Course Description

Prepare to pass exam: Oracle Financial Consolidation and Close 2024 Implementation Professional

The Oracle Financial Consolidation and Close Certified Implementation Professional has demonstrated the knowledge and skills in implementing Oracle Financial Consolidation and Close. Individuals holding this certification are able to create a financial consolidation and close application, add users and assign security roles, manage dimensions and metadata, load data, create forms, set up and run consolidations and advanced consolidations, set up a close process using EPM Task Manager, manage journals and approvals, and create reports and dashboards.

If you have a valid Oracle Financial Consolidation and Close Implementation Professional Certification, and your credential has not expired, you can maintain your certification by taking the corresponding shorter Delta exam.

To prepare for the Oracle Financial Consolidation and Close 2024 Implementation Professional exam, focus on mastering key concepts such as financial consolidation, reporting, and compliance within Oracle Cloud. Gain hands-on experience with configuring consolidation processes, managing intercompany eliminations, and understanding the close cycle. Utilize official documentation, training courses, and practice exams to reinforce your knowledge and ensure you’re well-prepared. Additionally, familiarize yourself with best practices and real-world scenarios to enhance your problem-solving skills in financial management and reporting.

Exam topics covered

Financial Consolidation and Close Overview

• Describe Financial Consolidation and Close features
  

Set Up the Financial Consolidation and Close Business Process

• Run the setup wizard for the FCC business process
  
• Add users and assign security roles
• Describe Period and Movement as Dense dimensions (DSO)

Manage Dimensions

• Describe the Account, Entity, and Scenario dimensions
  
• Add and edit members using the Simplified Dimension Editor
• Import members from a file
• Add members to the Currency and Movement dimensions
• Assign security access to dimension members

Set Up and Run Consolidations

• Explain the consolidation process (translate, eliminate. consolidate) and closing balance calculation
  
• Enter exchange rates and historical override rates and amounts
• Configure the default translation method and default rate accounts
• Explain the calculation statuses for entities
• Run the consolidation process
• Translate data to reporting currencies
• Explain Intercompany Entity Aggregation Options
• Configure Opening and Closing Balance System Rules

Set Up Advanced Consolidations

• Create custom consolidation calculations with Configurable Calculations and On Demand Rules
  
• Configure statutory consolidations using Ownership Management and Consolidation Methods
• Create consolidation adjustments with Configurable Consolidation Rules    
• Explain the benefits of using Groovy Rules in FCC
• Customize the translation process using translation rules and custom rate accounts

Build Out Your Financial Consolidation and Close Solution

• Create forms
  
• Manage the close process using Task Manager
• Manage data collection using Supplemental Data
• Define custom navigation flows
• Describe valid and invalid intersection rules

Manage Journals

• Create consolidation journals and consolidation journal templates
  
• Create and Manage Enterprise Journals

 Manage Approvals

• Explain the approval process for entities    
  
• Set up the approval process
• Explain approval groups and phased submissions
• Define and edit approval groups
• Assign approval groups to an approval unit hierarchy

Manage Business Process Data

• Import and export; copy and clear data
  
• Audit changes to the application and data
• Back up and migrate data and metadata    
• Automate repetitive tasks using EPM Automate    
• Clone FCC environments

Design Reports and Dashboards

• Create journal, intercompany, and consolidation reports
  
• Create and run financial reports    
• Create Dashboards

Load Data Using Data Integration

• Register and edit application details
  
• Set up integration prerequisites    
• Create, edit, and run integrations
• View integrations in Workbench

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