TOP 33 Oracle fusion financials interview questions

TOP 33 Oracle fusion financials interview questions

In this post, we will be discuss about Oracle fusion financials interview questions. I will share the list of Most Important top 33 Oracle fusion financials Interview Question and Answers which usually asked by most of the times in Interviews. You can refer this question list, for the preparation of Oracle fusion financial interviews. I have shared the Detail Answers with Working example for these Fusion Financials Interview questions for more understanding.  Please find below the detail explanation of Oracle fusion financials interview questions with answers.

Most Important TOP 33 Oracle fusion financials interview questions

In this post, we will be discussing about Oracle fusion financials interview questions. I will share the list of Most Important top 33 Oracle fusion financials Interview Question and Answers which usually asked by most of the times in Interviews. You can refer this question list, for the preparation of Oracle fusion financial interviews. I have shared the Detail Answers with Working example for these Fusion Financials Interview questions for more understanding.  Please find below the detail explanation of Oracle fusion financials interview questions with answers.

1.What is Functional setup Manager in Oracle fusion Financials

Functional setup manager is the implementation tool provided by oracle in Fusion application. This is one of the most useful tools while doing implantation in Oracle fusion. Functional Setup Manager (FSM) is a fully integrated setup tool in Oracle Fusion Applications which provides end-to-end guidance on processes to manage implementation and maintenance of the applications thru its life cycle.

2.What is Auto Post Criteria Set: -

You can automatically post journal batches that meet specific criteria that you defined in an AutoPost criteria set. You can define multiple criteria sets that include a range of journal effective dates and multiple AutoPost priorities. AutoPost priorities include combinations of ledger or ledger set, journal source, journal category, balance type, and period.

3. What is Translation in Oracle Fusion

The Translate General Ledger Account Balances is a process by which you restate an entire ledger or a set of balances for a company from the ledger currency to a reporting currency. Oracle Financials Cloud General Ledger supports translation that restates your standard actual ledger currency balances to a target currency using the appropriate currency conversion rates.

The Translate General Ledger Account Balances process is typically run once you have completed all journal activities for an accounting period. You run this process at the end of an accounting period, after all transactions have been processed and reconciled. You translate the actual ledger currency balances of your ledger to another reporting currency to help you consolidate the financial results

4.What is Recurring Journals?

Answers: Recurring journals uses for that entries which we entered or reported every month. With the Help of Recurring Journals, we don’t need to enter these manually every month but instead off system will do this automatically.

Three Recurring Journals

Skeleton Journal Entries: Skeleton entries affect the same accounts each period, but have different posting amounts.

Standard Recurring Journal Entries: Standard recurring journal entries use the same accounts and amounts each period.

Recurring Journal Formula Entries: Formula entries use formulas to calculate journal amounts that vary from period to period.

5.What is Revaluation in General Ledger ?

Answers :

We use Revaluation for the Foreign currency amounts.  This helps to evaluate the exact amount of Liability and revenue for the period During Month End or unrealized gain/loss amount which occurred due to foreign exchange rate fluctuations. Revaluation happens on the account level. We can choose for which account we need to run the Revaluation. For Example, My Total Liability as per my GL account is 2 Lakh in which many of the invoices are foreign currency. So system has fetch the exchange rate as per the Invoice Date and calculate the Liability but in actual this Liability is Wrong because if now I have to pay this Invoice I have to pay with the Current Exchange rate so that is the same thing Revaluation process does in the General Leger In which It create the Revaluation Journal based on the Current Exchange rate for the difference of the exchange rate price and evaluate the final Profit and Loss so by this way , we do have right figures in the hand about liability and the revenue . Revaluation only do for GL accounts.  Revaluation process runs during the period end. This process creates the Journal Entry that either Increase or decrease the functional currency amount for that GL account. In the Revolution Process also, this unrealized gain/loss Journal will be auto revered during the beginning of the next period. So, this makes the revaluation process completes.

6.Difference between Translation and Revaluation in General Ledger?

