Tuesday, July 17, 2012

Oracle Financials FAQS


               

What is Oracle Financials?

Oracle Financials products provide organizations with solutions to a wide range of long- and short-term accounting system issues. Regardless of the size of the business, Oracle Financials can meet accounting management demands with:
  • Oracle Assets: Ensures that an organization's property and equipment investment is accurate and that the correct asset tax accounting strategies are chosen.
  • Oracle General Ledger: Offers a complete solution to journal entry, budgeting, allocations, consolidation, and financial reporting needs.
  • Oracle Inventory: Helps an organization make better inventory decisions by minimizing stock and maximizing cash flow.
  • Oracle Order Entry: Provides organizations with a sophisticated order entry system for managing customer commitments.
  • Oracle Payables: Lets an organization process more invoices with fewer staff members and tighter controls. Helps save money through maximum discounts, bank float, and prevention of duplicate payment.
  • Oracle Personnel: Improves the management of employee- related issues by retaining and making available every form of personnel data.
  • Oracle Purchasing: Improves buying power, helps negotiate bigger discounts, eliminates paper flow, increases financial controls, and increases productivity.
  • Oracle Receivables:. Improves cash flow by letting an organization process more payments faster, without off-line research. Helps correctly account for cash, reduce outstanding receivables, and improve collection effectiveness.
  • Oracle Revenue Accounting Gives an organization timely and accurate revenue and flexible commissions reporting.
  • Oracle Sales Analysis: Allows for better forecasting, planning. and reporting of sales information.

What is the most important module in Oracle Financials?

The General Ledger (GL) module is the basis for all other Oracle Financial modules. All other modules provide information to it. If you implement Oracle Financials, you should switch your current GL system first.GL is relatively easy to implement. You should go live with it first to give your implementation team a chance to be familiar with Oracle Financials.

What is the MultiOrg and what is it used for?

MultiOrg or Multiple Organizations Architecture allows multiple operating units and their relationships to be defined within a single installation of Oracle Applications. This keeps each operating unit's transaction data separate and secure.
Use the following query to determine if MultiOrg is intalled: 

select multi_org_flag from fnd_product_groups;

What is the difference between Fields and FlexFields?

A field is a position on a form that one uses to enter, view, update, or delete information. A field prompt describes each field by telling what kind of information appears in the field, or alternatively, what kind of information should be entered in the field.
A flexfield is an Oracle Applications field made up of segments. Each segment has an assigned name and a set of valid values. Oracle Applications uses flexfields to capture information about your organization. There are two types of flexfields: key flexfields and descriptive flexfields.

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