Oracle Financials
June 15, 2023 2023-06-15 4:02- Home
- Glossary: Oracle Financials
Oracle Financials
Oracle Financials is a suite of integrated applications that helps organizations manage their financial operations. It includes modules for general ledger, accounts payable, accounts receivable, cash management, and more.
General Ledger (GL)
The General Ledger is a central repository in Oracle Financials that stores financial data for an organization. It tracks all the financial transactions and provides a complete view of the company’s financial health.
Accounts Payable (AP)
Accounts Payable is a module in Oracle Financials that manages the company’s outstanding bills and payments to vendors and suppliers. It tracks invoices, manages payment terms, and generates reports related to accounts payable.
Accounts Receivable (AR)
Accounts Receivable is a module in Oracle Financials that handles the company’s customer invoices and collections. It tracks customer payments, manages credit limits, and generates reports related to accounts receivable.
Cash Management
Cash Management is a module in Oracle Financials that helps organizations manage their cash flow. It includes features such as bank reconciliation, cash forecasting, and liquidity management.
Fixed Assets
Fixed Assets is a module in Oracle Financials that tracks and manages the company’s tangible assets, such as buildings, equipment, and vehicles. It handles asset depreciation, maintenance, and disposal.
Financial Reporting
Financial Reporting refers to the process of creating and distributing financial statements and reports. In Oracle Financials, it involves generating standard financial reports, customizing reports, and analyzing financial data.
Financial Consolidation
Financial Consolidation is the process of combining financial information from multiple entities or subsidiaries into a single set of consolidated financial statements. Oracle Financials provides tools to streamline the consolidation process and ensure accurate reporting.
Tax Management
Tax Management is a module in Oracle Financials that helps organizations comply with tax regulations. It automates tax calculations, manages tax filing and reporting, and provides tax planning capabilities.
Budgeting and Planning
Budgeting and Planning refers to the process of creating, managing, and tracking the company’s financial plans and budgets. Oracle Financials offers tools for budget preparation, forecasting, and variance analysis.
Risk Management
Risk Management involves identifying, assessing, and mitigating financial risks faced by an organization. Oracle Financials includes features for risk analysis, compliance monitoring, and internal controls.
Asset Management
Asset Management is the process of efficiently and cost-effectively managing an organization’s assets. Oracle Financials provides tools for asset tracking, maintenance scheduling, and optimizing asset utilization.
Intercompany Transactions
Intercompany Transactions occur when two or more entities within the same organization engage in financial transactions. Oracle Financials facilitates the recording and reconciliation of intercompany transactions.
Chart of Accounts
The Chart of Accounts is a structured list of all the accounts used by an organization to record financial transactions. Oracle Financials allows customization of the chart of accounts to suit the organization’s reporting needs.
Subledger
A Subledger is a subsidiary ledger that tracks detailed transactional information for specific accounting activities, such as accounts payable or accounts receivable. Oracle Financials organizes financial data into subledgers for accurate reporting and analysis.
Purchase Order (PO)
A Purchase Order is a document issued by a buyer to a supplier, indicating the details of goods or services to be purchased. In Oracle Financials, the Purchase Order module manages the creation, approval, and tracking of purchase orders.
Cost Accounting
Cost Accounting involves analyzing and allocating costs associated with the production of goods or services. In Oracle Financials, the Cost Accounting module provides tools for tracking and analyzing costs, determining product costs, and supporting decision-making.
Revenue Recognition
Revenue Recognition refers to the process of recording revenue earned from the sale of goods or services. In Oracle Financials, the Revenue Recognition module automates the recognition of revenue based on predefined rules and accounting standards.
Multi-Currency Management
Multi-Currency Management is the capability to conduct financial transactions and report in multiple currencies. In Oracle Financials, the Multi-Currency Management module handles currency conversions, exchange rate management, and reporting in different currencies.
Financial Analytics
Financial Analytics involves using data analysis techniques to gain insights into an organization’s financial performance. In Oracle Financials, the Financial Analytics module provides tools for creating reports, dashboards, and performing advanced financial analysis.
