In this article we will explain the Account Monitor concept in Fusion General Ledger.
Account Monitor, one of the new feature introduced in Oracle Fusion Financials, provides Oracle Fusion General Ledger users with a tabulation of self-selected accounts and balances, with self-defined deviations from standards for those balances.
The users can see anomalies against the thresholds that they define. Account Monitor provides efficient monitoring and tracking of key account balances in real time and is continually updated, at every level of the dimension and hierarchy. It is a powerful tool for real time, multidimensional account analysis. It is available in the General Accounting Dashboard and in the Financial Reporting Center.
Example scenario: Account Monitor is setup so that “Total Mobile Phone Charges” should not increase by 30% compared to last month. Account Monitor will not display any record related to the expense unless it crosses the threshold. See the screenshot which displays the record as the expense amount exceeds more than 30% in Apr-17 compared to the same in Mar-17.
A user defines tolerance rules in order to create self-monitoring accounts. The output from the rules is presented in tabulation with various options as to what is shown or hidden. Any accounts that exceed the tolerance limits are automatically displayed, and therefore, eliminate the surprise of account anomalies during your close process and enable your accountant to initiate an appropriate business or accounting response to the implicit situation.
When you select a balance, you can drill down through the multilevel hierarchies, or up to the next parent value level. You can navigate directly to any level in the hierarchy and to any detail, the complete details of which are discussed below in detail.
Hence Account Monitor offers following benefits-
- Comparison with last period/year or budgets
- Exception based tracking
- Drill to detail balances and subledger transaction details.
- Query by example
- Embedded intelligence- System decides according to the account type that whether the changes are good or bad for the organization (e.g. – Sales are increasing means good and expenses are increasing means not a healthy sign. So system will automatically mark it as Green or Red).
- Threshold limits
The Account Monitor allows efficient monitoring and tracking balances of key accounts in real time. Both current and comparative balances are displayed and the change (%) column accesses whether the balance variance is favorable or not which will be shown with an example in below discussions.
To get into the account monitor screen navigate to General accounting dashboard and select the appropriate data access set.
It does not require any technical expertise to configure Accounts monitor as per Business User portfolios and thus Business users are enabled to create own set of group of accounts for monitoring. We can create account groups for monitoring the balances based on various requirements.
Example scenario: “Receivable” and “Cash Clearing” are the control accounts which are monitored and attempted to be zero. The drill-down feature enables the Business to track the source of the entries.