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Overview of Oracle Fusion Financials

Sep 7, 2024

Notes on Oracle Fusion Cloud Financials Lecture

Introduction

  • The lecture is aimed at a diverse audience with varying backgrounds in EVS (Enterprise Value Stream) and technical fields.
  • The instructor emphasizes inclusivity for both new and experienced attendees.

Course Overview

  • Course Name: Oracle Fusion Cloud Financials.
  • Focus on understanding applications, particularly Oracle Fusion Cloud Financials, including:
    • Applications
    • Database
    • Reports

Key Terms Defined

Oracle

  • Initially started as a database company.
  • The Oracle database is fundamental for storing data.

Applications

  • Defined as a collection of forms that allow data entry into a database.
  • Examples of forms include invoice forms and payment forms.
  • These forms simplify data entry without requiring SQL knowledge.
  • Data is stored in tables within a database.

Reports

  • Used for retrieving and viewing data stored in the database.
  • Reports can provide detailed information about transactions, invoices, payments, etc.

Concept of Applications

  • Applications consist of:
    • Forms for data input.
    • Database for data storage.
    • Reports for data viewing.
  • Each department in a company uses specific applications tailored to its activities:
    • Purchasing Department: Purchasing applications.
    • Payables Department: Payables applications.
    • Receivables Department: Receivables applications.

Understanding Financials

  • Financials encompass departments that handle money-related activities:
    • Payables: Invoices and payments.
    • Receivables: Sales invoices and customer payments.
    • Cash Management: Bank accounts management and reconciliation.
    • Fixed Assets: Maintenance and depreciation of physical assets.
  • Financials are categorized under finance-related applications.

Fusion Concept

  • Oracle Fusion represents a combination of the best software solutions available in the market.
  • Oracle acquired several companies (e.g., JD Edwards, PeopleSoft, Hyperion) to build its suite of applications under Fusion.
  • Fusion applications are thus a blend of specialized products that together provide comprehensive ERP solutions.

Core Applications in Financials

  1. Accounts Payable (AP): Manage purchase invoices and payments.
  2. Accounts Receivable (AR): Handle sales invoices and receipts.
  3. Cash Management (CM): Oversee bank accounts and reconciliations.
  4. Fixed Assets: Maintain records of company assets and their depreciation.
  5. General Ledger (GL): Consolidate financial data for reporting.

Implementation Considerations

  • Setting up applications involves configuring them to meet the specific needs of the business.
  • Knowledge of the setup process is important for effective implementation.
  • The migration from older versions (like EBS) to Fusion requires understanding both systems and the re-implementation process.

Career Opportunities

  • Job titles after completing the course may include:
    • Oracle Fusion Cloud Financials Consultant.
    • Functional Consultant for Oracle Cloud Financials.
  • Knowledge of Fusion financial applications opens paths for roles in implementation, support, and upgrades.

Conclusion

  • The course will provide a thorough understanding of Oracle Fusion Cloud Financials, emphasizing practical application and configuration in real-world scenarios.
  • Questions and interactive discussions are encouraged throughout the course to clarify concepts.

Full transcript