Hyperion is a popular enterprise financial management software used by many large organizations today. Learning Hyperion can be a valuable skill for finance and accounting professionals who want to advance their careers or specialize in financial management. By going through this Hyperion tutorial, you can master various aspects of Hyperion, including its features, functionalities, architecture, and more. Take a look!
Hyperion Software is a business division of Oracle that is popularly known for business intelligence systems and corporate performance management. The Oracle Hyperion portfolio contains products like financial reporting, financial management, planning and forecasting, database management, financial reporting, and analytics.
The complementary tools and applications of Oracle Hyperion remain the market leader in Enterprise Performance Management and provide an excellent platform for financial budgeting and planning; financial operational planning, and close management.
The oracle Hyperion enables us to integrate and handle the strategies, goals, and execution, and it is mainly used for financial reporting and analysis. Leading companies from different industries like Manufacturing, Retail, Banking, and Financial Services, and Life Sciences use Oracle Hyperion. So, to pursue a dream career in Enterprise Performance Management, you have to learn Oracle Hyperion.
If you want to master the Oracle Hyperion platform, join our Oracle Hyperion training. As per Ziprecruiter.com, the average salary of an Oracle Hyperion Consultant in the US is around $127K per annum.
In this Oracle Hyperion tutorial, you will first learn what Oracle Hyperion is and study HFM and its administration. Before we start, let us have a look at what we will be discussing in this article:
Table of Content - Hyperion Tutorial for Beginners |
Oracle Hyperion is a BI(Business Intelligence) and BPM(Business Process Management) tool. It is the market leader in Operation, Strategic, and Financial Planning. It has various financial consolidation applications, score carding, planning, reporting, analysis workspace, and dashboards.
Oracle Hyperion Financial Management is an extensive and web-based application that provides financial consolidation, global collection, analysis, and reporting in a highly scalable solution. Following are the features of the Oracle Hyperion Financial Management:
Financial Management is useful for operating as a multitier system:
We can start financial management through a web browser or web desktop. We can also start the Financial Management through Netegrity SiteMinder as the Web Security Agent.
When we start the financial management, we will see the Logon dialog box. Financial Management utilizes windows passwords and usernames for authentication. We enter our Windows Password and Login ID and the name of the domain server used by our enterprises.
When we log on, the system saves the login information in the memory on or workstation. When we try to open the application, financial management evaluates whether you are a valid user according to the password and user ID that you entered.
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Follow these steps to start Financial Management from the Windows desktop:
Step1:
From the windows desktop, implement one of these actions:
Step2:
For Domain, enter the domain to which to logon
Step3:
For the user, enter the username
Step4:
For the password test box, enter the password that corresponds with our username.
Step5:
Optional: Choose “Remember Password” so that the system saves our password and we do not require to type it every time we log in.
On the web, we work with financial management in the Workspace environment. Follow these steps for starting Financial Management from the web:
Step1:
Assure that the webserver is started and the web application server is working in the services panel.
Step2:
In our browser, provide the URL for the Workspace Log in the page.
Stpe3:
Enter our system username.
Step4:
Enter our password.
Step5:
Press “Login.”
Step6:
In the Workspace, Choose “Navigate/Applications/Consolidation” and choose all the applications.
The application is a group of dimension numbers and dimensions that satisfy a group of reporting or analytical requirements. For instance, we can have an application for reporting the tax data and another application for sales reporting. We can open one application for each financial management session that we are implementing. Though, we can have various financial management sessions open, with distinct applications available in each session. To access the application, we must be allocated as an application user.
Consolidation is defined as the process of collecting the data from the dependent entities and aggregating the data to the parent entities. After entering or loading the data into the base-level entities, adjusting, and calculating the data, we implement the consolidation for chosen period and scenario for aggregating the data across the organization.
As the data consolidate, the system carries out the required currency translation and intercompany eliminations, minority ownership calculations, and equity adjustments if required.
The Oracle Hyperion Financial Management offers a default method for data consolidation method. To allow the statutory consolidations, we have to personalize the consolidation process. When we create the application, we can set the Consolidate rules to attribute.
The Currency Translation transforms the account data from one currency to another currency. The data available in the local currency of the dependent entity is converted into the parent currency through the local currency exchange rate. We can enter currency rates by the entity for the base entities.
We can type the data in the application through the Forms that our administrator created. The data forms allow us to enter the data for the predefined view like specific accounts and periods. The data forms support nested rows and columns for the multidimensional analysis and will enable you to drill into more details.
