View 5. I have 6 years experience in HFM/FDMEE involving manufacturing, service, and marketing industries. It is a sibling of Net Income and a child of Retained Earnings Current. Monthly Update Schedule. The View dimension controls the representation of data across time periods. Say goodbye to “HFM” and hello to “FCCS”! In addition, the FCCS_CashFlow hierarchy lays out the Cash Flow Statement design where more details and appropriate adjustments could be added. This site uses Akismet to reduce spam. During configuration Consolidation must be selected to enable all consolidation features including Balance Sheet hierarchy, Data Management Integration, Financial Reporting Web Studio, Journals, and Rules, among others. Financial Consolidation and Close (FCCS) New and Upcoming Features. In FCCS, data is loaded using the Entity’s base currency. They are pointers to the actual Entity Currency and Parent Currency. All detailed tasks are incorporated in the schedule and assigned to users and alternate users. If you have deployed FCCS with two custom dimensions, you will need to rebuild your application with four dimensions. Also, the same data if you select either Parent Currency or USD. Income Statement Accounts have been made descendants of FCCS_Retained Earnings Current which eliminates the need of creating a separate rule to make Net Income roll forward to Retained Earnings Current. The data in the FCCS_Intercompany Eliminations Data Source dimension member is subtracted from the FCCS_TotalInputAndAdjusted Data Source dimension member for each descendant and then added together. Accounts 2. From each child of the entity, data from the FCCS_Contribution Consolidation dimension member is added together and stored in the FCCS_Entity Consolidation member of the entity. This provides FCCS with proven functionality on dimensional structure, currency translation, and out of the box calculations. If Multi-GAAP Reporting is enabled, the pre-seeded Multi-GAAP Hierarchy will be automatically added. This means that consolidated financial statements can be viewed at all currencies designated as Reporting Currency. FCCS has options to store and calculate data in different ways without independent customization. The navigator screen is compact where functions are grouped to allow users and admin to easily find their respective tasks. To deploy FCCS with four custom dimensions you will need to: To read up on more Oracle content, click here. Learn how your comment data is processed. I have a bachelor's degree in Accounting, MBA, and CPA. If Journal Workflow is selected, journals need to be submitted and approved before posting. FCCS comes with pre-seeded dimension members which allow use of built-in rules to perform calculations such as translations, CTA, consolidation, Net Income roll to Current Retained Earnings, Roll Forwards, FX impact, and cash flow movements. Configuration of FCCS is based on enabling features. Periods 9. The member FCCS_Supplemental Data is automatically created as a member of the Data Source dimension. System Dimensions. FCCS has a similar interface as PBCS and EPBCS. There are 2-3 basic rules (Aggregation of data – Translation from Entity to Parent currency or Reporting currency, Elimination of IC transactions) and this is it. How do you enable multiple currencies within a Financial Consolidation and Close (FCCS) application? C. Supplemental Data manager allows configuration of data collection workflow and more granular data details can be stored at this intersection. Custom Working towards the optimum number of days to close the financial period and the ability to publish financial statements and provide management with analytical data has never been easier. There will initially be two custom dimensions you can add. Consolidation; Data Source; Currency; Entity; Account; Movement; Intercompany; In addition, two custom dimensions are available. Like the Enterprise/Planning & Budgeting (EPBCS/PBCS) & Oracle Cloud Financials adapters, there is a setup wizard to register your application to generate the … Movement members are assigned to each line of data during the load process. In FCCS, you can designate more than one Reporting Currency. This feature is included with the FCCS application. The Value dimension provides an audit trail of the data from the entry point to the consolidated numbers. When you consolidate data, currency translation occurs if the parent entity has a different default currency than the child entities. In HFM, and do not physically exist as data repository. View Dimension. Very educational. Learn how your comment data is processed. Explore key considerations, integrating the cloud with legacy applications and challenges of current cloud implementations. If Other Data is checked, the additional FCCS_Other Data member will be added to the Data Source dimension. In this case, I selected 12 months, and enabled the Multicurrency function. | Oracle Hyperion … Today we're going on a deeper dive into the newly released Consolidation & Close (formerly known as FCCS) adapter within Enterprise Data Management (formerly known as EDMCS, now EDM). This data in [Contribution Total] will then be aggregated to the of the parent entity. It is not possible to modify the number of dimensions in an existing application. FCCS “Datasource” dimension recalls the old HFM “Nature” dimension: we can upload data manually or from TXT or from FdmEE, we can make adjustments in Local or consolidation currency, Fccs performs intercompany eliminations during consolidation process: all these different “nature” of data entry and manual / automatic journals are mapped into the “DATASOURCE” FCCS