Finance and Administration News
Budget updates
See key dates for budget planning
Financial System Enhancements Highlight: Chart of Accounts structure, segments, and the object segment
In the new Chart Of Accounts, the Object Code (Object) segment is a six digit number used to categorize transactions by account type and further define the nature of a transaction; for expenses it is what is purchased while revenues define the activity that generates the income. The Object segment is similar to the Natural Account Code segment in the current chart. A list of Object codes will be available in September to the broader campus community.
Detailed overviews of each segment are outlined on the Segment Order & Structure page of the COA website.
Financial System Enhancements Highlight: Financial Approvers Tool (FARM)
This article is part of a series meant to educate and inform campus about the Financial System Enhancement project and impacts to planning units.
Financial System Enhancements launch moved to December
In response to campus feedback and resource constraints due to other projects, the Financial System Enhancements (FSE) Steering Committee has decided to move the launch of the FSE projects to December 2017.
In September 2016, The FSE project team collaborated with campus to determine the most appropriate timeframe to launch the projects. At this time, campus constituents also shared concerns and requested focus on improving efficiency in technology and business processes within Procure to Pay Services. The collective decision was made to launch in fall 2017, with a target of early November, giving additional time to make P2P improvements. These P2P improvements will go live in September as communicated in Business Matters.
Budget updates
This update contains key dates and information for FY17 fund balances, FY18 budget planning, and FY19 budget planning.
P2P Improvements go live in September
The P2P Improvements team has been working to put the final touches on the improvements communicated in an August Business Matter’s article.
Accounts Payable and Procurement Services have completed the testing of the Supplier/Payee Information Form that will replace the OHIO Substitute W-9, and will be used in conjunction with the Standard IRS W-9 or appropriate IRS W-8.
FSE Highlight: COA structure for Grants Accounting
Chart of Accounts Structure: The COA Structure identifies how you will account for transactions. There will be two structures: one for the General Ledger and one for “Grants,” which will encompass Internal Awards, Capital Projects, and Sponsored Projects.
FSE Highlight: Using new Chart of Account strings in third party systems
Accounting activity will be tracked through the General Ledger (GL) or through the Grants Accounting (Grants) system. Grants is a sub-ledger to the GL, which means detailed accounting information is tracked through Grants and posted in summary to the GL. To read more about the account strings, please see the Segment Structure & Order page on the COA website. This web page provides detailed information about each of the structures and the segments that they use.