Answers:

Revaluation is used to find the unrealized gain/loss amount which occurred due to foreign exchange rate fluctuations. This only happens for the Foreign Currency transactions but on the Other Hand Translation is totally different, this is used to convert the Prepared the GL balances in to Other Currency. The helps to prepare the Financials GL reporting’s in other currency from your functional Leger currency. Revaluation happen during the month end, but translation happened after Period end activities. Both Revaluation and Translation happens for GL accounts.

7.What are the Types of Journal Entries in GL?

Manual Journal Entry: - Most Common Journal entry to create the Basic GL journal Accounting Transactions.

Reverse Journal Entry: - This Journal entry related to the reversal of the Original Manual Journal entry.  We can Post, the Reverse Journal in the Current Open Month or in the Future Opening Periods too.

Recurring Journal entries: - This type of Journal Entries crested only once but it automatically repeats for each Accounting Period or Month as per the rules.

Mass allocation: -

Mass Allocations are journal entries that utilize a single journal entry formula to allocate balances across a group of cost centers, departments, divisions or other segments;

8.What is Balancing segment in the Chart of accounts?

Answers :

Balancing Segment is one of the Import part of the chart of Accounts or Accounting Flexfield. In Oracle Accounting Flexfield is the combination of Multiple segments values. Each Segment values represent the one of the characteristics of the Chart of Account like (Company, Location, Cost Center, Department, Sub Account, Project like many). But in these GL segments combination we should have one Segment which could be act like Balancing Segments.

Balancing Segments helps to ensure that all journal entries balance for each value of the balancing segment and to ensure that entries that impact more than one balancing segment use the appropriate intercompany Account. Balancing Segments helps to make balancing the GL journals. We can define only one balancing segment for a one chart of account. It is best practice for the balancing segment to equate to company so that the debits and credits in the General Ledger balance by company.

9.What is Natural Account in Chart of account and What Is the Purpose of this ?

Answers :

Natural Account is one of the Important segments of the accounting Flexfield. No char of Account or Accounting KFF can design without using the Natural Account Type. We have to enable one of the Chart of accounts (KFF) segments to Natural Account”.

Natural Account Segment Type represent the Type of accounts Values in the Natural Account Segments (Like Asset, Expense, Liability, Revenue, Ownership). Only one natural account segment can be defined in a chart of accounts.

10.What is Pay Alone in AP Invoice?

Answers :

Pay alone is something related to Invoice Payment. This is the Flag we set for AP Invoice, It Means this invoice will be paid alone. For example, Supplier A has 3 Invoices, but for 1 Invoice we have enabled the Pay Alone Flag Then When we will run the Payment Batch then System will create one Check for two invoices and Separate one Check for Pay Alone Invoice. This Is the Working of Pay Alone.

 11.What is Recurring Invoice in Oracle ?

Answers :

As its name represents ‘Recurring’. Recurring means again and again. If any Organization books the Office rent invoice every month for the same amount or any other fixed expenses every month then oracle has provided the Recurring Invoice. We just need to do the recurring Invoice setup for that amount and system will create the invoice automatically on the First day of the Months.

12. What is the Use of Payables Trial Balance report ?

Answers :

Payables Trial Balance Report shows the Total Liability or the Supplier Outstanding in the System. This Report shows the Liability in the System supplier and Site Level. This Provide the Summary Information’s for all the Unpaid amount for the Supplier Invoices which are validated.

13.What is ADFDI in Fusion?

ADFDI is another Data Import tool in oracle fusion to insert the data in the Oracle Cloud. ADFDI is the same as WebADI in Oracle Apps which is totally integrated with the application. This works online as compared to the FBDI which works offline means we prepare the data offline so ADFDI provided the real time data validation.

14.What are the Reporting tools available in the Oracle Fusion?

