How has your organization changed over the last several years? Like most organizations, your needs have probably evolved based on the
changing environment in which you operate. Yet your financial system is likely very similar in structure to when it was first implemented.
This common challenge is faced by virtually all organizations because vast, systemic change is simply not feasible during day-to-day
operations. During your implementation or upgrade, however, systemic change is possible.
Change begins with addressing the heart of your financial system: the Chart of Accounts. In Oracle’s PeopleSoft Enterprise Financial
Management, the first step to developing a new Chart of Accounts is to define the Chartfield structure or configuration. Then, it is
necessary to determine what values should exist for each Chartfield. Finally, you must determine how to crosswalk old Chartfield
(or charge code) values to the new ones, and whether or not to convert old transactions to the new Chartfield structure using this
crosswalk. All of this takes into account careful consideration of statutory requirements and having enough meaning in your data to
manage your own financial and reporting needs.
Empower Solutions’ Chart of Accounts Workshop offers the experience and capability to help define your new Chartfield structure.
We will bring key members of your Finance team together with our knowledgeable consultants to explore and shape the following:
- Current Chartfield (or charge code) structure
- Future Chartfield structure
- Data mapping from the old Chartfield (or charge code) structure to the new structure
- Transaction and ledger balance data conversion requirements
Empower Solutions’ depth of experience with public and private sector clients will enable us to provide current industry Best
Practices to your organization. In addition, our proficiency with the PeopleSoft Enterprise Financial Management application offers
foresight into how your financial system can look after your implementation or upgrade.
