Effective date in Hyperion Planning

Hi Gurus,

This is from Implementation perspective.

My Client query:

We have Effective date in Peoplesoft Financials and EPM and would like to set-up a similar feature in Hyperion Planning so that they can get details or track changes on Historic and future.

Form example a cost centre movement across entities..We have ownership management in HFM and not sure how we can do it in Hyperion Planning

I thought of achieving this task by using an alternate hierarchy or using attribute dimensions creating a Date Dimension.

Also would like to know the impact on data

Any other suggestion that comes to your mind.