Oracle Fusion Financials

Oracle Fusion Financials Interview Questions

Why define an Enterprise in Oracle Fusion Financials?

Define the enterprise to get the name of the deploying enterprise and the location of the headquarters.

Why to define Enterprise Structures in Oracle Fusion Financials?

Define enterprise structures to represent an organization with one or more legal entities under common control. Define organizations to represent…

Why to define Legal Jurisdictions and Authorities in Oracle Fusion Financials?

Define information for governing bodies that operate within a jurisdiction.

Why to define Legal Entities in Oracle Fusion Financials?

Define legal entities and legal reporting units for business activities handled by the Oracle Fusion Applications.

Why to define Business Units in Oracle Fusion Financials?

Define business units of an enterprise to perform one or many business functions that can be rolled up in a…

Why to define Financial Reporting Structures in Oracle Fusion Financials?

Define financial reporting structures, including organization structures, charts of accounts, organizational hierarchies, calendars, currencies and rates, ledgers, and document sequences…

Why to define Chart of Accounts in Oracle Fusion Financials?

Define chart of accounts including hierarchies and values to enable tracking of financial transactions and reporting at legal entity, cost…

Why to define Ledgers in Oracle Fusion Financials?

Define the primary accounting ledger and any secondary ledgers that provide an alternative accounting representation of the financial data.

Why to define Accounting Configurations in Oracle Fusion Financials?

Define the accounting configuration that serves as a framework for how financial records are maintained for an organization.

Why to define Facilities in Oracle Fusion Financials?

Define your manufacturing and storage facilities as Inventory Organizations if Oracle Fusion tracks inventory balances there and Item Organizations if…

Why to define Reference Data Sharing in Oracle Fusion Financials?

Define how reference data in the applications is partitioned and shared.

What is an Enterprise Structures Configurator in Oracle Fusion Financials?

The Enterprise Structures Configurator is an interview-based tool that guides you through the process of setting up a basic enterprise…

What are Divisions in Oracle Fusion Financials?

A division refers to a business-oriented subdivision within an enterprise, in which each division organizes itself differently to deliver products…

What are Reference Data Sets and Sharing Methods in Oracle Fusion Financials?

Oracle Fusion Applications reference data sharing feature is also known as SetID. The reference data sharing functionality supports operations in…

What is Geography Structure in Oracle Fusion Financials?

Firstly, you need to create a geography structure for each country to define which geography types are part of the…

What is Geography Hierarchy in Oracle Fusion Financials?

Once the geography structure is defined, the geographies for each geography type can be added to the hierarchy. For example,…

How Geography Validation works in Oracle Fusion Financials?

After defining the geography hierarchy, you need to specify the geography validations for the country. You can choose which address…

How Geography Structure, Hierarchy, and Validation fit together in Oracle Fusion Financials?

There are three components that are dependent on each other when defining a country: geography structure, geography hierarchy, and geography…

Can I add any geography to the geography hierarchy in Oracle Fusion Financials?

Yes. however, the geography type for the geography that you want to add must be already added to the country…

Can I edit a specific geography in the geography hierarchy in Oracle Fusion Financials??

Yes. In the Manage Geography Hierarchy page you can edit details such as the geography's date range, primary and alternate…

When do I define address cleansing in Oracle Fusion Financials?

When address data entered into the application needs to conform to a particular format, in order to achieve consistency in…

Why can't I delete a level of the country geography structure in Oracle Fusion Financials??

If a geography exists for a country geography structure level then you cannot delete the level. For example, if a…

What are Legal Entities in Oracle Fusion Financials?

A legal entity is a recognized party with rights and responsibilities given by legislation. Define a legal entity for each…

What rights and responsibilities Legal entities have in Oracle Fusion Financials?

Legal entities have the following rights and responsibilities to: 1. Own property 2. Trade 3. Repay debt 4. Account for…

What is the Role of Your Legal Entity in Oracle Fusion Financials?

In configuring your enterprise structure in Oracle Fusion Applications, the contracting party on any transaction is always the legal entity.…

What is the importance of using legal entity on transactions in Oracle Fusion Financials?

1. Legal entity and its relationship to business units 2. Legal entity and its relationship to divisions 3. Legal entity…

Describe Legal Entity and Its Relationship to Business Units in Oracle Fusion Financials?

A business unit can process transactions on behalf of many legal entities. Frequently, a business unit is part of a…

Describe Legal Entity and Its Relationship to Divisions in Oracle Fusion Financials?

The division is an area of management responsibility that can correspond to a collection of legal entities. If wanted, you…

Describe Legal Entity and Its Relationship to Ledgers in Oracle Fusion Financials?

One of your major responsibilities is to file financial statements for your legal entities. Map legal entities to specific ledgers…

Describe Legal Entity and Its Relationship to Balancing Segments in Oracle Fusion Financials?

Oracle Fusion General Ledger supports up to three balancing segments. Best practices recommend one segment represents your legal entity to…

Describe Legal Entity and Its Relationship to Consolidation Rules in Oracle Fusion Financials?

In Oracle Fusion Applications you can map legal entities to balancing segments and then define consolidation rules using your balancing…

Describe Legal Entity and Its Relationship to Intercompany Transactions in Oracle Fusion Financials?

Use Oracle Fusion Intercompany feature to create intercompany entries automatically across your balancing segments. Intercompany processing updates legal ownership within…

Describe Legal Entity and Its Relationship to Worker Assignments and Legal Employer in Oracle Fusion Financials?

Legal entities that employ people are called legal employers in the Oracle Fusion Legal Entity Configurator. You must enter legal…

Describe Legal Entity and Payroll Reporting in Oracle Fusion Financials?

Your legal entities are required to pay payroll tax and social insurance such as social security on your payroll. In…

What's a legal employer in Oracle Fusion Financials?

A legal employer is a legal entity that employs workers. You define a legal entity as a legal employer in…

What's a payroll statutory unit in Oracle Fusion Financials?

Payroll statutory units are legal entities that are responsible for paying workers, including the payment of payroll tax and social…

What are Business Units in Oracle Fusion Financials?

A business unit is a unit of an enterprise that performs one or many business functions that can be rolled…

What are the advantages that business unit model provides in Oracle Fusion Financials?

1. Enables flexible implementation 2. Provides consistent entity that controls and reports on transactions 3. Shares sets of reference data…

Describe Business Unit Security in Oracle Fusion Financials?

A number of Oracle Fusion Applications use business units to implement data security. You assign roles like Accounts Payable Manager…

Describe Business Functions in Oracle Fusion Financials?

A business function represents a business process, or an activity that can be performed by people working within a business…

List out the business functions that generate financial transactions and will require a primary ledger and a default legal entity in Oracle Fusion Financials.

1. Billing and revenue management 2. Collections management 3. Customer payments 4. Expense management 5. Materials management 6. Payables invoicing…

Why did the newly added ledger and legal entity not show up in the list when assigning business functions in Oracle Fusion Financials?

When assigning the business functions, the list of values for the Primary Ledger and default Legal Entity are empty or…