BIP Reports

OTBI reports

Smart View Reports

Financial Reporting Studio

15.What is FR Studio in Oracle Fusion

Financial Reporting Studio is a client based Financial Reporting tool which is uses to build the Financial reports in Oracle Fusion. This is more like FSG reports in Oracle Apps. This FR studio works on the GL balances. This Uses drag and drop functionality to create a grid to design the rows, columns
and pages of the financial report. This Contains grids and other objects that are reusable across multiple reports. FR Studio Uses the GL Balances Cube dimensions on either rows, columns, pages,
or Point of Views (POV).

16.What is Smart View Report?

Smart View is Excel Add In based Reporting Tool Suitable for End users comfortable with Excel spreadsheets. This Provides the Multidimensional View of data. Smart View Only provided the GL data.

Smart View is:

Microsoft Excel Based Reporting

Optionally, available for upload to Financial Reporting Center
and then download to your local drive for use.

Balance sheets using a familiar spreadsheet environment.

Smart View has two main features: -

Ad hoc Analysis: Enables you to interactively analyses balances.

Financial Reports: Define reports like income statements and
balance sheets using a familiar spreadsheet environment.

17.What is LDAP in Oracle cloud

DAP full form is Lightweight Directory Access Protocol. This is the directory available in the Oracle Fusion/Cloud application . We can say this as LDAP directory in Oracle cloud. The role of the LDAP in Oracle Fusion is to take care the Oracle Fusion Application users accounts and the Role Information's. All the Users related stuff handled in this LDAP directory separately.

18. What is Send Pending LDAP Requests

But if we are creating Users directly in the Fusion application like for example from Employees Web pages directly then in this process as vice versa we need to send the Information's from fusion application to the LDPA directory to make this request complete to create new User accounts for the New or Existing Employees.

For this Process to create User accounts from Employees we need to send the Information from Fusion application to the Oracle LDAP directly so for this Oracle has given us the Standard Request 'Send Pending LDAP Requests' scheduled process to process those requests. This helps to send information's to LDAP directory for those User requests which are created itself in the fusion application.

19.What is Run User and Roles Synchronization Process in Oracle Cloud: Retrieve Latest LDAP Changes process

Answers :

Run User and Roles Synchronization Process helps to synchronize the LDAP directory with Oracle Cloud Application. In Oracle cloud, User Accounts and User roles information’s stores in the Lightweight Directory Access Protocol (LDAP) directory but to work in Oracle Cloud application, we need to sync these information’s with Oracle Cloud Application. Run User and Roles Synchronization Process in Oracle Cloud or Retrieve Latest LDAP Changes process helps to sync the Information’s about user and their roles with LDAP and Oracle Cloud application.

20.How to Set the override email address in Oracle Fusion for All Email notifications in Oracle cloud

Answers :

In the BPM tool , Click on the User Name (on the top right side) which have a drop-down menu of 'Administration'

Step2:- In Administration , Scroll Down and go to 'Test Notifications Email Address' option. click on the Edit icon.

Step3:- Enter the email address as below for test email notifications.

22.How Rapid Implementation works in Oracle cloud

As I said , In Rapid Implementation , Oracle cloud has given Excel templates for different types of Oracle application business objects. So we need to prepare the data as per our business Requirment in these Excel sheets. Then An xml file can be generated once the user has filled out the required information on the spreadsheet.

The user can manually upload the generated xml file to the server from Oracle Scheduler. Then the upload process will create that business object in oracle application based on the information on the spreadsheet.

Rapid Implementation helps to upload the Very Basic information about business objects in oracle cloud application. If user wants to add more detail, then the user may go through the original path to make changes or provide more details to that business object in application.

24.How to enable Supplier Auditing Report in Oracle Cloud?

We can enable Supplier auditing on these below levels

1. Profile details such as supplier identifiers (Name, Alternate Name, D-U-N-S Number, and so on)) 2.Supplier Addresses

3.Supplier Business Classifications

4.Supplier Products and Services

5.Supplier Tax Registrations, Tax Classifications, and Tax Reporting Codes

6.Supplier Sites

7.Supplier Site Assignments

8.Supplier Contacts

9.Supplier Payment Methods

10.Supplier Payment Attributes

At present we cannot enable supplier auditing for 'Supplier Bank Accounts' and 'Supplier Contact User Accounts'

we need to have job role of Application Administrator to enable the auditing setup.