dimension. The same groupings are also represented at the Home screen as shown below. You will not see the data using CNY or any input currency. Oracle will apply the latest monthly updates to your Test environments during the first daily maintenance that occurs at or after 22:00 UTC (15:00 PDT) on Friday, August 2, 2019. For some companies, two custom dimensions may have been sufficient since Movement and Data Source were custom dimensions in Hyperion Financial Management (HFM), but they come pre-built in FCCS. In Accounts Reporting, the selection of Traditional Balance Sheet approach will create the Balance Sheet Hierarchy that follows the basic accounting formula of Total Assets = Total Liabilities + Total Equity. Currency 8. Below options can be leveraged which utilize "Input Currencies, in addition to journals that" avail Entity Currency. Which explains why the Currency dimension does NOT display in … Select Details. incorrectly reported as errors). Although Oracle Financial Consolidation and Close Cloud (FCCS) offers enhanced functionalities such as multi-currency consolidation, pre-built Movement and Data Source dimensions, pre-seeded dimensions with corresponding consolidation, translation and FX calculation rules, the hesitation to take advantage of these FCCS enhancements were mostly due to the restrictive two custom dimensions. To those companies requiring more than two custom dimensions, the wait is over! Years 10. Let’s create a new FCCS application. HFM comes with 8 Standard Dimensions while FCCS has 11 Standard Dimensions: Value Dimension in HFM is illustrated as follows: In FCCS, the Consolidation dimension takes care of the upper portion of the Value dimension in HFM (blue box above). Reject journals " Next, "create new Data Source members under FCCS TotalInputAndAdjusted and" map the "Source Data Type and Source Currency Type custom attribute values for" input currencies. Most of the functions which are currently available in PBCS/EPBCS are applied to FCCS. Track Multi-Source Data Input is a standard dimension to segregate various data sources. Financial Consolidation and Close Cloud Service (FCCS) provides a consolidation path through which B. When enabled, pre-seeded members with FCCS prefix will automatically be added to the application. a default currency to use as the Application Currency, and include a currency for each default currency assigned to an entity in the Entity dimension. Enable a dimension for Currency after application creation via a Metadata load. What do you get with FCCS FCCS Dimensions Dimension Description Configuration Options e-s Scenario Actual Additional Scenarios can be added Year 2016 through to 2040 The span of years for the application Period Month (Jan - Dec), Quarters, Half Years 12 or 13 period financial year can be selected with Quarters and Half Years View Year-to-Date or … Intercompany All of the dimensions in FCCS come with a … If Journal Adjustments is enabled, the Journal menu becomes available within the Navigator and FCCS_Journal Input is added as a member of Data Source dimension. Data Source 7. ... FCCS comes with 11 pre-defined dimensions. For example, if the Entity Currency is CNY and if the Parent Currency is USD, the data will actually reside at the intersection of CNY for Entity Currency and at USD for the Entity’s data translated to its parent currency. Consolidation 11. In our example above, data are loaded into CNY, not Entity Currency. Currency: Shows the members available under the reporting currency parent using the parent member “Input Currency.” Consolidation Entity 3. You cannot remove any of the system-created members, or change the attrbutes for seeded members under FCCS_TotalInputandAdjusted. Simplified Dimension Editor and Metadata Validation. Movement dimension members are appropriately grouped by Cash Flow sections: Operating Activities, Investing Activities, and Financing Activities. The standard FCCS application still has two custom dimensions. This document outlines the upcoming Financial Consolidation and Close update. Since it is cloud based, subscribers eliminate the need for server maintenance and software upgrades and patches. I have 6 years experience in HFM/FDMEE involving manufacturing, service, and marketing industries. The following announcements and considerations are outlined in the upcoming Oracle Financial Consolidation and Close Cloud (FCCS) update: Oracle Financial Consolidation and Close Cloud (FCCS) November 2017. Oracle’s new product FCCS (Financial Consolidation and Close Cloud) was designed to replace HFM (Hyperion Financial Management). This feature includes selecting the ability to enter GAAP adjustments manually or allow FCCS to calculate the adjustment based on the amounts entered. Data Storage errors for the following members should be ignored: Data Source -> All children of "FCCS_Source Entities" Entity -> "FCCS_Global Assumptions". Some of the Simplified Dimension Editor errors (cells outlined in red) are false-positive errors (that is, incorrectly reported as errors). Changes in Accounts Receivable becomes part Cash Flow from Operations. • FCCS provides the structural elements to support an automated cash flow design within the pre-built ‘Movements’ dimension. You can select the FCCS_Translated Currency Input member when you create journals, journal templates, and journal reports, and export and import journals through the Journals module. New Consolidation Audit Trail Report Administrators and Power Users can now run a Consolidation Report that provides a detailed audit trail of the consolidation process. Features such as Supplemental Data management, Multi-GAAP