Overview of Financial Consolidation and Close

Overview Of
Financial Consolidation And Close:

Its Best Practice Cloud Based Consolidation And Reporting Tool.
Designed For Quick And Easy Implementation Addressing Legal & Management
Consolidation Needs.
Its Defined Dimensions, Currency Translation, Data Forms And Reports And
Dashboard.
Financial Consolidation and Close is a subscription-based consolidation and
reporting solution built for and deployed on Oracle Cloud. It provides a simple and quick
deployment for users who want fast implementation with no hardware and minimal IT
support. It provides a user-friendly and intuitive interface along with built-in functionality
for consolidation and close process tasks.
WHY FCCS USED:

FCCS provides an end-to-end solution for both effectively and efficiently managing
your consolidation and close process.
That processes FCCS is dependable and correctly generating and providing on time and
transparently and its efficiently managing the application and it’s easy to compliant and
auditable.
TYPES OF ACCOUNTS:
In Oracle FCCS each account is defined with associated an Account Type and it can be
representing the accounting nature.
In this each account is categorized into two types that are Flow or Balance.
Flow Account Types Accumulate the Over Time.
 Flow account types: Revenue, Expense

Expense: Costs is increased by a company to generate revenue. Examples of expenses are:
cost of sales, salary expense, travel expense.
Revenue: Income received as a result of the sale of goods or services. Examples of revenue
include Trade Sales, Income from Sales of Fixed Assets
And Balance Account types represent a balance at a specific period and therefore do not
aggregate over time.
 Balance account types: Asset, Liability, Equity

Asset: company can expect to generate income over time. Examples of assets are
inventory, fixed assets, pre-paid insurance.
Liability: company can pay payable on time. Examples of liability are accounts payable.
Equity: company can satisfy all the ownerships in company and given equal amount of
shares. Examples of equity are stocks sharing.
SmartView options:
Using Oracle Smart View for Office, it can provide view, import, manipulate,
distribute, and share data from various data sources using Microsoft Excel, etc.
basic components of Oracle Smart View for Office, from which you connect to your
data source and access Smart View functionality, are ribbons and the Smart View Panel.
Ribbons:
It commands From Office applications; this is access Oracle Smart View for Office
functionality through ribbon commands.
The ribbons are:
• Smart View
• Essbase
• HFM (Oracle Hyperion Financial Management )
• HFM Ad Hoc
• Planning
• Planning Ad Hoc
• FCCS (Financial Consolidation and Close)
• FCCS Ad Hoc
• TRCS (Tax Reporting)
• TRCS Ad Hoc
• Oracle BI EE
• Others—If the administrator has installed and configured your Smart View system with
extensions, there may be other ribbons; for
example:
– Narrative Reporting
– Narrative Reporting Ad Hoc
– Disclosure Management
– Strategic Finance
Smart view panel:
The Smart View Panel it can manage data source connections, access data and task lists,
and create reports.
2
The Smart View Panel contains the following panes:
• Home—A panel that displays links to Shared Connections and Private Connections.
• Shared Connections—A drop-down menu of available connections from Oracle Hyperion
Shared Services and a tree view of the contents of the currently selected connection.
• Private Connections—A drop-down menu of available connections saved on the local
computer and a tree view of the contents of the currently selected connection. You can also
enter a URL to connect directly to a data source here.
• Task Lists—A tree list of tasks from which you can manage your tasks
• Action Panel—A list of operations available based on the selection in the shared
connection, private connection, or task list tree.
• Document Contents—A task pane in the Smart View Panel that provides a view of the
connections and content existing in the current Office document.
Exchange rates in FCCS?

The FCCS is provides the ability to enter direct exchange rates, indirect exchange rates and
cross-rates. It is recommended that only direct rates be entered to Financial Consolidation and
Close for the most accurate indirect and cross-rates to be generated.
You can Exchange Rate data using two pre-built system Exchange Rate forms:
 Enter Exchange Rates - Single Period: Enter exchange rates for the single period
selected in the Point of View.
 Enter Exchange Rates - Multi Period: Enter exchange rates for multiple periods to a
single To Currency selected in the Point of View
In FCCS, we can assign more than one currency as a reporting currency.

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Overview Of

Financial Consolidation And Close:

WHY FCCS USED:

Flow Account Types Accumulate the Over Time.

 Flow account types: Revenue, Expense

 Balance account types: Asset, Liability, Equity

Exchange rates in FCCS?

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