Oracle’s Financial Consolidation and Close Cloud Service (FCCS) is an application that provides a thorough solution for consolidation, close, and data collection for a company to close the books and address reporting requirements. Quick deployment of the solution is achieved through its built-in features for translations, consolidations, eliminations, and adjustments.
One of the core features of FCCS is the ability to manage, track, and adjust journal entries out of the box. Users can load auditable data by submitting it to different data source members. Journal entries can be submitted in the application through a controlled and pre-defined input page. Once the balanced journal entries are loaded, they can be consolidated using the out of the box consolidation rules to produce financial statements, reports, and an easily auditable trail for the data.
Journal Entry Features
Users can access the journals page under the Navigator or through the navigation cards on the home screen of the application. Once here, users can either create single entries or generate a journal template. FCCS allows for the creation of regular entries or Auto-Reversing entries which are automatically given the same name in the next period.
To eliminate possible user error, FCCS locks-in the required journal input members and allows users to set a Point-Of-View (POV) for the Scenario, Year, and Period of the entry page. Users then define the remaining dimensions, such as Account, Entity, Custom Dimensions, etc. in order to create a journal entry.
When creating new entries, users can open an intersection from the member selector, by entering in the member directly, or by copying in the intersection from a prior line.
FCCS also requires users to balance the journal before submitting; this is validated with a “Scan” feature which checks the journal for general errors. Once the entry has been validated, users can move the journal from a working status to a posted status. After posting, the journal can be consolidated via the Consolidation or Translation rule.
Auditing Source Data
The data source dimension is used to audit entries and view managed data. Companies can delineate whether the data was loaded directly from the general ledger or if it was modified from a certain user. Through the data source dimension, companies can view manually entered data, supplemental data, data posted from forms, and data created during the consolidation process. The process is made easier by allowing users to distinguish the inputs of their data with a better audit trail provided by the data source dimension.
In addition to the data source dimension, users can track who made adjustments or posts to certain entries via the history tracker for the journal.
FCCS provides an intuitive experience for the end user as journal templates can be created to post entries that have common information. This feature accelerates the journal creation process and allows companies to quickly account for journals that are addressed every period. Standard templates contain accounts and entities for adjustments that are entered frequently. Recurring templates contain all the necessary information for entries that are identical every period. When dealing with many journal templates, it can be confusing to locate and organize each one of them. FCCS provides a template list that can be organized based on selected criteria: Label, Entity, Description, Template Type, and Group.
Exporting Journal Entries
Journal entry exporting capabilities are provided for the preferences of spreadsheets, another ERP system, or a backup. Managing a vast amount of entries is seamless with FCCS as Excel and text-based journals are supported. Once the backup is created, users can view and modify the journals within a text editor if need be.
FCCS provides many ways to modify and audit journals. Templates, source data, exporting and importing are all features that make the tool extremely intuitive and user-friendly. Having complete control over your journals and journal data makes for a major selling point for FCCS as a whole. For any questions and desired further insight, don’t hesitate to reach out to KPI for any of your consulting needs.