michelle korte
DESCRIPTION
Transitioning to one PS Fund in 485. Michelle Korte. Chico. Why do campues have a separate revenue PS Fund in CSU fund 485?. Prior to RMP: Campuses maintained revenue funds which mapped to SCO Fund 0498 Higher Ed Fees & Income. RMP Current Situation: - PowerPoint PPT PresentationTRANSCRIPT
California State University
Common Management Systems
Michelle Korte
Transitioning to one PS Fund in 485
Chico
Transitioning to One PS Fund in CSU Fund 485: May 21, 2007 2
Year-End Training
California State UniversityCommon Management Systems
Prior to RMP:
Campuses maintained revenue funds which mapped to SCO Fund 0498 Higher Ed Fees & Income.
RMP Current Situation:
Campuses may still have a separate PS Fund value for revenues even though revenues and expenses are both recorded in CSU Fund 485 due to “intense timing” of RMP implementation.
Why do campues have a separate
revenue PS Fund in CSU fund 485?
Transitioning to One PS Fund in CSU Fund 485: May 21, 2007 3
Year-End Training
California State UniversityCommon Management Systems
A separate PS Fund for CSU Operating Fund
Revenue is not necessary in RMP
A separate PS Fund for CSU Operating Fund Revenue is not necessary in RMP
Revenues and Expenses map to the same FNAT for CSU Fund 485
FIRMS Revenue program code 5000 is obtained via Rule 1 in the FIRMS derivation process based on account type.
FIRMS object codes provide the detail of revenue classification.
Transitioning to One PS Fund in CSU Fund 485: May 21, 2007 4
Year-End Training
California State UniversityCommon Management Systems Benefits of one PS Fund in CSU Fund 485
Ability to utilize Peoplesoft delivered trial balance reports
Simplified analysis Reduced fund maintenance
Transitioning to One PS Fund in CSU Fund 485: May 21, 2007 5
Year-End Training
California State UniversityCommon Management Systems
For further reference in this presentation:
“485 Revenue Fund” will refer to campus PS Fund used to record revenues in CSU Operating Fund 485, in our “old world” this would have mapped to SCO Fund 0498.
“485 Expense Fund” will refer to campus PS Fund used to record expenses in CSU Operating Fund 485.
Terminology
Transitioning to One PS Fund in CSU Fund 485: May 21, 2007 6
Year-End Training
California State UniversityCommon Management Systems
Concerns to address before transitioning
to one fund in CSU Operating Fund 485
Subsystems Student Financial System Item Types Use of 485
Revenue Fund Cashiering system Accounts Receivable System
Balance Sheet Current Year Activity
Transitioning to One PS Fund in CSU Fund 485: May 21, 2007 7
Year-End Training
California State UniversityCommon Management Systems Chico’s approach to close out 485 Revenue Fund
Campus objective is to close the 485 Revenue Fund during the pre-close stage of 2006/2007.
In April 2007, new effective-dated rows were added to the fee item types in PS Student Finance dated 7/1/2007 for the Fall 2007 term. These new rows used 485 Expense Fund rather than 485 Revenue Fund.
In April 2007, effective-dated rows were added to the fee item types in PS Student Finance dated 7/1/2007 for each of the previous existing terms. These new rows also used the 485 Expense Fund rather than 485 Revenue Fund.
Chico will utilize the Peoplesoft Allocation Process functionality to move ledger balances from the 485 Revenue Fund to 485 Expense Fund as a final pre-close process.
Transitioning to One PS Fund in CSU Fund 485: May 21, 2007 8
Year-End Training
California State UniversityCommon Management Systems Available Resources
Chico’s allocation process has been tested in a non-production environment. The business
process guide is attached.
Microsoft Word Document
Transitioning to One PS Fund in CSU Fund 485: May 21, 2007 9
Year-End Training
California State UniversityCommon Management Systems
Michelle Korte
CSU, Chico
(530) 898-5207
Matt Horn
CSU, Chico
(530) 898-5822