Reporting, and tracking Multi-Source Data only require enabling them. A. The 11 predefined dimensions in FCCS compared to 8 in HFM include dimensions that many companies that use HFM needed to use a custom dimension. Unpost . Enabling Supplemental Data feature of FCCS  makes Supplemental Data Manager available and allow access to Smart View Add-ons. I have a bachelor's degree in Accounting, MBA, and CPA. As you may know, custom rules are not enabled (yet) in FCCS. The Currency dimension must be created prior to new members being added to the Data Source dimension. Although they cannot be modified nor deleted, it is possible to change the member alias. Also, if Track Intercompany elimination is selected, FCCS_Intercompany Elimination will automatically be added as a member of Data Source dimension to provide detailed elimination tracking. In FCCS, the Currency dimension takes over the lower portion of the Value dimension in HFM (red box above). The built in dashboard provides Close, Compliance, and Financial Overviews that highlight key management information. Is displayed fccs currency dimension the Consolidation dimension named FCCS_Translated Currency Input member `` FCCS_Periodic is. From period to period adjustments could be added “ FCCS ” entities tagged as Intercompany entities dimensions... Data feature of FCCS  makes Supplemental data Manager available and allow access to Smart View.! Currency dimension must be created and will automatically create a new FCCS sample application option will automatically members! Be automatically added must be created and will automatically be added guide to Oracle cloud: 5 Steps Ensure. ( i.e ” and hello to “ HFM ” and hello to “ ”... ; Account ; Movement ; Intercompany ; in addition, two custom dimensions to meet the need server. Entry point to the data Source dimension Operating Activities, and marketing.. `` FCCS_YTD_Input '' is used to support an automated Cash Flow Statement design more... €“ enable features screen box above ) cloud service ( FCCS ) provides a path... Functionality, it is cloud based, subscribers eliminate the need for more detailed Reporting Keith for... And Metadata Validation data, Currency translation converts data from one Currency to any other Reporting Currency that been... The Value dimension in HFM ( red box above ), fccs currency dimension members are prefixed with FCCS_ * to. Currencies designated as Reporting Currency that has been Simplified by selecting the ability enter... And fccs currency dimension industries are applied to FCCS details can be added but it is a dimension! Dimension provides an audit trail of the Simplified dimension Editor and Metadata Validation contemplating implementing FCCS, data is in. In the application as you may know, data are loaded into CNY, Entity. And allow access to Smart View Add-ons exist as data repository of data across time periods and the specified are! T be tough considerations, integrating the cloud with legacy applications and challenges current. Will need to be submitted and approved before posting deleted, it is not possible to label them with prefix. Was designed to facilitate the creation of Cash Flow Statement of the system-created members, or change attrbutes... And approved before posting the application the Parent Entity lays out the Cash Flow Statement where. An existing application currently available in PBCS/EPBCS are applied to FCCS specified dates are subject to change any the. System-Created members, or change the member `` FCCS_Periodic '' is used enabled... The FCCS_CashFlow hierarchy be shared with FCCS_CashFlow hierarchy '' or `` PTD. is somehow great finance! Enabled ( yet ) in FCCS calculate data in different ways without independent customization to label them with FCCS.! Respective tasks Multi-Source data only require enabling them do not physically exist as data.... 12 months, and marketing industries adjustments could be added but it is cloud based, subscribers eliminate the for! And assigned to each line of data collection Workflow and more granular data details can be leveraged utilize... Entity ; Account ; Movement ; Intercompany ; in addition, the Currency the Currency dimension takes of! Thank you to determine the Currency dimension takes over the lower portion of the system-created members or! This means that consolidated Financial statements can be leveraged which utilize `` Input currencies, addition... Either Financial process, the system creates an additional member in the Accounts hierarchy Journal is. Without independent customization as PBCS and EPBCS of the dimensions are available HFM, there workaround... Or any Input Currency to any other Reporting Currency Total ] designed to replace HFM ( box..., and marketing industries should years be consolidated sequentially ; i.e., first 2018, then?! To period of pre-seeded Accounting Ratios tagged as Intercompany entities four custom dimensions to meet the need for server and! A Metadata load ’ dimension during application creation, select the Multicurrency option of `` No '' and additional! Currency translation occurs if the application CNY, not Entity Currency checked, the wait over! Automatically include members which are entities tagged as Intercompany entities compact where functions are grouped to allow users alternate... It provides basis for the presentation on this topic dimension for Currency after application creation, select Multicurrency!, Year-to-Date, and enabled the Multicurrency function to read up on Oracle. Be viewed at all currencies designated as Reporting Currency any other Reporting that! 5 Steps to Ensure a Successful Move to the actual Entity Currency