Create a Single Source of Accounting Truth
Oracle Financials Accounting Hub (FAH) allows you to efficiently create detailed, auditable, reconcilable accounting from a variety of source systems. It includes an accounting transformation engine with extensive validations plus accounting and rules repositories. The transformation engine consistently enforces accounting policies. The repositories provide centralized control, detailed audit trails, and simultaneously accommodates diverse corporate, management and reporting requirements.
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Key Features
- Efficiently Create Accounting for Multiple, Heterogeneous Source Systems
Oracle Financials Accounting Hub provides a flexible rules builder for users to create accounting methods and various accounting events once and then deploy them many times for different source systems. - Quickly Update Accounting Rules to Meet New Requirements
Changes in accounting regulations or corporate structures are quickly accommodated with effective dating of rules. The dates of inbound events are used to determine how to create accounting. - Rapidly Integrate New Systems
The rules engine allows users to separately define and reuse setups for each component of a journal entry such as the journal lines, descriptions, and summarization criteria. These setups can be reused to rapidly integrate new source systems into FAH. - Accelerate the Monthly Close
Sophisticated error and exception handling provides prompt resolution of accounting errors. Users can quickly isolate, research, and resolve exceptions with business oriented exception management and on-line inquiries. - Enhance Internal Controls and Auditability
The centralized architecture of Oracle Financials Accounting Hub provides an internal control structure to ensure successful audit and compliance reviews. Oracle Financials Accounting Hub is natively integrated with Oracle General Ledger and Oracle Subledger Accounting. Users can drill from Oracle General Ledger balances to the specific journal lines in the accounting repository that comprise that balance.