1. Administering Financial Consolidation and Close
  2. Managing the Approval Process
  3. Managing Approval Phases
  4. Understanding Approval Groups

Understanding Approval Groups

Approval groups enable you to submit a portion of the data for review first, while other data can be reviewed later. During the review process, you can promote each phase of the approval unit rather than the entire approval unit.

For example, your review process requirements may vary by period. The monthly close cycle might require a single-phase review process for Balance Sheet and Profit/Loss data in January and February. For a quarterly month such as March, the quarterly closing review process may require multiple phased submission cycles for Balance Sheet and Profit/Loss data and supplemental data.

Further, your review process requirements may also vary by scenario. For example, the Actual scenario might require only Balance Sheet and Profit/Loss accounts to be submitted for review. For the Budget scenario, all accounts might be required, and for the Forecast scenario, only Profit/Loss accounts and supplemental data might be required.

Phased submission using approval groups will enable you to meet these different approvals requirements without the need for additional scenarios.

There are no limits on the number of approval groups you can create for an application, however the maximum number of approval groups that you can assign to an approval unit hierarchy is 20.

You perform these tasks to set up submission phases with approval groups:

  1. Define approval groups and assign approval groups to dimension members. See Defining Approval Groups.

  2. Assign approval groups to an approval unit hierarchy. See Assigning Approval Groups to an Approval Unit Hierarchy.

Watch the following video to learn more about setting up extended Approval Flows:

Video icon Setting Up Extended Approval Flows in Oracle Financial Consolidation and Close