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Streamlining Chart of Accounts Implementation for PeopleSoft Financials

Discover the transition to a new Chart of Accounts in PeopleSoft Financials, focusing on objectives, design elements, and specific chartfield details for improved reporting and data entry efficiency. Learn through examples, communication strategies, and how to utilize the new features effectively. Visit provided resources for a comprehensive understanding.

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Streamlining Chart of Accounts Implementation for PeopleSoft Financials

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  1. PeopleSoft Financials8.4 Implementation Project Chart Of Accounts Rollout December 3, 2002

  2. Agenda • Chart Of Account (COA) History • Introduction Of New Chart Of Accounts • Comparison Of Old vs. New • Examples • Communications Team • Questions

  3. History • Effort Started Two Years Ago • Campus Wide Committee • Amy Taylor • Focus Groups • Visited Other Universities • James Madison University • Princeton

  4. Objectives • New Technology • New Reporting Needs • Reduce Complementary Systems • Capture New Data Needs • Ease Of Data Entry

  5. Design Objectives • Ease of Reporting • Capture Data Elements • (New and Old) • Use Trees To Summarize • User Defined Field(s) • INITIAL SIGHT RECOGNITION • Purpose

  6. Design The Big Rule: Each Chartfield Should Have a One-To-Many Relationship With EACH Other Individual Chartfield. (If This Relationship Does Not Exist Then It Should Not Be A Chartfield)

  7. PeopleSoft Chartfield Account UD Legacy Object Code Chartfield Comparison =

  8. PeopleSoft Chartfield Account Accounts classify transactions as expenditure, revenue, asset, liability, or Net Assets (Equity) transactions

  9. PeopleSoft Chartfield Account Class UD Legacy Object Code Line Number Chartfield Comparison = =

  10. PeopleSoft Chartfield Class A budget line associated with a position (or person) within the University

  11. PeopleSoft Chartfield Account Class Purpose UD Legacy Object Code Line Number 11 Digit Account Chartfield Comparison = = =

  12. PeopleSoft Chartfield Purpose • Crosswalk - 11 Digit legacy code for immediate future • An Activity that can have revenue, expense, and balance sheet components.

  13. Ease Of Data Entry • SpeedType/SpeedChart • Fills in Chartfields • Attach security • Unique Name • Equal Purpose Code • Example: CHEM11

  14. PeopleSoft Chartfield Fund UD Legacy OPBAS OPSS OPBAL NOLOA NOLEND NOPLT AGNCY Chartfield Comparison =

  15. PeopleSoft Chartfield Fund Fund maintain a self-balancing set of accounts that record cash and other financial resources, together with the related liabilities and residual equities or balances, as well as the changes therein. Funds segregate financial information for the purpose of carrying on specific activities and attaining certain objectives in accordance with GASB definition, restrictions, and limitations. Examples of fund codes are OPBAS, OPSS, NOEND.

  16. PeopleSoft Chartfield DeptId Indicates who is responsible for (source) or impacted by (owner) a transaction. DeptId is a systematic representation of the divisional breakdown of an entity. Each DeptId represents an operating unit within an entity. The proposed UD DeptId values mirror the values in HR/Payroll. DeptId will be used for hierarchical roll-ups and reporting

  17. PeopleSoft Chartfield Program Program, is defined by NACUBO as an ongoing specific regular event. Programs may cross organizations, funds, sources of funds, and they may have revenues and expenses. Programs generally do not have a specific end-date, but instead, they continue on for the foreseeable future.

  18. PeopleSoft Chartfield Project Projects are an event or activity that has a specific beginning and end date. Further breakdown of project costs is done in the Project Costing module (PC).

  19. PeopleSoft Chartfield Source Source is meant to describe the different sources of funds or revenue collected by the University. Source will allow the University to record revenue by source and to provide specialized reporting data to the funding source.

  20. PeopleSoft Chartfield User Field(s) User Fields are designed to meet end-user criteria for recording and reporting data. Currently there is one designed into the system though there can be as many as three.

  21. CHEM17S 141000 OPBAL INST2 BLANK 70000000 02522 Purpose & Speedtype Account Fund Program Project Source Dept Id Chartfield Mapping Chemistry Supplemental Funds 1-7-09-2522-50-410

  22. Web Availability • Account • Purpose • Source • Department Id • Program

  23. Examples • Account • Purpose • Program • DeptId

  24. Trees Trees Hierarchical representation or organization of data

  25. Chartfield Road Map

  26. Comments • Review Chartfield Values • www.udel.edu/UDFS/info/ • Help Tab • www.udel.edu/UDFS/coa110402.html • See What We Missed • (Values) • Contact Your Comm Team Member

  27. PS Financials Communication Team

  28. Questions

  29. PS Financials Communication Team

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