Episode Details

In the final episode of this season, hosts Lois Houston and Nikita Abraham, along with Sr. Principal ERP Learning Strategist David Barnacle, dive into the Accounting Transformation process flow, which covers how financial transactions are converted into journal entries and how subledger journal entries are processed through subledger accounting. They also explore the Budget to Report process flow, which focuses on planning, accounting for transactions, and reporting financial information to the appropriate stakeholder. Budget reporting goes a long way in helping businesses take corrective actions and improve their financial performance. Oracle MyLearn: https://mylearn.oracle.com/ Oracle University Learning Community: https://education.oracle.com/ou-community LinkedIn: https://www.linkedin.com/showcase/oracle-university/ X (formerly Twitter): https://twitter.com/Oracle_Edu Special thanks to Arijit Ghosh, David Wright, Radhika Banka, Parvathy Narayan, and the OU Studio Team for helping us create this episode. -------------------------------------------------------- Episode Transcript:

00:00

Welcome to the Oracle University Podcast, the first stop on your cloud journey. During this series of informative podcasts, we'll bring you foundational training on the most popular Oracle technologies. Let's get started. 00:26 Nikita: Hello and welcome to the Oracle University Podcast. I'm Nikita Abraham, Principal Technical Editor with Oracle University, and with me is Lois Houston, Director of Innovation Programs. Lois: Hi there! Last week, we had David "Barney" Barnacle, Sr. Principal ERP Learning Strategist, with us, who spoke about Procure to Pay and Asset Acquisition to Retirement, which are two major business processes within the Oracle Financials Business Process Model. Barney is here with us for one last time this season to take us through the last two business processes, Accounting Transformation and Budget to Report. 01:02 Nikita: Welcome back, Barney! Barney: Hi Niki! Hi Lois! Nikita: So Barney, what can you tell us about Accounting Transformation?

Barney: Accounting Transformation is one of the most important business processes in the Oracle Cloud Financials Business Process Model. All our enterprises are required to record their financial transactions, and the Oracle Fusion Cloud: ERP application supports businesses in recording these transactions with the help of best practice life cycles like Invoice to Cash, Procure to Pay, and Asset Acquisition to Retirement. 01:32 Nikita: Everything we've discussed in our previous episodes. Barney: Right. Now, Accounting Transformation refers to the process of converting business transactions from Oracle subledgers, or transactions from external source systems, into detailed, auditable journal entries. Source systems are typically industry-specific applications that are either purchased from third parties or built internally within the customer organization. Examples of such systems include core banking applications, insurance policy administration applications, billing applications, and point of sales applications. And to do this transformation, we have a very powerful tool called the Accounting Engine. If the accounting engine is only used in Oracle Cloud Subledgers (for example, Assets, Payables, etc.), then this engine is referred to as the Subledger Accounting Engine.

02:24 Lois: And what does this Subledger Accounting Engine do? Barney: The Subledger Accounting Engine, also known as SLA, is loaded with predefined event models and accounting metho