The financial application suite of products shares a common data model and a set of integrated applications to give the enterprise a holistic view of their data. This enables the enterprise to view their business/financial information in a consolidated view and assist in their making informed decisions.
The product also share-due to this tight integration-data elements across them so that an entity (say an employee) that has been setup in one product is the same entity(employee) that is used across all products that require that entity. This reduces maintenance overhead and leads to accuracy in the data that is used across the products.
Shared entities allows one-time definition of a business object so that it can be used across various modules. The ownership of a shared entity within a business organization may vary but technically the ownership is linked to the single module.
Here is list some often used shared entities with corresponding product owners:
Shared Entity Owner of shared entity
Unit of Measure Inventory
Employees Human Resources
Locations Human Resources
The Application Object Library (AOL) is a technological layer that owns a lot of internal data elements and currencies happen to be part of this product.