The sample data form scripts are covered when we choose the sample applications during the HFM client installation and situated in the “FinancialManagement/SampleApps” directory. We can see the data forms list. The list displays the description, last-modified date, and description. If we have the Manage Data Forms security role, we can see the security class for every form.
Forms may also be stored in the folders. The data forms administrator can create the folders for organizing the forms in the application. We can see the forms in the folder, but only an administrator can delete or create the folders.
We can open the data form for opening, viewing, and editing the data. For opening a state, we need to have access to the security class. For opening the data form:
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Workspace allows us to display the Hyperion financial reporting documents like books and reports from the exploring module. We can display the books and reports in PDF or HTML format.
Other than displaying, we can perform the following tasks through Workspace:
Types of Books and Reports available from Explore Module:
Tips panel available in the lists tasks, viewer, details, and tips relevant to the existing documents and to objects chosen in Workspace content areas:
For instance, if we choose the financial reporting book:
In Oracle Hyperion Financial Management, we can generate the following kinds of reports:
For creating the reports, Go To “Hyperion Financial Management/ System 9 Administrators Guide.”
We can open a report that is stored on our computer or the one that is saved remotely on the server. When we open the reports that are saved on the server, we can choose to display the reports developed by the users. We can only open the reports on the server to which we have Read or all the security access.
Windows Procedures
For opening the reports locally:
For opening the reports stored remotely:
Web Procedures
For Opening the Reports:
We will create the journal reports to check the status of the journal and review the journal adjustments. We can create a journal report for displaying the information for a particular journal or journal list as per the criteria that we choose in the journals module. For instance, we can choose for displaying only journals with a particular status, balance entity, account, or type. We can also choose the columns that display in the report and modify their sorting order. We can set a single entity and account filters for the journal reports in the report definition.
Journal Report Example:
We can define the application in five steps:
We can open only one application at a time, although we can have multiple instances of Financial Management open with various applications on every instance.
The application profile comprises the calendar, frequency, period information, and language for the application. We can use one profile for multiple applications. For every application that we create, we should specify the application profile. For creating the application profile:
Step1:
Through the Financial Management windows desktop, choose “Define Application Profile.”
Step2:
Choose one of the below options:
We can specify up to 10 languages for the labels that we can use across the applications. We can utilize different languages for creating the descriptions for items in our application. For configuring the applications:
Step1:
In the grid, type the language, and click the “Tab” key for moving down to the following line.
We can give up to 10 languages, and every language can have a maximum of 20 characters.
Stpe2:
Press “Next.”
When we choose the kind of calendar and time periods for the application profile, default frequencies are generated for the application profile. For instance, if we choose a standard calendar and include months, quarters, and half-years as the time periods, the system generates the below frequencies: half-yearly, monthly, yearly, and quarterly. We can also choose the manual calendar or custom calendar. If we select to specify a custom calendar, we should specify the period label prefix and number of periods. For configuring the calendar:
1] Choose a type of calendar:
2.1] If we have chosen the standard calendar:
2.2] If we have chosen Custom Calendar:
The label contains a maximum of 10 characters and can have spaces.
2.3] If we have chosen the “Manually Defined Calendar,” continue with the next step
Frequencies and their respective views are generated according to the time periods that we have chosen while specifying the calendar. We can insert, change, and delete the frequencies. We can also type the descriptive label for every view and frequency in every previously specified language.
While editing the frequencies, we cannot modify the YTD frequency label, which is included in the first column of the Frequency 1 row. Although, we can type the description of YTD frequency for every language that we define. To set up frequencies:
The extended analytics module of Hyperion allows us to generate multiple star schemas in one application. The table names in every star schema start with the prefix that we define. We can choose the multiple numbers in all the dimensions for creating the star schema that reflects the information to report. The data amalgamation in the star schema is created according to the dimension members that we choose for exporting.
The more dimension members chosen, the more possible data amalgamations that have to be generated in the star schema, and the more time required for completing the export process. We can compute the amount of data combinations by-product of the number of members chosen for every dimension.
We choose one of the following aggregation options when we create the star schema:
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Oracle Hyperion is a suite of applications used for enterprise performance management. The Hyperion Financial Management(HFM) platform is used to report and analyze an enterprise's financial aspects. This Oracle Hyperion tutorial delivers the expertise required for an Oracle Hyperion consultant.
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Ravindra Savaram is a Technical Lead at Mindmajix.com. His passion lies in writing articles on the most popular IT platforms including Machine learning, DevOps, Data Science, Artificial Intelligence, RPA, Deep Learning, and so on. You can stay up to date on all these technologies by following him on LinkedIn and Twitter.