Users can access the audit setup page from Navigator > Setup and Maintenance.

Then search for the task 'Manage Audit Policies'. The setup page allows you to select objects and its attributes that you wish to enable for audit tracking.  Use the following information to configure audit setup for the Suppliers application.

 

Step2:- Click Configure Business Object Attributes. This will navigate to a page where you can select the specific business objects and attributes within each object that you require to enable for audit history tracking.

 Step3:-

 Step4:- For example , We need to enable auditing Supplier Header Level so we need to do this below setup as below.

Under Audited attributes , Click on the '+' icon to select the attributes which we want to keep track o the change History.

The audit setup page provides users with access to all applications enabled for audit tracking. Exercise caution when making changes in the setup page. The impact of changes in setup can impact users across several applications.

 • If an object or attribute is disabled or removed from audit tracking, the changes are prospective and not retrospective. Audit history before such change will continue to be available for reporting.

 • Before you configure the setup, it is recommended that you consider your change history reporting requirements. It is important to determine whether or not you need to enable only select objects (or select attributes within an object) for audit tracking, or enable all available objects and attributes.

25. How to Setup Customer statements in oracle fusion

Step1 :- Set Receivables System Options for Statements

Step2 :- Define Remit-to Addresses

Step3:- Define Statement Cycles

Step4:- Define Customer Site Profiles

Navigate to the 'Mange Receivables System Options' and select the applicable business unit.                              

Click the Billing and Revenue tab, if it is not already displayed.

We need to Enable the Print remit-to address option to print the remit-to addresses on customer statements

Step5:- Navigate to the 'Manage Remit-to Address' page and define the Remit to Address.

In the Receipt from Criteria section, click the Create icon to open the Create Receipt from Criteria window. Use this window to assign the remit-to address you just created to customer bill-to sites in specified locations

Step6:-

Navigate to the Manage Statement Cycles page.

In the Search Results section, click the Add .In the Name field, enter a name for this statement cycle.

In the Interval field, select the interval that determines how often to generate statements: weekly, monthly, quarterly

In the Cycle Dates section, click the Add icon.

In the Business Unit field, select the business unit that will use this statement cycle.

Step4:- Now We need to go to customer Master and need to do the setup for each customer for which we want to send customer Statements.

go to Customer Site and then click on the Profiles Tab

Step8: -

Need to enable statement in Customer Site Profile level to enable customer Statements in Oracle Fusion.

27. How to see all the reports running history in Oracle Cloud

Step 1:- Login to Oracle Fusion and go to Menu Navigator as below and Click on Reports and Analysis option.

Step2:-

Click on the Browse Catalog Option as highlighted below 

Step3:- Click on the Home Tab as highlighted below

Step4:- In the left side of the page under Browse/Manage , You will see these options report jobs and Report Job History.

click on Job History Link as highlighted below.

Step 7:- As below , this is the Report Job History window where we can find out the details for all the BIP & OTBI reports running history in detail. 

29. Document sequencing in Oracle cloud ?

Answer:

Document sequencing in Oracle cloud helps to put more control in the Business operations. with the help of this Ordering we can identify the missing transactions or deletion of some entries in the system. Usually companies create Document sequencing for each financial year for audit requirements and for tracking too. Document sequence setup in oracle apps r12 helps to assign the unique sequence for each transaction based on the category and then after that, system refer that sequence number for generating numbers for that category transactions. 

30.How to Suspend, Retry, Withdraw and Reassign the Workflow Notifications in Oracle Cloud

In Oracle apps, we also have the Administrator role in Oracle cloud in which we can Suspend, Retry, Withdraw and Reassign any Workflow Notifications in cloud application. As we know that in Oracle apps, we have the Responsibility of ‘Workflow Administrator’ in which we can find and track and then to Suspend, Retry, Withdraw and Reassign any Workflow notification in the same way we have the possibility in the Oracle Cloud application too. There are some Slightly changes happed in the Oracle Cloud application like, In Oracle application all the approval and Notifications derives with the Help of Workflows but in Oracle Cloud, this is managed by the BPM. BPM is Business process management tool which helps to create and design the approval rules and all the notifications derives with the help of this BPM tool.

