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Hyperion Financial Management

MANAGING JOURNALS

Provided By: BISP Created By: Amit Sharmahttp://bispsolutions.wordpress.com SME - Hyperion [email protected] BISP Team http://learnhyperion.wordpress.com

INTRODUCTION

After you load or enter data into the database, you might need to make adjustments to it. Journals enable you to make adjustments to accounts after

Hyperion 11.1.1.3 | Journal |Created by : Rupam Majumdar |BISP © Amit Sharma

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mailto:[email protected]

http://bispsolutions.wordpress.com/


the data is loaded or entered. They provide an audit trail of changes made in the application and indicate the accounts, entities, and periods that were affected.

Why use Journals versus data grids or data forms?

We can create recurring journals that repeat for a number of future periods.

We can create auto reversing journals that generate an automatic reversing entry in the following time period.

Use the approval process for journals to provide accountability.

Journal features:

You can create double-sided journal entries by using debits and credits. You can balance entries, or you can permit single-sided, out-of-balance

entries. You can create recurring journals that are repeated for a number of

future periods. You can create auto reversing journals that generate automatic

reversing entries in the next time period. You can use the journal approval process to provide accountability.

Journal UsesJournals are used to record many types of adjustments.

Reclasses Entry corrections Reversals Accruals Minority interest accounting entries Elimination of adjusting entries


ADJUSTED ACCOUNT BALANCE ADJUSTED ACCOUNT BALANCE Journal Adjustment

Account Balance

Account Balance


True ups Allocations

Adjusting Data Using Audit TrailsFinancial Management journals provide an audit trail of the changes made in the application. Journals tell you which users have made adjustments and the accounts, entities, and time periods that are affected. All adjustments that are made using journals must be reviewed and approved before you can post them.

Submitting Journals for ReviewAfter you create a journal, you need to submit it to your supervisor for approval. After your supervisor approves the journal, you can post it to the Financial Management database.The approval process is covered later in this lesson.


Sr. Accountant/ Financial Analyst


ACCOUNT MANAGER

Journals and the Value DimensionThe Value dimension plays an important role in journal processing. When you load data from a file or use a data form or grid to enter data, the values are stored in the Entity Currency member of the Value dimension. When you post adjustments from a journal, the adjustment values are stored in the Entity Currency Adjs member. Financial Management stores the posted adjusted data by combining the values in the Entity Currency and Entity Currency Adjs members and storing the result in the Entity Currency Total member. The posted adjusted value is used during the consolidation process.


Create Journal

Submit Journal for approval

Receive Approval

Post journal

REVIEW AND APPROVE JOURNAL


Multiple Journal PostingsIf more than one journal is posted to the Entity Currency Adjs member for the same account, the results are cumulative. The total from the current journal is added to or subtracted from the existing total in Entity Currency Adjs.

WORKING WITH JOURNALS

When we want to work with journal, The Workspace is the Centralized place where we will get the access for all the Journal related work.

The URL

http://<servername>:19000/workspace

Credentials (Default , unless it changed or modified later)



Userid : admin

Password: password

After login to Workspace ,

1. Navigate to Consolidation Application .

2. In Browser View Go To LOAD TASK > LOAD JOURNAL

Load the Journal.

After successful loading you will get the confirmation.

If you get any error It will be displayed here too.



Using the Templates Process Pad on the DesktopThe Journal Templates process pad is a bar at the top part of the Financial Management Desktop that guides you through a series of tasks related to the journal template process. The following table describes the buttons that are available on the Journal Templates process pad:

Button Task

Create, edit, and delete standard and recurring journal templates, create journals using recurring tem lates, and view lists of journal templates.View the status of periods, and open and close periods.

Opening Periods for Journal EntriesFor each scenario, you must open time periods before you can post journal entries to them. By default, all periods in Financial Management have an initial status of Unopened. You can open and close periods at any time, but you cannot change an opened period to unopened.

You open periods using the Manage Periods task.To access the Manage Periods page:1. Select Tasks > Journal Tasks from the menu bar.2. Select Manage Periods



TO WORK WITH JOURNAL THE FIRST THING YOU NEED TO DO IS OPEN A PERIOD.

Accessing JournalsIn Financial Management, you use the Process Journals task to create journals and to enter information into the journals. You enter journal information by using journal templates or creating blank journals.You can create journal groups to help classify journals by type, such as reclasses, allocations, and overhead.



Using Journal Templates

You can create journal templates to save time when you enter journals. You can create these types of journal templates:

Standard templates, which contain accounts and entities for adjustments that you enter frequently.

Recurring templates, which contain complete information for identical journal entries that recur for more than one period.

Templates apply to all scenarios in an application. They are not dependent on scenario and year.Recurring templates are dependent on the Value dimension member.To access templates, you must be assigned the Manage Templates security role

Creating Standard Journal TemplatesYou can create a journal template when you need to post journals that have common adjustment information. For example, you can create a template that



contains information such as common entities or accounts, and use the template as the basis for journals that contain similar adjustment information.When you create a template, you select whether the journal is balanced, balanced by entity, or unbalanced.

