- About Us
- Events and Webinars
- Contact Us
Oracle Cloud ERP Financials has provided a user-friendly framework and it offers excellent features for the Finance department. Centroid has recently implemented Cloud Financials (GL, AP) and Cloud Procurement for a client in less than 4 months and went live successfully.
We would like to share some of the lessons learned during the implementation:
In Cloud Financials R12, Oracle has made architecture changes to its Identity Management. The Security Console is the primary area to manage roles and their assignments to users. The security and controls governing the corporate policies need to be managed in this console. It has great features for administering the access standards. Employees have to be defined before Users are created in the Security Console. This would create the association between the Employee and Users. The Party ID is referred on the User. It is recommended to copy a Seeded Role to create a Custom Role. The ESS job “Import User and Role Application Security Data” needs to be scheduled to run on a regular basis. The key setup would be to assign the User and Role to the Data and this needs to be performed by the Manage Data Access Set function.
Example of a Custom Role – AP Invoice Inquiry:
Before the spreadsheet is loaded, the business team needs to approve the COA Structure and provide the segment values. To populate the GL Enterprise Structures and populate the segment values it is recommended to use Rapid Implementation spreadsheet. It is important to populate the values in the appropriate sequence. Account Hierarchies need to be defined for the Base and Current version. They must be in Active status before the transactions can be entered. The segment labels must be validated.
Each segment is associated with a Label:
The Accounting Flexfield must deployed before transactions can be entered into the system:
When Accounting Values are assigned, Payable values need to have the Financial Category of Accounts Payable as seen in the example below:
This Financial Category value setup is a key prerequisite to run the Payables to Ledger Reconciliation Report.
All the Cross-Validation Rules need to be defined before the actual transactions are entered into the system:
Maintenance of the Chart of Accounts is a key exercise and it needs to be performed in a structured manner. Since Cloud Financials is integrated with Essbase cubes it is important to maintain the account strings in a consistent manner. Once the Accounting Configuration is completed, the cubes are created. The GL balances are maintained in Essbase cubes and used for Financial Reporting.
Still have questions? Contact Centroid to learn more about Oracle Cloud Release 12, and how you can best leverage these tools for your business.
Centroid is a cloud services and technology company that provides Oracle enterprise workload consulting and managed services across Oracle, Azure, Amazon, Google, and private cloud. From applications to technology to infrastructure, Centroid’s depth of Oracle expertise and breadth of cloud capabilities helps clients modernize, transform, and grow their business to the next level.