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Oracle Fusion Accounting Hub (FAH) is an accounting integration and reporting platform that includes the following products: Subledger Accounting, Ledger, and Financial Reporting Center. FAH offers a flexible approach to system adoption, allowing customers to implement Fusion Financials in an evolutionary manner. As an accounting integration platform, FAH standardizes the accounting from multiple third party transactional systems to consistently enforce accounting policies and meet multiple reporting requirements in an automated and controlled fashion. FAH also offers EBusiness Suite and PeopleSoft customers exceptional reporting and analytics capabilities with minimal disruption to their current financial processes.
Coexistence is the notion of having Oracle Applications exist with existing legacy applications or with Oracle’s next generation Fusion Applications. Oracle Fusion Applications is designed to with this thought in mind. It will allow you to work alongside both non-Oracle and Oracle systems without forcing customers to perform a full-scale upgrade. A key component of this coexistence strategy is Oracle Fusion Accounting Hub (FAH). FAH is both an accounting integration platform and a reporting platform, which can be used for either - or both - of these solutions.
As an accounting integration platform, FAH integrates with non-Oracle transactional systems to create accounting entries in Oracle general ledgers (e.g., Fusion, E-Business Suite, and PeopleSoft General Ledgers) or other non-Oracle general ledger systems. The rules engine is highly configurable. The rules engine will transform transaction information from third party systems to create accurate, detailed, and auditable accounting entries to meet statutory, corporate, regulatory, and management reporting needs.
For customers that have high volumes of transactions from diverse industry applications, such as billing systems for telecommunications, core banking platforms, or claims systems for insurance, FAH can receive raw transaction information plus reference information and apply rules to create detailed accounting entries to meet your specific accounting requirements.
FAH includes a rules repository to centrally define and maintain accounting rules. The rules transformation engine then creates, validates and stores the accounting journals, and a detailed accounting repository that is used to reconcile to source systems.
User Configurable Rules Offer Maximum Flexibility
FAH offers maximum flexibility in generating accounting entries by allowing users to configure rules based on any attribute of a transaction. For example, a deferred revenue account can be broken out by different lines of business based on the nature of the revenue. No matter how many variations a company may have, users have complete flexibility in building every accounting entry.
You will also be able to create accounting rules once and then deploy those rules across different external and legacy systems. Changes in accounting regulations or corporate structures are quickly accommodated with effective dating of rules. An audit trail of the changes is preserved allowing a comparison between old and new versions of the rules.
Rapidly Integrate New Systems
Many organizations need to efficiently integrate new industry-specific systems or recently acquired companies into their existing environment. FAH implementations can be done gradually, reducing the implementation risk. The software is flexible enough to accommodate both journal pass-through solutions as well as raw transaction-based accounting solutions. Customers can move from a pass-through solution to passing raw transaction data to create the necessary accounting. New systems can be added and new products can be launched while the system is in use.
Store Additional Information beyond the Chart of Accounts
Users can store balances based on business dimensions outside their chart of accounts using supporting references. In other words, supporting references extend the chart of accounts without cluttering the general ledger with unnecessary detail. For example, users can store balances based on geographies, channel, industry, investment type, fund manager or product category without including these key business dimensions in the chart of accounts. These balances are stored in the accounting repository, readily available for reporting and analytics.
Enhance Internal Controls and Auditability
The centralized architecture of Oracle Fusion Accounting Hub enforces internal controls and successful audit and compliance reviews. Auditors and compliance officers can use the rules and accounting repositories as a basis for their engagements.
The common accounting engine includes a robust collection of validations and balance and control routines. These validations are fully documented for complete transparency, a key requirement for Section 404 Sarbanes-Oxley compliance.
Audit Trail from General Ledger Balances to Business Events
Users can drill from their existing general ledger balances to the specific journal lines in the accounting repository that comprise that balance. Embedded bi-directional flows allow users to drill from journal lines either to the supporting business events and the accounting details.
As a reporting platform, Oracle E-Business Suite and PeopleSoft customers can leverage Fusion Accounting Hub’s exceptional reporting and analytics platform without disrupting their current financial processes, such as their credit to cash or procure to pay processes. This allows customers to leverage FAH’s reporting ledger as their ledger of record to perform sophisticated reporting and analysis against real-time accounting information, with optional drilldown to the source transaction details.
FAH’s unique reporting platform (embedded with Oracle Essbase) will allow Oracle E-Business Suite and PeopleSoft customers to significantly improve financial reporting and information access. Oracle Essbase is the market leading online analytical processing (OLAP) server. This allows large quantities of data to be quickly accessible and analyzed from different perspectives in a highly interactive way for intuitive and immediate decision support. Customers can also leverage the power of Hyperion Data Relationship Manager to synchronize changes to chart of accounts and hierarchies between Fusion and PeopleSoft or E-Business Suite financial systems. After programs transfer data from PeopleSoft and E-Business Suite ledgers to FAH’s reporting ledger, all balances are automatically updated and pre-summarized at every possible summarization level, making reports, queries, and analytics very fast.
All reports and queries work off the same up-to-the-minute, live data to ensure that all the roles in the company are making decisions based on the most relevant and accurate information.
Central Report Center Provides Self-Service Access
Authorized users have self-service access to view any live financial report. This comes complete with drilldowns to live transactions. The Oracle Fusion Financial Reporting Center provides a single access point to securely distribute and access reports defined in Fusion Accounting Hub, Fusion Financials, Hyperion Financial Reporting Studio or Hyperion Workspace.
Board quality financial statements and departmental reports, such as departmental expenses, can be viewed in the output of choice. Some examples of outputs are HTML, PDF, and MS Office. CFOs can export financial statements to MS Office products, such as PowerPoint, Excel or Word, and then refresh results as needed from those desktop applications with a single click.
Self-Monitoring Accounts Alert Users to Exceptions
Instead of running reports and performing online queries to check balances, FAH can proactively monitor account balances. Users will then be notified of any sudden spikes or drops based on user-defined thresholds. Users can view both current and comparative balances as well as the percentage change to assess whether the variance is favorable or unfavorable. To investigate the root cause of the exception, users can quickly drill down through multiple levels of hierarchies and summarized balances to the live transactions.
By choosing to employ the full capabilities of Oracle Fusion Accounting Hub as both an accounting and reporting platform, users get the benefits of integration with non-Oracle transactional systems to create accounting entries in Oracle ledgers. This comes with powerful reporting and analytics against real-time accounting information, and optional drilldown to the source transaction details.
Oracle Fusion Accounting Hub offers a flexible approach to adopting Fusion Applications in the way that best complements a company’s existing financial processes. Choose either the fully-guided Fusion Accounting Hub Standard Implementation using the Functional Setup Manager, or Fusion Accounting Hub for Rapid Implementation using a spreadsheet upload facility. Whichever option is preferred, setup is streamlined using a specific Task Grouping focused on FAH tasks.
"Oracle Fusion Accounting Hub" is part of the Oracle ERP Cloud line of products, developed by Oracle.
Oracle ERP Cloud is a horizontal product. It offers functionality designed for usage across a wide variety of industries and business types.