To our readers who may be attending or recruiting from Oracle Financials Interview Questions, the list herein should provide invaluable resources for both professionals attending an interview as well as recruiters looking for qualified talent.

Understanding the key concepts frequently requested of Oracle Financials is of particular significance in light of today’s skills shortage.

Our blog is committed to helping you successfully pass an Oracle Financials interview by offering invaluable information and guidance.

Expertise in developing and configuring Oracle Financials in order to meet the specific requirements of a firm.  Extensive knowledge of financial  procedures and general accounting principles.

1. Can you explain the differences between Oracle Financials and Oracle ERP?

Oracle Financials is a database back-end package that provides SQL functionality, while Oracle ERP is a business suite.

Oracle Financials consists of modules such as purchasing, payable, order management, and receivables, while Oracle ERP is a comprehensive package that includes various modules for managing business processes.

2. What is the latest version of Oracle Financials?

The latest version of Oracle Financials is 11.0, which is part of Oracle ERP.

3. Can you explain the different modules in Oracle Financials?

The modules in Oracle Financials are purchasing, payable, order management, and receivables. These modules process business data related to purchase, pay, sell, and receive activities.

4. Can you explain the role of Java Island in the context of Oracle?

Java Island is a location that has various meanings, including coffee beans and coffee seeds.

However, in the context of Oracle, it is not related to Java Island but refers to Oracle, a software company.

5. Who are the key people behind Oracle?

The key people behind Oracle are Larry Ellison, Bob Minar, and AdWords.

6. Can you explain the process of purchasing material in Oracle Financials?

When purchasing material, the module records the purchase and payment details. In the evening, the module records the payment to the vendor, and the payment is recorded in payables.

7. Can you explain the role of order management in Oracle Financials?

Order management involves recording sales activity, supplying materials to customers, building customers, and managing receivables

8. What is the purpose of a journal transaction in the General Ledger (GL) application?

Journal transactions are used to record day-to-day business transactions in the system.

9. What are the two parts of journal information?

Journal information is classified into two parts: journal header information and patent land information.

10. What is the process of creating a journal in GL?

To create a journal in GL, users must create a user and assign a System Administrator responsibility. They can then create a journal transaction using the user creation and profile options settings.

11. What is the purpose of posting in GL?
The purpose of posting is to update account balances.

12. How do you verify the balances and amounts entered in the journal?

To verify the balances and amounts entered in the journal, create a new journal and ensure that the amounts entered match the expected values.

This helps to ensure that the journal is used effectively and maintains accurate records.

13. What is a primary ledger?

A primary ledger is a ledger assigned to a specific responsibility within a form or function.

14. How is the primary ledger assigned to a specific responsibility within a form or function?

The primary ledger is assigned to a specific responsibility within a form or function through a field call, such as a lecture.

To open periods for a lecture, you click on “Find” and follow the process to open all previous periods.

15. How do you create a journal in the system?

It is important to follow system-related processes when creating manual journals to ensure accurate data entry and maintain accurate records.

16. How does the system automatically sync the data source with reality?

The system automatically syncs the data source with reality, and automatically takes calendar information, periods, and new dates from the primary ledger.

17. What are segments and segment values in the Chart of Accounts?

Segments and segment values in the Chart of Accounts are used to display accounts in the ledger, based on transaction recording, company, department, or other criteria.

18. What is the purpose of the Account Inquiry function in the GL system?

To inquire about specific account balances in a particular period.

19. How can you find the account balances for a specific company in the GL system?

Use the Account Inquiry function and select the appropriate account for each department.

20. Can a journal’s balance be updated after it has been posted?

No, the balance cannot be updated after posting.

21. What are some key categories of information that companies need to maintain in their books?

Employees, contractors, permits, receipts, inventory, and other relevant data.

22. What is the purpose of creating separate business groups in Oracle financials?

To manage different aspects of the organization separately and maintain connectivity between them.

23. Which group is responsible for maintaining employees’ information in the system?

Business group or HR organization.

24. What is the importance of creating a basic business group when implementing Oracle financials?

To ensure effective management of all aspects of the organization and obtain relevant information.

25. Why is a multi-level structure necessary in the system?

To facilitate specific reporting functions at each level.

26. Why is it necessary to have separate business groups for each country in terms of employees and payroll?

To maintain information in the correct format, currency, and meet the unique needs of each country.

27. Why might there be instances where one country has multiple primary ledgers?

Due to differences in calendars, accounting methods, and currency, each country may have unique requirements.

28. What does the discussion highlight about running a business in different countries?

The unique challenges and opportunities

29. Why is it important for businesses to consider factors like calendars, accounting methods, and currency?

To better manage financial records and ensure efficient operations

30. Why should businesses with three or more operating units maintain each unit separately?

To control the transaction process and generate reports

31. What are entity entities in the context of businesses?

Companies referred to as operating rates or net RS

32. What factors should be considered when building a multi-row structure for Oracle Financials?

Number of businesses, number of private ledgers, and management of military operations.

Oracle Financials is an industry-standard software package and success in various finance-related roles depends upon being familiar with its interface and functionality.

From technical and functional questions, anecdotes, and recommendations regarding Oracle Financials; this blog has answered some of the most frequently asked about it.

Learners looking to succeed at Oracle Financials interviews can increase their odds by becoming acquainted with these questions prior to interview.

Stay confident, stay current on industry news, and highlight any applicable skills or expertise for an interview in Oracle Financials!!!

Best wishes on this exciting endeavor.