To create standard journal templates:1. Open an application for which to create a journal template.2. Click Manage Journals Templates.

There are two type of Journal you can create.

1. Standard

2. Recurring

Also there are subtype

Type Description

Balanced Total journal debits and credits must balance before you post the journal.

UnBalanced Total journal debits and credits need not balance before you post the journal.

Balanced by Entity Total debits and credits for each entity must balance before you postthe journal.

3. Select Standard Templates.



4. The label can be a maximum of 20 characters. Do not include spaces in the label and do not use these characters: . + - */ # {} ; , @ ” The description is optional and can be a maximum of 255 characters.

5. Select a balance type: Balanced, Unbalanced, or Balanced by Entity.Optional: Enter a Journal Group for the journal.

Note:The journal group that you assign must exist in the application.Optional: Enter debit or credit amounts and a description.Click OK.

Standard template created.

Creating Recurring Templates

You can create recurring templates when you need to make identical adjustments frequently.For example, you can create a recurring template that contains all the journal information, and use the template to generate Approved journals automatically for a specific scenario, year, and period.



To modify a template, you must have All access to the security class assigned to the template.

To create recurring templates:1 Open an application and click Journal tasks.2 On the Manage Journal templates process pad, click Recurring.

Select Recurring Templates, and from Journal Templates, click New.

Enter a template label and description



Click SAVEIn case of any error it will pop up a new window and will inform, otherwise it will be successfully saved.

Setting the Point of ViewBefore creating journals, you must set the point of view based on your requirements. The point of view determines the members that are displayed for the Scenario, Year, Period, and Value dimensions. You can change the dimension members for these dimensions by clicking the appropriate links.

Creating Journals



After setting the point of view, click the New button to display the New Journal page. You can choose either to start with a blank journal or to create the journal from a template.

New Journal Options: If you select Create as Single Entity Journal, Entity is added to the

journal point-of-view bar and you can select a single entity for the journal.

If you clear Create as Single Entity Journal, you must select entities in the journal rows.

Entering Journal DataAfter creating a journal, you enter the journal data.

For single entity journals, select the entity from the point-of-view bar. Type a label and description. Select the balance type and assign a security class (optional). Select an account and a member for the other dimensions of each row.

For multiple entity journals, select the entity for each row.After entering the journal data, you can use the Scan button to verify that all entries are valid. If the journal contains errors, a separate window displays the scan results by row number.



Journal Review Process Users review and submit journals. The journals are submitted for

approval by selecting the Submit option in the Process drop-down menu on the Process Journals page. Users can submit journals one at a time or in batches.

After a user submits a journal, the status of the journal changes from Working to Submitted.

After a user submits a journal for approval, a reviewer (a user with the Journal Approver security role) approves or rejects the journal by selecting the Approve or Reject option in the Process drop-down menu.

After a supervisor approves the journal, users can post it by selecting the Post option in the Process drop-down menu. Journals are normally posted once their status is Approved.



It is important to note that if you have the Post Journals security role, and the period is opened, you can post a journal with a Submitted, Working, or Rejected status.You can also unpost a posted journal. Unposting a posted journal creates reversing entries for the journal in the database and changes the status of the journal to Rejected.NOTEAt any time, you can process journals by selecting them from the list of journals on the Process Journals page. You can also use this method to process multiple journals at the same time.Viewing Adjusted Data in Data GridsYou can view the adjustments made to the accounts for an entity by using a data grid. You can change the Value dimension in the point of view of the grid to view the values in the Entity Currency Adjs, Entity Currency, and Entity Currency Total members. When you select the Entity Currency Adjs member, accounts that have adjustments posted from several journals display cumulative values. You can view the adjustment detail for these accounts by right-clicking a cell and selecting Cell Adjustments.



Viewing Adjustments Using the Entity Details ReportYou can use the Entity Details report to view details of the entire consolidation path for a specific cell, including the journal entries that generated in the journal posting process.You generate the Entity Details report by right-clicking a valid intersection and selecting Entity Details.

NOTEIn an entity report for a Parent entity, the data shows only the totals from its children.



DETAILED WORK FLOW :

Step 1: Open the Period.



Step 2:

Create a New Journal

The Journal Type -a. Standard. b. Recurring.

And whether it will bea. Regular.b. Auto Reversing.



Whether we will use any Journal template or use a new Blank Journal.

Step 3:Now we need to define a New Journal Details. First we give following description including mentioning whether it is Balanced or Unbalanced.

Step 4:Now we specify The Journal information.

1. The POV2. Which account dimension member Data to be modified through journal?3. The Debit and Credit amount

(In case when we select Balanced Journal, the Debit and Credit amount should be the same in total and Variance should be ZERO.For unbalanced journal this is not required. )



Step 5Save the Journal.

