Top 115 HFM Interview Questions Part-3



Last updated on September 5th, 2017 at 05:33 pm

Here we are starting the series on hfm functional interview questions. We would be presenting 115 frequently asked HFM interview questions in Four part series

Here is Part -3 Questions

Question 61 How do you create ICP member in HFM?

Answer

Following are system defined members for ICP dimension.

[ICP Top] Specifies the top intercompany member

[ICP None] Specifies that no intercompany member is used

[ICP Entities] Specifies the entities that are designated for intercompany transactions

The System will automatically create a ICP member when you select the IsICP attribute, see the below for your reference.

When you create an application, Intercompany Partner members are automatically created for the application. An ICP member is created for each Entity member for which the IsICP attribute is selected.

 

Question 62. What is node security?

Answer

By giving node security we can restrict user for seeing the value dimension members

IF you set node security as parent only the members of the value dimension from <Entity Currency>up to and including <Parent Curr Total> are visible.

If you set node security as Entity, all members of the value dimension would be visible

 

Question 63. What is dynamic member list?

Answer

As dimension members are added and deleted, the dynamic member list automatically reflects the changes by reapplying the user-defined criteria.

 

Question 64. What are the balance types of Journals?

Answer

Balanced

Un Balanced

Balanced by entity

 

Question 65 Difference between them?
Answer

Balanced: All the Debits and Credits will be balanced

Unbalanced: Debits and Credits will not be balanced

Balanced by entity: Debits and Credits for particular entity will be balanced

 

Question 65 What is HFM task lists?

Answer

A Task List in HFM serves as a folder for documents that you frequently use. This can be helpful for creating a centralized location where you can find everything you need to accomplish the current job

To create a new Task List, go into the application documents and select Actions

 

Question 66 How to create HFM application?

Answer

1) First define application profile using HFM client

  1. a) Enter language
  2. b) Define Calendar
  3. c) Enter Frequency
  4. d) enter period
  5. e) Enter Custom dimensions
  6. f) Save profile

2) Go to workspace and use consolidation administration

3) Add new application

hfm functional interview questions

4) Select the Cluster, input Name and Description. And then select the Profile created before. In the final option, select Consolidation here.

5) Submit and new application is created

 

 

Question 67:  What are Dimensions?

Answer They describe an organization’s data and usually contain groups of related members.

Examples of dimensions are Account, Entity, and Period.

HFM supplies eight system-defined dimensions and enables you to populate many  custom dimensions that you can apply to accounts. Dimension members are arranged in hierarchies. Upper-level members are called parent members, and a member immediately below a parent member is referred to as the child of a parent member. All members below a parent are referred to as descendants. The bottom level hierarchy members are called base-level-members.

 

Question 68. How many dimensions are system defined in HFM?

Answer:

3 dimension members View, Period, Year will be created by the system at the time of application profile creation, based the data enter by us

For period, if we include Half years, Include Quarters, include months, the system will generate the period dimension members as well as view dimension members like YTD, HYTD, QTD, MTD and also 12 periods will be created automatically

Year dimension are based on the starting year and number of years defined at the time of application profile.

Because of this reason you cannot able to see these 3 dimensions under manage meta-data.

 

Question 69. How many dimensions are user defined and what are they?

Answer

Entity, account, ICP, value, Scenario dimensions are user defined.

Question 70. what is good will?

Answer

Goodwill in financial statements arises when a company is purchased for more than the fair value of the identifiable net assets of the company. The difference between the purchase price and the sum of the fair value of the net assets is by definition the value of the “goodwill” of the purchased company. The acquiring company must recognize goodwill as an asset in its financial statements and present it as a separate line item on the balance sheet

 

Question 71 what is COA?

Answer

COA is nothing but chart of accounts, whatever the members we will define under the account dimension will be called sometimes chart of accounts (COA)

 

Question 72 What is Scenario dimensions?

Answer

The Scenario dimension represents a set of data, such as Budget, Actual, or Forecast. For example, the Actual scenario can contain data from a general ledger, reflecting past and current business operations. The Budget scenario can contain data that reflects the targeted business operations. The Forecast scenario typically contains data that corresponds to predictions for upcoming periods. A Legal scenario can contain data calculated according to legal GAAP format and rules. You can define any number of scenarios for an application and define attributes for Scenario dimension members, such as the default frequency, the default view, and zero data settings.

