Insights and Tips from the Experts



Modernization, Cloud Enablement, Managed Services

Quick Tip: Single source of truth for accounting rules

[fa icon="calendar"] March 7, 2018 / by David Moore, Highstreet

Whether your General Ledger platform is Oracle e-Business Suite, PeopleSoft, or Cloud Financials, the Oracle Financial Accounting Hub (FAH) is the go-to module.

FAH can be configured to create accounting entries based on an unlimited variety of business events, or used to rationalize upstream sources, chart of accounts, and journals into a standard routine.

FAH is fully native to Oracle EBS and Cloud, and can also be easily integrated with PeopleSoft. FAH has the unique characteristic of generating accounting in unlimited ways, can be configured to support multiple accounting representations such as GAAP, IFRS, and can be adapted to any business requirement imaginable.

A key concept with FAH is the use of Event-based Accounting; Configure FAH to raise Events based on business events and processes, such as revenue recognition, deferrals, and amortizations. Configure account derivation rules to assign proper chart of account segment values based on a variety of criteria, again, limited only by the most demanding business requirements.

When implemented properly, FAH provides an organization with the central source of truth of accounting rules. The FAH value proposition lies with standardization of journals originating from disparate source systems and charts of accounts, as well as the ability to create accounting based on key business policies in support of an unlimited range of business scenarios.

 

Topics: PeopleSoft Upgrades & Implementations, Quick Tip

David Moore, Highstreet

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