Creating Journals in Oracle Financial Consolidation and Close Cloud

Creating Journals in Oracle Financial Consolidation and Close Cloud


[Intro Music] Welcome to this step-by-step tutorial on creating journals in Oracle Financial Consolidation and Close Cloud. This recording was created using a desktop browser. Financial Consolidation and Close Cloud is also available from tablet devices. You use the Journals module to make adjustments to your data. Journals provide double-sided entry using debits and credits to ensure your data stays in balance. In this tutorial you learn how to create journals, enter debits and credits, validate journals, and save your journal data. You also learn how to copy and delete journals. You create journals from the Manage Journals page. You select the Year, Scenario, and Period for the journal in the Point of View area. The Consolidation dimension member for journals data is always Entity Input and the View member is always Periodic. I’ll create journals for August 2016 for the Actual scenario. You can filter the journal list by journal label, description, group, entity, user, or status. I’ll filter the list to show journals for the New York entity. Click the ‘x’ to clear the filter. Click create to start a new journal for the current point of view. The journal point of view shows the scenario, year, and period for the journal. You enter journal data in local currency. When you post journal data, it is stored in the Journal Input member of the Data Source dimension. You can enter a journal label of up to 20 characters and a description of up to 225 characters. A number is automatically assigned to the journal when it is saved. You can assign journals to groups. You can use groups to filter the journal list and Journal reports. Click Create to add a row. You can enter member names in the fields, or select Pick Members from the Action menu to pick members from a list. I’ll enter USA in the Entity dimension field. You can enter both parent and base level members for the Entity dimension. For all other dimensions, you must enter base level members. In the Account field, I’ll use the member selector to select depreciation expense for buildings. You must provide a member name for each dimension. You can add a description to each journal line item. When you add a new row, it is added beneath the currently selected row. The values for the new row default to the values of the selected row. You can edit the values as needed. I’ll change the Account member to Accumulated Depreciation Buildings, and the Movement member to Other Income Adjustment Movements. You enter the data for each row as a debit or a credit. The total debits and total credits are displayed, along with a variance. You can copy and paste rows. I’ll copy the USA rows to create an adjustment for the Canada entity. I’ll edit the entity name and the debit and credit amounts for the rows. Debits and credits must be balanced for each local currency. I can scan the journal to verify that all member names are valid and that total debits and total credits are balanced for each currency. You can save unbalanced journals, but you cannot submit them for approval or post them. The scan showed no errors, so I’ll save and close the journal. The status of the journal is Working. You can delete journals with Working or Submitted status. You cannot delete journals with Approved or Posted status. You can copy journals between periods. I’ll copy the Loan Payments Corp journal to September. If you copy a journal with submitted, approved, or posted status, the status of the copy is changed to working. To edit a journal, click the journal label. You can only edit journals with the status of Working. Journals with submitted, approved, and posted status are view only. In this tutorial, you learned how to create journals in Oracle Financial Consolidation and Close Cloud. To learn more, visit cloud.oracle.com.

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