New Chart of Accounts
Jul. 24, 2008 by ebelow
The most basic building block of the new financial system is an new chart of accounts. PeopleSoft offers much greater flexibility in setting up a chart of accounts by providing a number of fields that can be used for different purposes to describe the “bucket” for expenses, revenue, budget, etc. The terminology used in PeopleSoft is also different from what we are all acustom to in FRS, but more on that later. Just remember that we will all need to learn some new terms. The General Ledger Team has spent over two months discussing various scenarios for a new chart of accounts. View the Power Point presentation linked at the bottom of this page to view the details of the current thinking.
Converting FRS Accounts to new PeopleSoft Chart Strings
A new PeopleSoft Chart String will be created for each FRS account number that has been used in the last three fiscal years (FY 2009, 2008 and 2007). There will be a one-to-one relationship between the FRS account and the PeopleSoft Chart String. Each department will be notified of their new chart strings sometime next spring.
The data (in other words, the revenue and expense detail) will only be converted in an aggregate manner. The balance for each account at the end of each of the last three fiscal years will be converted into PeopleSoft, but not the individual transactional detail. Users will still have the Financial Data Warehouse (Inquiry) to look up detail transaction.
The system will be live on July 1, 2009 and that will be the day that the new chart strings will be used.
To view the Power Point that explains our current plan of the new chart fields, click here: Chart of Accounts Power Point