, enter Finance Manager Succession Plan.
5. In the Plan Type field, enter Job.