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When Oracle acquired PeopleSoft and JD Edwards, it announced that a new product, Fusion, is going to be released soon. Oracle Fusion is developed by combining the best aspects of PeopleSoft, JD Edwards, and Oracle Applications to a new product suite. Ever since Oracle Fusion was released in 2010, it has been adopted by many companies.
There is not much material available on the internet to prepare for an interview on Oracle Fusion Financials. With that understanding in mind, our experts have put together the top 30 Oracle Fusion Financials interview questions that cover the basics and advanced concepts. Go through the below frequently asked Oracle Fusion Financials questions and answers to enhance your knowledge.
Oracle Fusion Financials Applications is an integrated suite designed by Oracle on the Oracle Fusion Middleware. It is the combination of the best features and functionalities from Oracle E-Business Suite, JD Edwards, PeopleSoft, and Siebel product lines. It has the capability of service-oriented architecture (SOA). It offers applications for financial management, customer relationship management, supply chain management, procurement, human capital management, etc.
Oracle Fusion Middleware is a collection of tools and services including Java EE, identity management, business intelligence, etc. It offers support for the development, deployment, and management of business applications. It offers core services like transactions, messaging, threading, concurrency, etc. It provides functionalities like high availability and security.
Yes, the Oracle Fusion Applications are available for purchase in the marketplace. A customer can buy or upgrade the product according to their preference. The entire buying or upgrading process should be done under the Oracle Authorized Certification. The Oracle authority will review the customer's preferences in its first release.
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The following are the security features that the Oracle Fusion Applications have.
The following are the deployment options for Oracle Fusion Applications.
General Ledger in oracle Fusion Financials holds the summary information, while the detailed transactional information is captured in the sub-ledgers. The information from sub-ledgers is periodically imported to the general ledger. It makes use of cross-validation rules to check account combinations that the user might create dynamically while entering journal entries. Oracle Financials offers setting up primary and secondary ledgers, examining consolidation considerations, and making currency choices.
Oracle Fusion Financials provides predefined reports for the following account payable functions.
Oracle Fusion Financials provides the following pre-defined reports to manage accounts receivable information.
Oracle Fusion Financial Reporting Center provides reporting for real-time account information.
Yes, Fusion applications have flex field features. They are used to configure an application with the support of the Oracle Fusion Applications. The Fusion Application has the below three flex fields.
Here are the key features of the Fusion user interface.
Oracle Fusion Middleware Audit Framework helps in finding out who has done what. The auditing feature provides a measure of accountability. It enables audit on identity information and user access for applications and devices. It maintains all the audit records in a common location i.e., data store (database). These audit records are further used to generate reports with Oracle Business Intelligence Publisher.
Approval management in oracle Fusion Application is used to define the policies that apply to approval workflows. When a workflow is created, we can define the type of approval - user-defined, rules-based, or web services based. For user-defined approval, we can set a group of people to act on the workflow tasks. An approval notification will be sent to the approver to review the business transaction and take an action.
Here are some of the replacement features that an EBS user can observe in Oracle Fusion.
The major footprints in Fusion Financial Management are,
The following are some of the many areas that a Psft Financial user benefits from.
Here are the features of the mass allocation manager.
The re-sequencer in Mediator is responsible for arranging messages that are out-of-sequence into sequential order. When messages arrive, they might arrive in random order. The re-sequencer helps in arranging them in chronological or sequential order and then sends them to the target services in an orderly way. The messages are rearranged based on the sequence IDs.
A dynamic routing rule is used to set the routing logic externally to an Oracle Rules Dictionary. It enables dynamic modification of the routing logic in a routing rule. To obtain the routing logic at runtime, it uses a decision service and Oracle Rules. Dynamic routing separates the control logic and determines the type of service to be chosen for each routing.
When we don't have a target service available, Echo is used to expose Mediator functionality as a target service. It then echoes a response to the initial caller. When a target service is down, we can use an Echo to test sample query response message and pass that to the calling service as an Echo.
Schematron is one of the ways which is used to validate input XML. We can define various validation rules using rule elements in the Schematron XML file. The context attribute of the rule element determines the node to which the rule will be applied.
Oracle Mediator is responsible for routing data from service providers to external partners. It subscribes and publishes business events. We can create routing services and rules using the Oracle Mediator. The Oracle Mediator evaluates routing rules, performs transformations, applies optional time delays at runtime by invoking another service, or raises another business event.
The following are the key features of Oracle mediator.
We can generate a snapshot report in 2 ways.
Here are some benefits of reporting in Oracle Fusion Financials.
We can set up Centralized Payments through the Functional Setup Manager. Here are the steps involved in this process.
Smart View is used to connect to a data source and access Smart View functionality. There are two components in Smart View.
A secondary ledger is usually an optional ledger, which is used to track alternative accounting. It can also be used to represent primary ledger’s accounting data in another accounting format. Here are the ways in which the secondary ledger differs from the primary ledger.
The process of mapping the differences between the primary and the secondary ledgers is called ledger mapping. If the primary and secondary ledgers use different charts of accounts, we need to map the chart of accounts to let the system know how to propagate journals from the primary ledger chart of accounts to the secondary ledger. If the primary and secondary ledgers use different currencies, we need to set some currency conversion rules to convert the transactions to the secondary ledger.
Open the Oracle Fusion Financials application, click on 'Navigate'. Select the 'Schedule' option and click on 'Batch Scheduler'. Then click on the 'New Scheduled Batch' icon. Enter the name and description of your batch and click on 'Next'. Select the batch and click on 'Next'. Enter your login credentials when prompted. Select the parameters and click on 'Next'. Select the output options and click on 'Next'. Click on the 'Finish' button.
Conclusion
The Oracle Fusion Financials offers all the core functionalities of a finance system including general ledger, payables, receivables, assets, cash management, assets, tax, and many more. Companies like Reliable Software Resources, Avis Budget Group Inc, Network Rail Limited, Diversant LLC, Etech Global Services LLC, etc., use Oracle Fusion Financials to accomplish their marketing and sales goals. It also has a market share of about 0.8%. So, the demand for this tool is high in the market.
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