What is a Recurring Journal?
Some Journals we use repeatedly. So, for that purpose, we will create recurring templates. By using the recurring templates, we will create recurring Journals..
What is an Auto Reversing Journal?
If we create a journal as Auto Reversing Journal, the journal will post in the next period by reversing the Debit and Credit.
How will you perform Currency Translations?
First we have to create/define all the currencies in the Meta Data Item called currencies. Then we have to perform currency translations in Explore data module by using custom dimensions and value dimension.
How will you perform Review Process?
To perform Review process, we should have the “Review Supervisor” Security authority. In Explore Data Module, we will perform Process Management.
Sometimes, we cannot post a Journal. What will be the Reason?
In Entity Dimension, we should check the “allow adjustment “property. And the period in which we created the journal should be kept open. And we should have the security authority to create journals.
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What is Consolidation?
Consolidation is aggregating the Base level entities amounts with the Parent level entities amounts.
How do we Migrate application from server to server?
We migrate application with copy application utility. Another way of migrating application is traditional way that is extract all required files from development and load same files in production
How do you enable Rules to customize consolidation?
Application Settings -> consolidation Rules -> Y
What is Translation?
It is Currency translation happens when a parent entity’s default currency is different from a child entity’s default currency. Runs when you choose Translate or Consolidate.
What is Adjustment?
Adjustment is to correct the data. It is done by Journals at value dimension member Entity currency Adjs and Parent curr Adjs.
What is the difference between consolidate, consolidate all and consolidate all with the data?
Consolidate: only entities that require logic or consolidation are updated by the system.Consolidate All with Data: option is available for any parent entity regardless of its status. NODATA are skipped. Consolidate all: any Parent entity regardless of its status. NODATA are also consolidated.
How can you cancel consolidation?
HFM Web client -> Administration -> running Tasks -> click on the Red button
What is ICP?
The Intercompany Partnership Dimension provides an efficient way to identify , report, and reconcile intercompany account differences. With the ability to view detail transaction at any time, you can reconcile intercompany account differences frequently and thus minimize their impact on the closing cycle.
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You are not able to load ICP transactions. What is the Reason?
Cause: IC Period is not opened.
Expand Tasks and select IC Transaction Tasks. Select Manage IC Periods. From the Scenario drop-down list, select a scenario for the period. From the Year drop-down list, select a year for the period. Select the check box next to each period that you want to open.
What is LCM utility?
LCM means Life cycle management which is in shared services.
It is used to migrate configuration and artifacts.
(Note: we cannot migrate data with LCM)
What is Tolerance amount?
Tolerance amount is small discrepancies in the amounts in Intercompany Transactions.
What are the types of consolidation and methods of consolidation?
Types:
- Legal Consolidation
- Geographical Consolidation
- Consolidation by entity
Methods:
- Consolidate
- Consolidate all
- Consolidate all with data
- What is the difference between switch sign for and switch type for and in which dimension it exists?
It exists in custom dimension
Switch sign for: It is ticked to change
- ASSET to LIABILITY
- LIABILITY to ASSET
- EXPENSE to REVENUE
- REVENUE to EXPENSE
Switch type for: It is ticked to change
- ASSET to EXPENSE
- EXPENSE to ASSET
- LIABILITY to REVENUE
- REVENUE to LIABILITY
- BALANCE to FLOW
- FLOW to BALANCE
What is dynamic member list?
As dimension members are added and deleted, the dynamic member list automatically reflects the changes by reapplying the user-defined criteria.
What are the balance types of Journals?
Balanced
Un Balanced
Balanced by entity
