Introduction to Fusion Apps and General Ledger Features

Fusion Applications  Strategy: 

Oracle Fusion product has been designed with a Complete Solution and Complete Choice approach.  To meet customer demands, Oracle has tried to redefine information technology by building industry specific solutions. Fusion Applications comes into two modes , One is "Cloud base Fusion Apps" and another is "On Premise Fusion Apps" . The only different between two is Cloud base Fusion Apps will be installed at Oracle Data cloud center and you need  subscription for that to access it  where On Premise Fusion Apps will be installed at client server. 

Fusion Cloud and On premise product  will have features of other ERP products  like JD Edwards, PeopleSoft , and Oracle EBS , Oracle has Combining all their features and developed into one product  called  Fusion Apps.

It is also a complete Choice Product which means you can be selective in terms of ERP modules for example I want Financial modules but in that I need only General Ledger , Other modules not required like AP and AR. We can opt for specific module also . 

Fusion Financials 

Oracle Fusion Financials is complete suite of Financial Applications designed to work as complete financials solution.It unifies best in class Financial features from other financials products  like Siebel, Peoplesoft & Oracle

For example

·         Majority of functionality is from Siebel

·         Business unit (Which we used to refer as Operating unit , but in fusion we will name it as Business Unit)  concept taken from People Soft

·         TCA architecture taken from EBS.

Fusion Financial General Ledger Features

Streamlined Single page Journal Entry Interface

In Oracle EBS releases, to enter a single journal entry we need to open several windows, Save it and later open the other window to see its accounting impact, a very tedious and a bit lengthy  process. But in Fusion this has been overcome by adding multiple functionalities within a single page. Now in one page you can enter a journal entry , see the validations of those entries  , check account balances and also you can review  projected balances.

Projected Account Balances

It’s a new feature introduced in Fusion which will help you in assessing account balances prior to posting and also help you in understanding the accounting impact. Balances can also be reviewed in different formats like PTD ,YTD

Excel Integrations

You can directly upload Journal entries by clicking on “Create Journal in Spreadsheet”

Dashboards Integration

This was much needed functionality in General Ledger Module. A Dashboard tab has been designed to track down Journal Entry exceptions and also suggest you to take punitive actions onto it. There was no such functionality used to exist in EBS and always users required to run multiple reports to find out the defected accounting entry and based on that manual journal entries will be entered to correct accounting  records. With the introduction of this feature, User can see this exception in Dashboard whenever he/she login and correct it by taking action onto it. Dashboard features also allows you to “Approve” “Reject” the Journal. This feature not only eases the process of reconciliation but also simplified the period closing process.

Fusion has given multiple tabs for the dashboard which has been listed below

1.      Transaction requires attention

2.      Transaction requiring my approval

3.      Pending approval from others

4.      Draft transactions

5.      Import Errors

Dashboard allow you to drill down the Journal accounting entry to sub ledger level . Just click on every account entry you will be directed to its origin.

Multiple Currencies & Multiple Balancing Segments with in Journals

You can use multiple currencies & multiple balancing segments in journal entries  

Account Reconciliation and Period Close Dash Board

Here period close activities have been totally changed compared to EBS.  “Period Status Monitor” Dashboard has been introduced in Fusion which will show how many accountsing entries  has been Accounted  or Unaccounted and how many are in Error status . Functionality doesn’t ends here it allow you to click on those records with a purpose to take an action.  This has eased the reconciliation and period closing process . Earlier reconciliation and period closing process was very complex and tedious we need to  run  several reports  like “ Invoice Exception Reports” “Account analysis report ” to find out what and which entry has created a problem in accounting.  This feature has speed up the period close process and also simplified Reconciliation process