After enabling Financials, which tasks are recommended for configuration?

Enabling Financials in the Enterprise Planning and Budgeting Cloud (EPBCS) involves several important configurations to optimize the system for financial reporting and budgeting. One key task that is strongly recommended post-enablement is setting up exchange rates. This is crucial because many organizations deal with multiple currencies in their financial activities. Accurate exchange rate configurations ensure that financial data can be converted and reported correctly, allowing for meaningful analysis and reporting across different currencies. This is particularly important when consolidating financial data from subsidiaries operating in various countries or when planning budgets that involve foreign currency transactions.

Setting up exchange rates also facilitates the management of financial forecasting and planning by ensuring that projections and historical data reflect current market conditions. This step is foundational and directly impacts the integrity of financial reporting and decision-making processes in the organization.

In contrast, while removing custom dimensions or adding custom expense driver categories may be relevant to specific organizational needs, they are not as fundamental to the initial financial setup as configuring the exchange rates. Adding custom dimensions can enhance the model, but it is usually more tailored to the organization’s specific reporting needs and requires careful consideration.