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- Chart of Accounts & Project Cost Collection Segments
Chart of Accounts & Project Cost Collection Segments
CHART OF ACCOUNTS (COA) & Project Cost Collection Segments (POETAF)
With the Financial Systems Transformation program (FST), the University of Chicago will implement a new chart of accounts, replacing the existing financial accounting system (FAS). The Chart of Accounts (COA) will become the system for organizing the University’s financial accounts in the general ledger, the complete bookkeeping record for the entire institution's financial transactions.
Currently, the University uses FAS account numbers to manage the financial health of the University. FAS account numbers are comprised of 10 digits, using a one-digit ledger number, a five-digit account number, and a four-digit subaccount/account code number. The way FAS account numbers are used to track financial activity is inconsistent across units and requires manual reporting to allow University financial administrators to accurately account for income and spending.
When Oracle Cloud ERP is implemented, the University will replace the use of FAS Accounts with a new common chart of accounts structure. In addition, the University will utilize project cost collections known as POETAF to track financial transactions for capital projects, University research, and individual awards and discretionary funds.
Learn more about future changes to accounting codes due to FST:
When the University implements Oracle Cloud ERP, it will transition to a new common chart of accounts (COA). The COA will be represented by a 10-segment account string that captures information in each segment of the string. This organizational tool enables the tracking of all financial transactions in a clear and consistent manner across the University.
As a part of the Oracle Cloud ERP implementation, the University will enable Oracle’s Project Portfolio Management (PPM) module to track financial activities for capital projects, University research, and individual awards and discretionary funds (IADF). The PPM module interacts with the general ledger COA segments entered when creating the individual entry for a capital project, University research, or IADF. Each project will have an assigned project number and will utilize project cost collection segments known as POETAF (project, expense organization, expenditure type, task, award and funding source, as illustrated below).
The FST Program team has designed a tool to help the campus transition from FAS account numbers to chart of accounts and POETAF segments. Use the link provided to access the COA & POETAF Mapping Tool.
To learn more about the Chart of Accounts and POETAF, check out learning opportunities on Workday Learning.
Need help using the COA & POETAF Mapping Tool? Use the link provided to access the COA & POETAF Mapping Tool instructions.
To review the June 14, 2023, Info Bite session, Project Portfolio Management & Pastries, which explains in detail the PPM module on Oracle, click the links below:
On January 20, 2023, FST hosted a special session about the future chart of accounts segments. To access the webinar recording and the presentation link, use the links provided below:
For more information on the new chart of accounts structure definitions of each segment, please see the FST Glossary or consult the chart of accounts section of our frequently asked questions guide.