Eduardo Abaricia

In HFM we are used to assigning Account Type = Balance for Balance Sheet Accounts and Account Type = Flow for P&L Accounts. Balance Accounts are translated using Ending Rates while Flow Accounts are translated using Average Rates. In FCCS, we assign Account Type = Flow both for Balance Sheet and P&L Accounts. Since data […]

The basic Accounting formula is Total Assets = Total Liabilities + Total Equity. The seeded account FCCS_Balance in FCCS application is designed to temporarily house the imbalance in the basic Accounting formula at Entity Currency. By default, this seeded account is Disabled for all Scenarios. To enable this account, open the Balance the Balance Sheet […]

Elimination process in FCCS  The consolidation process in FCCS includes elimination of intercompany balances, which will occur when intercompany entities meet at the first common parent within the Entity hierarchy. The elimination process use Entity, Intercompany, Account, Data Source, and Consolidation Dimensions. In addition, an intercompany “Balancing Account” or Plug Account must be created to […]

It is always a good idea to lock data after completing period end-processing tasks. In HFM, we create the status grid that we use to lock or unlock data for the period and entity hierarchy intersections. The procedure to lock data in FCCS is different as follows: In Manage Approvals we need to make sure […]

In Hyperion Financial Management (HFM), we know that Assets and Liabilities are Balance Accounts where we assign Ending Rates while Revenues and Expenses are Flow Accounts where we assign Average Rates. In Oracle Financial Consolidation and Close Cloud (FCCS), Balance Sheet and P&L Accounts are assigned the same Time Balance and Exchange Rate Type. For […]

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. For some companies, two custom dimensions […]

When writing financial reports, it is common to have one that needs comparative numbers from a prior month. In Oracle HFM Financial Reporting Studio, we designed the columns of this report as follows: In FCCS Reporting Web Studio the parameters above work if the current month is not January as shown below: However, if the […]

For companies contemplating implementing FCCS, here is an insight of what you can expect. Oracle’s new product FCCS (Financial Consolidation and Close Cloud) was designed to replace HFM (Hyperion Financial Management). Since it is cloud based, subscribers eliminate the need for server maintenance and software upgrades and patches. FCCS incorporates pre-built out of the box […]

Financial Statements – Balance Sheet, Income Statement, and Cash Flow Statement – are generated after completing the accounting period end close process. Proper design of Account hierarchy has always been the effective means of creating Balance Sheets and Income Statements. In Oracle Financial Consolidation and Close Cloud Service (FCCS), Movement dimension was designed to facilitate […]

Don’t you wish you had data to evaluate the efficiency of your period-end close process? Wouldn’t it be nice to know where the bottlenecks are? We live in a high-tech world, but it is not surprising to see large companies still using whiteboards to monitor progress of their accounting close process. Period-end close tasks are […]

How many times have you encountered clients who asked that their consolidated financial statements be in more than one currency? FCCS has a built in solution to meet this request. Currencies in FCCS have 2 major properties: Reporting Currency and Triangulation Currency. These properties play a major role in translation and consolidation. Reporting Currency For […]

There are three consolidation options in Oracle Hyperion Financial Management (HFM): Consolidate All Consolidate All with Data Consolidate What each option does has been appropriately discussed in many articles, which also properly suggest to use the Consolidate All option sparingly. I wanted to share our experience on these consolidation methods. If the application design use […]