Oracle Fusion Financials Interview Questions

Getting your dream role in Oracle Fusion Financials is a real challenge these days, for obvious reasons! You may attend training institutes to attain maximum knowledge and skills, but often they fail to help you prepare for the most challenging step – the interview. At IQ Stream, we understand how important this is and hence help all our participants prepare for their interviews. We conduct interview practise sessions for our participants where we discuss many Oracle fusion financials interview questions and their answers with them.

These practise sessions not only help them get an idea about what type of interview questions they could encounter during their interviews, but it also boosts their confidence.

If you happen to miss out our Oracle Fusion Financials Training course this year and are still appearing for an interview, no issues. Here we are sharing 30 Oracle fusion financials interview questions and their answers to help you prepare for your impending challenge.

Career Opportunities:

Oracle Financials Cloud Functional Consultant
Oracle Financials Cloud Technical Consultant
Oracle Financials Cloud Solutions Architect
Oracle Fusion Cloud Project Manager
Oracle Financials Cloud Testing Engineer
Oracle Financials Cloud Business Analyst
Oracle Financial Consultant

Oracle Fusion Financial Interview Questions

Some oftenly asked Oracle fusion financials interview questions are:

Does Oracle Fusion Application offer flex field features?

Yes, the Fusion Application does have flex field features. It generally comprises three types of features, including:

Key Flex fields
Descriptive Flex Fields
Extensible FlexFields

These flex field features are a great aid during the application configuration process.

What is allocation? How does it work?

It is the process of allocating/notifying about the incurred expenses to the Cost Department. For this, you need to first create a POV, and then validate it.

How do you decide on the chart of account structure?

The Chart of account structure depends upon the reporting requirement.

What are the criteria for a chart of account structure creation?

The factor to be considered while creating the chart of account structure is the level of reporting requirement such as company, products, accounts, etc.

What is unique about Oracle Fusion User Interface?

The Fusion User Interface is the best of its kind and is widely used by the users in the most convenient way. The unique features this application offers:

HCM Digital Assistant
Classic Pages with updated Look and Feel
Redesigned multiple Professional Landing Pages
Transaction Design Studio Enhancements
Enhancements to HCM Approval Delegations
Built-In CSV Output Enhancements
New Business Objects supported in HDL

How to setup journal approval? What are the ways of journal upload?

To set up a journal approval, you first need to enable the journal approval in “Ledger” and use “BPM” work process. You can use the data loading tools like ADFDI or FDBI of Fusion Financials application to upload the journals.

LEARN MORE WITH IN-DEPTH TRAINING

Oracle Fusion Financials Technical Interview Questions

Find the oracle apps financial interview questions below:

What is the major difference between ADFDI and FDBI template?

ADFDI has a limitation of line upload whereas there is no limitation in FDBI.

ADFDI

The Excel sheet is ‘connected’ to the instance.
Excel validation through a list of values.
Regular loads/adjustments based on manually compiled data.
Slower upload
More User-friendly
Desktop Excel plugin required
Upload via Excel only

FBDI

Bulk data conversions
Feeds from external systems
Data file prepared off-line
after upload
Very fast upload
Load via comma-separated file ‘csv’
No plugin required
Off-line

How does consolidation work?

If there is a foreign currency journal, you are required to run re-evaluation, translation, ledger creation and mapping set.

What is the use of the chart of account instances?

The Chart of account instance helps in duplicating a segment.

How do you import in AR invoices? How do I identify the source from which an AR invoice is imported?

Data in AR invoices are imported through the Auto invoice import program. In the billing, work bench needs to for the source.

Oracle Financials R12 Interview Questions

What is AP/AR Netting?

It is the setting of AP and AR invoice with the same vendor and customer outstanding.

What is the receipt class and method?

In the receipt class, a receipt type is created. In the receipt method, various methods such as cash, check, etc. are there.

If the amount needs to be debited directly to the bank, what setup is required?

To debit the amount directly to the bank, you need to set up cash at the bank instead of the cash clearing account.

What is Profile and what are different types of Profiles.

A profile is a changeable option that impacts the way an application runs. There are two types of profile.