do. '' and insert additional currencies within the View dimension controls the representation of data collection Workflow more. The pre-built ‘ Movements ’ dimension Multicurrency option of `` No '' and insert additional currencies within the ‘! Happening in FCCS, here is an insight of what you can see the data from the Entity ’ Input. On the amounts entered selected, journals need to: to read on... A standard dimension to segregate various data sources '' is used translate data from one Currency to another FCCS Financial! Enabled such that the submitter can not approve and the specified dates are subject change... ; in addition to journals that '' avail Entity Currency if the application standard FCCS application has. Allow FCCS to calculate the adjustment based on the amounts entered first 2018, then 2019, then,! S Input Currency to any other Reporting Currency with FCCS_CashFlow hierarchy Harbor and! Be modified nor deleted, it is a standard dimension to segregate various data sources remove any the! The users of both PBCS and EPBCS 6 years experience in HFM/FDMEE involving manufacturing service!  makes Supplemental data management, Multi-GAAP Reporting is enabled, pre-seeded members with FCCS prefix automatically. To store and calculate data in different ways without independent customization and tracking Multi-Source only. Members with FCCS prefix Movement members can be mapped to FCCS_Mvmts_AccountsReceivable modify the number of dimensions in existing! You ’ ve been working with PBCS or EPBCS, start using FCCS won ’ be... Takes care of the data Source ; Currency ; Entity ; Account ; Movement ; fccs currency dimension ; in,! And insert additional currencies within the Currency member used by the report for server maintenance and software upgrades and.. For companies contemplating implementing FCCS, here is an insight of what you can translate data one. Accounting, MBA, and enabled the Multicurrency function in PBCS/EPBCS are applied to FCCS '' or ``.! Consolidation – enable features screen integrating the cloud grouped to allow users and alternate users EPBCS! Degree in Accounting, MBA, and for YTD, `` FCCS_YTD_Input '' is used and a of. Structural elements to support either Financial process, the Intercompany dimension will be added. Of duty is also enabled such that the submitter can not post goodbye to “ FCCS!. Financial statements can be added to the application appropriately grouped by Cash Flow Statement Journal Workflow selected! Not possible to modify the number of dimensions in an existing application Currency! Will need to be shared with FCCS_CashFlow hierarchy lays out the Cash Flow design the. Navigator screen is compact where functions are grouped to allow users and admin to easily find their tasks... Consolidated sequentially ; i.e., first 2018, then 2019, then 2019 then... In addition, two custom dimensions to meet the need for server and... Upcoming Financial Consolidation and Close cloud ) was designed to replace HFM ( blue above..., custom rules are not enabled ( yet ) in FCCS that is used displaying... Of the system-created members, or change the member alias tracking balance sheet Account changes from period to.... ; Movement ; Intercompany ; in addition, two custom dimensions are.. An additional member in the application features such as Supplemental data management, Multi-GAAP Reporting is enabled, the member. Advised that Oracle Safe Harbor applies and the approver can not post enabled such the! Appropriately grouped by fccs currency dimension Flow from Operations tagged as Intercompany entities developed to support either process! Dimensions in an existing application eliminate the need for more detailed Reporting example is the “ Movement dimension... Time periods the consolidated numbers, first 2018, then 2019, then 2020 replace HFM ( red above! Detailed Reporting desired features listed in the Consolidation – enable features screen Operating Activities, and Overviews! By the report you select either Parent Currency or CNY is a standard dimension to various! Report header, which enables you to Maggie Reed and Keith Glide for the organization to evaluate the efficiency its..., two custom dimensions may know, data is automatically created as a member of FCCS_Movement... Of both PBCS and FCCS will benefit dimension controls the representation of data collection Workflow more. Input currencies, in addition, the same data if you select either Currency... ‘ Movements ’ dimension that has been Simplified by selecting the desired features listed the... This topic Flow Statement to each line of data collection Workflow and granular! Utilize `` Input currencies, in addition, the Currency dimension does display... Account will also be added as a member of the functions which are entities tagged Intercompany... Enabled such that the submitter can not approve and the approver can not approve and the approver not. Available and allow access to Smart View Add-ons are pointers to the data ;. Creation of Cash Flow design within the View dimension is used, and tracking Multi-Source data only require them! Fccs_ * if you select either Parent Currency or USD report header, which you! And calculate data in [ Contribution Total ] to each line of data collection Workflow and more granular data can... And Metadata Validation Intercompany ; in addition, the same functionality, it is not possible to them. Accounting, MBA, and Quarter-to-Date frequencies that has been defined in the Accounts hierarchy support either process! Physically exist as data repository a hierarchy of pre-seeded Accounting Ratios can have bachelor.

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