Step 6:After creation of Journal the next options available are

a. Submitb. Approve c. Rejectd. Poste. Unpost

Once the developer created the Journal according to requirement he should submit it to his upper level for checking. For this purpose we use SUBMIT.After the developer submit the Journal , next it moves to Review level.

This is including in Process Management.



After The higher authority approve this journal the Working status changed to Submitted.

When the Journal is approved by series of Review Level it moves upwards. If anybody feels the Journal needs some modification he can reject it, then The journal will show the Rejected Status and will be returned back who last approved this journal. He may be do some modification and Approve again to senior. When the person who is senior most to approve the Journal confirms the journal ha can post it. After posting it shows the effect in Data Grid.

The status changed to posted.

After Posting The Journal goes to READ only Mode.



During the review process , the incorrect journal can be unposted.

When any journal unposted the result revert back to original position. How many time any Journal posted or unposted that can be known from Data Grid “CELL ADJUSTMENT” details.

After few time posting and unposting.

When these any adjustment is performed through journal entries, The results reflects in “Entity Currency Adjustment” .

Posted Journal shows 100 in “Entity Currency Adjustment”.



When we unpost this journal , it reverts back and the “Entity Currency Adjustment” goes to ZERO adjustment value..

This is the view from the Desktop client, where as we can see this same information from Workspace DataGrid too.

Login to Workspace



Navigate Application>Administration>ManageDocument>DataGrids.

Create one New Data Grid, set the same Point of View.

It show the same Data grid.

The adjustment through Journal are marked. In our Journal we defined July journal so the Value is shown where as The August Journal show the ZERO value.

The same Journal information you can retrieve from “CELL ADJUSTMENT”.

Multiple time is shown because number of times posting and unposting.

Now we will see the Unbalanced Journal details.

When we work with Unbalanced Journal we don’t require to have multiple value in journal, we can have single value as well. The variance can be non-



zero as well. If there is non-zero variance in Balanced Journal you will get error.

But when it is unbalanced Journal there is no error for non-zero journal.

Based on Account dimension member, the list of custom dimension member changed. .

So, lets create a unbalanced Journal for entity SUNNYVALE for the month January 2010.

The creation process is the same, the definition changed



The variance is 500 and now we submit this Journal. Hence the status of journal changed to SUBMITTED.

Next we post the journal and will see the change in Data Grid in workspace.

We enter some value 15000 in <Entity Curreny>

Submit the Data in Server.

The Data Grid refreshed and the change is shown in Data Grid.



We can check the Journal adjustment details From “Cell Adjustment”

With this Cell Adjustment value we can track the process of journal adjustment. Like how many times any user performed any mistake and reposted journal.

AUTO REVERSING JOURNAL

Scenario

We create auto-reversing journals to enter adjustments that you want to reverse in the next period. For example, our company mistakenly booked



February revenue in January. We can create an auto-reversing journal entry to debit the revenue in January. The journal entry reverses in February, and credits revenue in the correct period.

Prerequisites

Before starting this tutorial, you should:

1. Have access to or have installed Oracle® Hyperion Financial Management, Fusion Edition 11.1.1.3

2. Have installed and opened a Financial Management application (eg:Bispapp1)

3. Have created a child entity (United States.California is used for this tutorial)

4. Opened the periods for which you are generating and reviewing auto-reversing journal entries (Jan 2010. Feb 2010)

Creating Auto-reversing Journal EntriesIn this part of the tutorial, you create an auto-reversing journal entry in the United States.California entity. The entry is for February revenue that was incorrectly credited in January 2010.1. Open your Financial Management application, and In the Browser View

pane, navigate to Tasks > Journal Tasks > Process Journals.



On the POV bar, select Scenario: Actual, Year:2010, Period: January, Value: <Entity Curr Adjs>, and click New

Select Start with blank Journal. Under Type, select Auto-reversing. Click OK.

We provide the following POV

Dimension Value

Account LongTermReceivables, Cash

Entity UnitedStates.California

Scenario Actual

Period January, February

Value <EntityCurr Adjs>

Year 2010



View Periodic

ICP ICP None

Custom1 None

Custom2 None

Custom3 None

Custom4 Decreases

Scan and Save The Journal.

Then SUBMIT



We can check the Process status.

Now we POST “AutoRev_BISP”

Reviewing Auto-reversing Journal EntriesAfter the auto-reversing journal entry is approved and posted, you can review it in the next period (February) to ensure that it was reversed correctly.

1.

In the Browser View pane, navigate to Tasks > Journal Tasks > Process Journals.

In the POV for Period, select February, and click OK.



The status of the journal for February is automatically set to Approved.

4. Perfrom the following actions:

a. Review the journal

The journal is reversed in February and is ready to be posted.

b. Click CloseSelect the check box to the left of AutoRev J1, and select Process > Post.



Navigate to DATA GRIDS

Set The POV

Period(2) : January , February.

Account(2) : LongTermReceivables, Cash.

The account Cash is debited in January and credited in February. Similarly, the account LongTermReceivables is credited in January and debited in February.


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