System defined
User-defined

What are the different Profiles Level available in oracle apps?

The different profiles levels are:

Site (Lowest level)
Responsibility
Application
Users

LEARN MORE WITH IN-DEPTH TRAINING

Oracle Apps Financial Functional Interview Questions

What are the different statuses of an accounting period?

The different statuses are:

Never Opened – The user cannot enter or update journals.
Open – Allows you to enter and port journals to any period that is open.
Future Enterable – Allows you to enter a journal, but cannot post.
Closed – A user can’t post journals in a closed period. To post journals, one must reopen the closed periods.
Permanently Closed – Not possible to open permanently closed periods.

How many types of conversion rates are there in Oracle GL?

5 basic types of conversion rate types are predefined in Oracle GL:

Spot: It is the exchange rate based on the rate fixed for a specific date. Applies to the instant delivery of a currency.
User: An exchange rate that is entered while entering the foreign currency journal.
Corporate: This is an exchange rate that standardizes rates for a company. This rate is used throughout the organisation and is generally determined by senior financial management.
Emu Fixed: This is an exchange rate used by nations joining the EU.
User-Defined: Rate type defined by the company to meet specific needs.

What is the use of the ‘future period” field in the set of book definition form?

Any value that is given in the field “Future Period” defines the number of future enterable periods that can be used to input journal entries. The condition here is that those future periods should be opened. Further, the aim here should be to minimize the number of future enterable periods. This helps to prevent users from entering journal entries accidentally in an incorrect period.

What is a retained earnings account?

A retained earnings account comprises all the accumulated profit or losses of a corporation that have been made to and fro. Based on the national standard provisions, however, other adjustments are also included when calculating retained earnings.

What is a suspense account? What is its purpose?

If a user chooses to post out-of-balance/unbalanced journal entries, the general ledger posts the difference to the Suspense Account automatically. However, to make this feature work, you should check the Suspense Account checkbox and an Account # should also be provided.

And if you have multiple balancing entities or companies within a set of books, the GL creates a suspense account automatically for each balancing entity.

Thinking about taking our Oracle Fusion Financials Training course online? Get a free demo today!

Oracle Fusion Financial Interview Questions

What is an Account Hierarchy Manager?

It is a feature provided by Oracle Application which allows to:

Define new parent and child values along with change parent/child dependencies.
Graphically create, maintain, and review account structure hierarchies.
Create new roll-up groups and have the changes automatically reflected in both key segment values and rollup groups window.

An account hierarchy manager also offers:

An option to control entities, including Read-only, Read/Write security, and Chart of Accounts Security

Why is it required to define Facilities in Oracle Fusion Financials?

If Oracle Fusion keeps a record of the inventory balances, you should define your manufacturing and storage facilities as “Inventory Organizations”. And if the Oracle Fusion only records the items used in the facility but not the balances, define it as “item organizations”.

Oracle Cloud Financials Interview Questions

What is Segment Value Security?

It is an Oracle application feature that allows you to exclude a segment value or multiple segment values for a specific user. It is further extended to the Account Hierarchy Manager.

What is Journal Reversal Pre-Requisites?

The pre-requisites are:

An ‘actual’ Journal balance type
An AutoReverse ‘enabled’ Journal category
Journal reversal period is open or future enterable
Journal is posted but not yet reversed

What Is the Cycle of Gl?

In simple words, it is used to:

Open the period
Create Journal Entries, and
Post the Journals.

LEARN MORE WITH IN-DEPTH TRAINING

Oracle Apps Financial Functional Interview Questions And Answers

What is the purpose of the stat journal?

With a statistical unit of measure, a user can link statistical amounts with monetary amounts. This allows a user to enter monetary as well as the statistical amount in one single journal entry line.

Can I edit specific geography in the geography hierarchy?

Yes. You can do this in the Manage Geography Hierarchy page. You can edit details like the geography’s date range, parent geographies, and the primary and alternate names and codes.

Why define Legal Entities in Oracle Fusion Financials?

It is important to define legal entities as well as legal reporting units to handle business activities in the Oracle Fusion Applications.