Automating Accounting Hub Cloud Integration with Oracle Integration by Kishore Katta

Background (What is Accounting Hub Cloud?)

Oracle Fusion Cloud Accounting Hub is a robust accounting engine that integrates and aligns information from virtually any source system to consistently enforce accounting policies and meet multiple reporting requirements, giving you the agility, control, and insight needed to run your business.

As an integrated accounting platform, Accounting Hub standardizes the accounting from multiple third party transactional systems to consistently enforce accounting policies and meet multiple reporting requirements in an automated and controlled fashion, and with minimal disruption to existing financial processes. The core capability of Accounting Hub is the robust accounting engine, delivering flexible configuration that captures rich elements from your existing business systems

Accounting Hub improves the agility of finance organizations with a simple process for integrating source systems into one enterprise-wide accounting platform and recording financial transactions from the subledgers to enhance reporting.

Why we need to Automate the Process of importing Transactions?

Customers with high volumes of transactions from diverse industry applications such as internet services and marketplaces, billing systems for telecommunications, core banking platforms, logistics, or claims systems for insurance, Accounting Hub can receive transaction information from these external source systems and apply rules to create detailed accounting entries to meet virtually any accounting requirement. They need to integrate new industry-specific systems or recently acquired companies into their existing environment and automate the whole process of importing accounting transactions seamlessly into Accounting Hub.

Usecase

A Financial Services company Vision Corp (a fictitous company) has multiple transaction systems (for Loans, Insurances, Billing etc.,) acquired or home-grown over a period of several years. Each of these systems have limited or no accounting & reporting capabilities. Fiscal reporting involves manual consolidation of accounting which is spread across disparate transaction systems. Vision Corp would like to centralize the process and bring down the consolidation time & efforts with touchless automated accounting & reporting processes.

Solution

Oracle Inegration capabilities are used to automate the process Subledger posting of Loan Transactions into Accounting Hub Cloud. Out of the box ERP Cloud adapter capabilities helps to integrate seamlesslly with UCM Services and ESS jobs to further simplify the import process. The solution provides automated processing to bring the transaction data files from the registered source systems into the ERP Cloud. This includes data from other external sources, such as other custom applications, transaction systems, or legacy ERP. Optionally, data transformation processing may be required for data sourced from other external files which doesn’t match the template. Read the complete article here.

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