 

Question 73.

How do you retrieve data for your project/applications?

Answer

Financial Management retrieves data from the Financial Management database in blocks called sub cubes.

The mode of retrieving will be through data forms, data grids or smart view.

In smart view we will use HS.Get function to retrieve the data.

 

Question 74. 

What is application profile, can we change application profile at Any point of time?

Answer

An application profile contains language, calendar, frequency, and period information for an application. You can use a profile for more than one application. For each application that you create, you must specify an application profile.

You cannot modify the application profile once it was created.

 

Question 75 Explain about Entity Curr adj member in HFM?

Answer

Basically value dimension members are inter-related with so many areas in HFM, but in brief talking about Entity Curr Adj you can make any adjustments using journals into this particular value dimension, here you can perform calculate and posting journals.

 

Question 76

What are the rules used for? How many rules an application can have?

Answer

Rules is one of the area which makes HFM application more flexible with the custom procedures or consolidation etc.,

we have 8 subroutines in rules, and under each subroutine there will number of functions which makes rules simplify,

Calculation

Translation

Consolidation

Allocation

Input

Icp

No Input

Dynamic

 

Question 77

What is the Functions of Smart view?

Answer

  1. Get value
  2. Set value
  3. Get text
  4. Set text
  5. Hs currency
  6. Hs label
  7. Hs description
  8. Hs group

Question 78 what are custom top members?

Answer The Custom top member for the account The specified member, including all descendants, is valid for the account

 

Question 79 What is data audit in HFM?

Answer

You can use the Data Audit feature to view data changes performed by users. You can filter the data changes by date range, application server, user, and the dimension members of cells.

You can audit Scenario and Account members by setting the Enable Data Audit metadata attribute to Y for the scenarios and accounts to audit. To turn off auditing of Scenario and Account members, change the Enable Data Audit attribute to N.

 

Question 80. How do you achieve closing process in HFM?

Answer

hfm functional interview questions

Question 81 what are different ways of running consolidation in HFM?

Answer

Manual consolidation by using grids.

Consolidation using task automation

Custom consolidation by using rules.

 

Question 82 What is the minimum to role to be given to a user to access HFM?

Answer

Default

Question 83 Where do you give roles to users?

Answer we provide the roles to the users in shared services under the provisions.

Question 84

How do you know whether the consolidation has been done for a particular entity or not in a particular month?

Answer

If you select a data grid for that particular entity, change the display options to calculation status there if you found CN or CN ND it means that that entity needs consolidation

 

Question 85

What is a Recurring Journal?

Answer

Some Journals we use repeatedly.  So, for that purpose, we will create recurring templates. By using the recurring templates, we will create recurring Journals.

 

Question 86

What is an Auto Reversing Journal?

Answer

If we create a journal as Auto Reversing Journal, the journal will post in the next period by reversing the Debit and Credit.

 

Question 87

How will you perform Currency Translations?

Answer

First we have to create/define all the currencies in the Meta Data Item called currencies. Then we have to perform currency translations in Explore data module by using custom dimensions and value dimension.

 

Question 88

How will you perform Review Process?

Answer

To perform Review process, we should have the “Review Supervisor” Security authority. In Explore Data Module, we will perform Process Management.

 

Question 89

Sometimes, we cannot post a Journal. What will be the Reason?

Answer

In Entity Dimension, we should check the “allow adjustment “property.  And the period in which we created the journal should be kept open. And we should have the security authority to create journals.

 

Question 90 When does the HsvDataSource.exe process stop itself?
Answer

When an application server determines that all users of a particular application on that application server have correctly logged off or timed out (e.g. web time out), then it sends a signal to the HsvDataSource.exe process running that application to stop itself.

When all HsvDataSource.exe processes on a particular application server have stopped themselves, then the HsxServer.exe and CASSecurity.exe processes will also be stopped. After a short delay, under normal circumstances, all HFM processes will stop themselves. Only when all HFM processes on all HFM application servers have been stopped is it safe to make changes to the relational database for example, copying applications, taking or restoring backups of the database or powering down the database. Changes to the database should NOT be made while any HsvDataSource.exe process is seen running in the Windows Task Manager.


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