We need to go to the Home of the Oracle Cloud Notifications. Then In Oracle Home,  We need to go to the Top of the Home page. Here we will have the Bell icon as highlighted below.

Click on the Bell Icon and Then Click on the More details.

Step2:- Click on the Bell Icon and Then Click on the More details.

Step3:-

Now you will see this below BPM worklist Tasks or Notifications.

Click on the Administrative Tasks Highlighted below.

In the Administrative tasks you can able to see all the Oracle Cloud Notifications ever generated.

Step4:-
Now Put you Purchase Order or Expense report number as highlighted below to see the Notification related to this.

Step5:-

Click on the Notifications Subject and this will open the Page of the notification. Here you will have option in the ‘Action’ Button to Suspend, Retry, Withdraw and Reassign the Workflow Notifications in Oracle Cloud

Step6:- Here you will have option in the ‘Action’ Button to Suspend, Retry, Withdraw and Reassign the Workflow Notifications in Oracle Cloud

31.How to send Payment Separate Remittance advice in Oracle Cloud

Separate Remittance advice is a document which have all the Payment Related Information. Usually this document sent to supplier. Using this Remittance advice suppliers gets that, his payment has been released against which invoice number. Remittance advice also stores the Invoices information too.

So, with the Help of Separate Remittance advice we get Payment Information’s and the Invoice Information too against which this payment released.  Oracle application helps to send the Payment Separate Remittance advice when the payment processed through Payment process profile and its completed. Then Oracle application send Payment Separate Remittance advice to that suppliers which got paid in that Payment Batch.

Query Payment Process Profile being used as below. Now go to the reporting tab as highlighted below.

Step3:-

Now under Send Separate Remittance Advice do this below Configurations.

Set SRA format and delivery options as shown in the example below

If you wish to kick off SRA process automatically upon completion of payments, check 'Automatically submit when payments are confirmed' flag.

32. How to Purge Supplier Interface records in Oracle Fusion

Answer :

We do import Supplier from External system to the Oracle Application through Supplier Interface in Oracle fusion. All the processed and rejected suppliers records remains in the supplier interface tables. If you want to remove or purge these Supplier Interface records in Oracle Cloud then we need to run Oracle cloud Standard Schedules process 'Purge Supplier Interface records'.

Step2:- In this Standard Request , we can Purge these 8 Supplier Interface tables as per our Requirement.

In the Records Parameter , we have the option to select the Rejected or Processed records to purge.

Step3:- Here in this example , We are trying to Purge the 'Suppliers Header' Interface Tables.

In Records , I have selected 'All' to Purge all the Rejected and Processed records. 

33.How to Correct the AP invoices Interface rejected records in Oracle cloud?

Answer : 

Step1:- We need to go to the Payables Invoices.

Go to Payables ==>Invoices

click on the Task Pane

Step2: In the Task Pane , Select the option 'Correct Invoices'.

Step3;- 'Correct Invoices' Will download the ADFDI template. In this Template , We can search all the Error out records. We can correct it and then re-process it.

34. What is xmlp server in Oracle Fusion BIP reports ?

Answer : 

XMLP server is provided by the Oracle Fusion for the BIP reports. This is totally integrated with the Oracle Fusion Application. XMLP server is recommended by Oracle cloud to customize the standard reports. xmlp server has many other benefits too but in this post , I will talk more about the xmlp server feature we do mostly uses in the Oracle Cloud application.

Two important uses of XMLP server in Oracle Cloud

1. For The Customization of the Oracle Cloud Standard BIP reports.

2.To make the reports available to be access by the Other application outside the Oracle Application.

TOP 33 Oracle fusion financials interview questions