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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

Princeton UniversityChart of Accounts Redesign

April 2011 Update

Carolyn Ainslie, Vice President for Finance and Treasurer


What is a chart of accounts
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


Princeton s financial system
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


Current chart of accounts
Current Chart of Accounts

  • 72,000 “project grants”

  • 500 department codes

  • 10 fund codes

  • Every department interfaces with the chart of accounts


Why redesign the chart of accounts
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


Chart redesign project goals
Chart Redesign Project Goals

  • Improve reporting and financial analysis capability

  • Maximize use of Peoplesoft

  • Easy to use and maintain

  • Flexibility for future needs


Project stages
Project Stages

  • Planning (underway)

  • Design and Analysis (Initiate May 2011)

  • Proof of Concept (Fall 2011)

  • Plan Implementation (Spring 2012)

  • Implementation (Beginning July 2012)


Challenges
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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