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Features & Benefits (In Progress)

Overall

  • Eliminate or reduce shadow system spreadsheets, databases, and applications created to add functionality to the legacy FAS system
  • Improved ability to produce analytical reporting to aid business decisions
  • Standardize journal entry submission
  • Provide the ability to produce consolidated reports for both Emory University and Emory Healthcare by business unit
  • Enhance analytical reporting by optimizing the new Chartfield design for flexible transactional data processing reporting
  • Improve monthly close process with greater enhanced period closing functionality
  • Strengthen online data analysis capabilities
  • Improve capabilities for budget development, tracking, and maintenance
  • Improve information flow between Financials, HR, and Student systems so that information can be accessed more holistically
  • Provide ability to encumber travel expenses
  • Provide ability to report jointly on Pre-Award and Post-Award activity
  • Improve capabilities for capitalizing projects, managing work-in-progress and building self-constructed assets in semi-automated, on-line fashion
  • Improve capabilities for tracking funding sources for individual projects
  • Improve capabilities for tracking expenditure details for departmental activities
  • Enhance report development capabilities through improved data management
  • Employee-level budget development tools
  • Improvement financial management capabilities through the use of salary encumbrances
  • Improve grant reporting capabilities through improved management of payroll data for grant-specific purposes
  • Automate university and health care management process flow
  • Standardize and simplify all processes in the management process
  • One day closing process.
  • Automate accounting rules
  • Consolidate chart of accounts classifications to simplify financial reporting across Emory
  • Simplify and consolidate
  • Decrease processing time
  • Increase access to information

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Accounts Payable and Expenses

  • Accurate reporting of accounts payable liabilities and vendor reporting.
  • Consistency and standardization throughout the Emory community.
  • Increased reporting availability at the expense type.
  • Default account information is established in the payee’s user profile. This feature populates ChartField information at the transaction line level.

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Accounts Receivable and Billing
Each area of the Emory, University and Healthcare, will key all Non-Grant and Non-Patient billing information directly into PeopleSoft. These areas of billing will continue to perform miscellaneous interunit billings and external billings on behalf of their departments, divisions or sections.  All legacy (CODA BI-AR and Mass500) and shadow systems being used for billing today will convert to the Accounts Receivables and Billing modules.

Business processes include:

  • Create one time, recurring and installment invoices
  • Billing adjustments-credit and rebill
  • Payment processing for ar and non-ar
  • Maintaining customer balances
  • Maintain full open ar item history
  • Reporting-mutliple invoice formats, invoice register, statement, payment summary-detail
  • Ages receivables by Business Unit, Customer, or PS GL Chartfield
  • Rull integration to post to the GL

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Asset Management
  • Improvements in recording and reporting capital assets (equipment, buildings, land, etc.).
  • All assets will be maintained in one system and will be automated; departments can view all their capital assets in one integrated system.
  • Emory will account for all assets when they are received.
  • Enhanced physical inventory process ensures that every asset is accounted for and reduces time to complete the process.
  • Reports will improve efficiencies and reduce time and effort on system reconciliation.

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General Ledger

  • Manual entry is minimized due to new options for creating recurring journal entry templates.
  • Departments have additional options for importing large volume journal entries into PeopleSoft.
  • More efficient journal entry is utilized through shortcuts to commonly used ChartField combinations.
  • Integrated system allows for more efficient ledger as transaction detail is kept in the modules.
  • Journal processing edits will provide for better data in the General Ledger, resulting in more accurate reporting.
  • User-defined ChartFields will provide departments with the ability to further define activities for departmental tracking and reporting.
  • Increased flexibility in the selection of ChartField values when creating accounting strings reduces ChartField creation and maintenance needs.
  • Automation of certain elements of the annual reports, including statement of cash flows and various financial statement footnotes, which are currently done manually.
  • New ability to get a true University and Healthcare wide trial balance (balance sheet and income statement) from a single source.
  • Improved clarity of organizational and financial reporting relationships through the use of trees.
  • Simplified maintenance of the University's and Healthcare's organizational or financial reporting structures.
  • Improved allocations process

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Grants

  • Sponsored accounts receivable and billing all contained within one system.
  • Automated letter of credit billing/draw/financial milestone eliminates a manual, time-intensive system.
  • Interim billing can be scheduled and automated.
  • Workbench functionality allows administrators to effectively manage their workloads and provide better customer service.
  • Ability to identify cost-sharing provides a clear audit trail and decreased risk.
  • Automated small business reporting provides increased ability and ease to comply with federal regulations vs. current manual system.
  • Eliminate many manual processes in the Office of Sponsored Programs (OSP) and Office of Grants & Contracts Accounting (OGCA), such as account generation/NOA processing, billing, linking cost sharing to each project, and timely agency reporting.
  • Integrate the preaward and postaward office processes into one central system and facilitate the efficiency of a one-stop shop of Research Administration for the campus.
  • Preaward and Postaward data will now be housed in one central location for quick and easy retrieval, and the ability now exists to capture meaningful data in areas never captured before.
  • Improve the University's ability to monitor and ensure financial and other mandated compliance requirements of Emory's grant funds.
  • Provide consistent information to manage and account for sponsored programs (projects).
  • Standardize and simplify all processes in the propose to close process flow.

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Project Costing

  • Ability to track project from inception to completion within PC; eliminate shadow spreadsheets/systems
  • Improved capabilities for tracking funding sources for individual projects
  • Ability to have a “project” within another project; parent-child ability – i.e. Child: Chiller system, Parent: Building A
  • Budget input flexibility, i.e. direct input in PC/CC or imported via spreadsheet

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