Hi friends I am learning hfm...i have studied Hfm admin guide but i am not able to get what is journals in hfm....please help me to find the significance of journal please i need it badly.............
thanking you and regards
Journals are used to enter adjustment entries into HFM application. When user eneter data, he enters it at Entity Currency Value dimension. Later, when he wants to make any changes to some particular account/ entity amounts etc. He does it through entering journals. For ex. When user entered data for 10 accounts at Entity Currency Value. Out of those he entered one data wrong as 1000 instead of 10000. Now since he needs to increase that value by 9000 he will pass a journal for 9000 into same account dimension member.
Understanding accounting concept of journal will help you to use Journal function in HFM efficiently.
Yes you are right in what you are saying. But from consolidation perspective, finalisation of accounts and passing the year end entries have be done in a very very short span of time. Hence initially those Journals are passed in HFM. Later on same entries are also passed in source transaction systems. Till that time your transaction and HFM data will not match but that will be only for a very short span of time. Its responsibility of consolidation users to ensure that all JVs which are passing in HFM are also reflected in source.