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Princeton University Chart of Accounts Redesign

Princeton University Chart of Accounts Redesign. April 2011 Update Carolyn Ainslie, Vice President for Finance and Treasurer. What is a Chart of Accounts?. Coding structure that defines an organization’s operations in financial terms Building block of the general ledger

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Princeton University Chart of Accounts Redesign

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  1. Princeton UniversityChart of Accounts Redesign April 2011 Update Carolyn Ainslie, Vice President for Finance and Treasurer

  2. What is a Chart of Accounts? • Coding structure that defines an organization’s operations in financial terms • Building block of the general ledger • Facilitates the recording of transactions • Typically includes asset, liabilities, revenue and expense “accounts” • Basis of reporting

  3. Princeton’s Financial System • The Peoplesoft (PS) financial system 6.0 was implemented in 1998, replacing a legacy system • PS was upgraded to 7.5 in 2001 and 8.4 in 2004 • The system upgrades utilize the legacy chart of accounts, which dates to the 1960s • Anticipating to upgrade to 9.1 in next 2 years

  4. Current Chart of Accounts • 72,000 “project grants” • 500 department codes • 10 fund codes • Every department interfaces with the chart of accounts

  5. Why Redesign the Chart of Accounts? • Current chart doesn’t provide structure to support reporting and management needs • Current chart is running “out of space” for valid codes • Leverage functionality of Peoplesoft financials 9.1

  6. Chart Redesign Project Goals • Improve reporting and financial analysis capability • Maximize use of Peoplesoft • Easy to use and maintain • Flexibility for future needs

  7. Project Stages • Planning (underway) • Design and Analysis (Initiate May 2011) • Proof of Concept (Fall 2011) • Plan Implementation (Spring 2012) • Implementation (Beginning July 2012)

  8. Challenges • Represents a major change for the campus • Impacts many systems, including shadow systems • Current PS system has high degree of customization

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