Working with Financial Consolidation and Close Applications

29 Working with Financial Consolidation and Close Applications

Financial Consolidation and Close provides an end to end solution for both effectively and efficiently managing the consolidation and close process. You use Oracle Enterprise Data Management Cloud to manage Financial Consolidation and Close dimensions.

Managing Financial Consolidation and Close data in Oracle Enterprise Data Management Cloud involves:

When you create a Financial Consolidation and Close application, the following objects get created:

An application is created with settings, such as alias tables, multi-currency codes, and optional connection settings.
One default view is created for each application.
One dimension is created for each registered dimension.
For each dimension, these objects are created and bound to the dimension:
- One node type with all of the application specific properties.
- One hierarchy set using the node type for both parent and child.
- One node set that points to the hierarchy set.
- One viewpoint that points to the node set.
Note:
Binding rules ensure that the registered dimension conforms to the external application dimension requirements, see Understanding Binding Rules.

In addition to registering dimensions, you can also register attributes. See Understanding Attributes.

After you register an application, you can import data into the dimensions to populate the nodes, properties and hierarchy sets. Optionally, you can modify the registration. When you are done working, you can export the dimension back to the external application.

Financial Consolidation and Close Predefined Members

Predefined members must be imported from the external application. They can be moved and reordered and you can add a child under or a top node above them, but they cannot otherwise be edited in Oracle Enterprise Data Management Cloud.

Any changes to the predefined members must be performed in the external application. After the changes are made, you must perform a merge import (see Working with Merge Imports) to update the predefined members in Oracle Enterprise Data Management Cloud.