ORACLE FUSION FINANCIALS SETUP STEPS

1. Define Enterprise Structure:

• • Define the legal entities, business units, and other organizational units in your company’s structure.

1. Define Chart of Accounts:

• • Set up your chart of accounts, including accounting segments and values, to categorize financial transactions.

1. Define Currencies and Conversion Rates:

• • Configure base and foreign currencies for transactions and set up conversion rates for currency exchange.

1. Define Ledger:

• • Define ledgers for different accounting requirements, such as primary ledger, reporting ledger, and secondary ledgers.

1. Define Accounting Calendar:

• • Set up your fiscal year, accounting periods, and accounting calendar to manage financial reporting and close processes.

1. Define Subledger Accounting:

• • Configure sub-ledger accounting rules to define how accounting transactions are generated from subledgers.

1. Configure Payables and Receivables:

• • Set up payment terms, payment methods, invoice sources, and other relevant configurations for payables and receivables.

1. Set Up Assets:

• • Configure asset categories, depreciation methods, and other asset-related parameters for asset management.

1. Configure General Ledger:

• • Define journal sources, categories, and entries set up to manage general ledger transactions.

1. Define Budgets:

• • Set up budgetary controls, define budget organizations, and configure budgetary control options.

1. Define Tax Configuration:

• • Configure tax codes, rates, jurisdictions, and rules based on your organization’s tax requirements.

1. Configure Cash Management:

• • Set up bank accounts, reconciliations, cash forecasts, and other cash management parameters.

1. Define Intercompany Transactions:

• • Configure intercompany accounting rules and transactions if your organization has multiple legal entities.

1. Configure Financial Reporting:

• • Define financial reporting structures, such as financial statement hierarchies and segment hierarchies.

1. Define Security and Access Controls:

• • Set up user roles, permissions, and access controls to ensure data security and segregation of duties.

1. Test and Validate:

• • Perform thorough testing of your setup and configurations to ensure the accuracy and integrity of financial data.

1. Training and User Adoption:

• • Provide training to end-users on how to use Oracle Fusion Financials effectively.

1. Go Live and Ongoing Maintenance:

• • Transition to Oracle Fusion Financials for day-to-day financial operations and perform ongoing maintenance and support.