Enterprise Journals in FCCS : A Centralize place to manage all Journals

Problem Statement

• Topside Journals taking month end close to infinity.
• In today's business, lots of reliance on offline spreadsheets, differs depending on target ERP systems.
• Many organizations have to make offline workflow mechanism to post journals in GL.
• During Month end close… big question is:
• How can topside journals posted to EPM system travel back to ERP without manually booking them?
• How to automate monthly close to speed up to reduce low value tasks, most of these tasks are offline spreadsheet journals
• Depending on how many ERP systems you have, every Excel template used to process journals may be different.

Many organizations might work on manual or different custom approaches, but these does not meet the requirements as describe below -

Manual approach

• Increases the operational cost
• Significantly increases the risk of material misstatements
• Lack of adequate controls with top-sided JE posting

Custom Integration

• Most customizations are prohibitively expensive
• Do not provide future proofing
• Need of seamless workflow from one process to another

Organizations are looking for a solution who can meet the requirement as depicted below -

This article talks about how Enterprise Journal module provide by EPM Cloud tools to streamline and centralized way to manage manual journal entries across the oracle EPM cloud platform.

What is Enterprise Journal

• It is an EPM platform tool used for preparation, approval and posting of manual journal entries to the journal ledger postings for both Oracle and Non-Oracle ERP systems.
• It provides a streamlined, centralized way to manage manual journal entries across the oracle EPM cloud platform.

How Enterprise Journals can help!

• It addresses challenges mentioned in above section by automating the manual journal entry process for
• Collection
• Posting process
• Centrally managing the process across multiple business processes and potentially multiple ERP systems

Key Capabilities

Below are the key capabilities as below –

1. Single point of entry for all manual journals

2. Standardized journal entry templates based on journal types and general ledger systems

3. The ability to have journal entries validated for -

• Required Fields
• Matching balances
• Proper journal format

4. Visibility of unposed and in-process journals by comprehensive dashboards for Adhoc analysis on status of journals

5. Security rules determine access and assign tasks

6. Posting process is based on the workflow process and defined targets.

7. If target ERP system is Oracle Cloud Financials, Enterprise Journals uses a pre-built direct connector to post to the journal ledger

8. You can use a set of provided APIs for direct posting to other ERPs

9. A file-based journal posting option is also available if required.

Below are the high level steps which are required to setup the Enterprise journal module -

Thank you!

Created by Mohit Jain & Megha Gupta