General Ledger Overview

General Ledger

 

The General Ledger of the University of Missouri is the official record of the University's budgeting and financial transactions. The General Ledger includes budget transactions, revenue and expense transactions, encumbrances, assets, liabilities and fund balances. FRS maintained balance sheet information in the General Ledger (L0 accounts) and revenue and expense transactions in the Subsidiary Ledger (L2-L9 accounts). PeopleSoft maintains the equivalent of all FRS ledgers in a single PeopleSoft ledger.

Controlled Budgets

Controlled Budget Ledgers are where budgets are stored and used for budget management and/or control. The controlled budget is similar to the revised budget datafield in FRS.

 

The University uses Controlled Budget Ledgers to track summary totals of transactions for financial reporting and budget management. For more information, see the section pertaining to Controlled Budget Ledgers.

 

Actuals

Actuals Ledgers are where all detailed transactions are stored. The Actuals Ledger is similar to the FRS subledger.

 

ChartFields

ChartFields are used to classify accounting information in PeopleSoft. There are nine ChartFields that allow for reporting transaction details in a variety of ways. The advantage of multiple ChartFields is that they allow a finer level of detail for reporting purposes.

 

How does this new structure affect me?

If you process, reconcile, review, or analyze financial data, you need to be familiar with ChartFields and how your FRS accounts and subcodes map to the new ChartFields. ChartFields are required on every transaction.

FRS/ChartField Crosswalk

A translation program has been created to convert accounting information in FRS to the PeopleSoft General Ledger.

Initially all accounting information will be entered into FRS and converted into PeopleSoft ChartFields. Eventually all accounting information will be created in PeopleSoft.

This desk reference is intended to help you understand how your FRS accounting information will appear in PeopleSoft.

 

Standard ChartFields

The PeopleSoft General Ledger has nine ChartFields that comprise the Chart of Accounts (COA). These ChartFields are:

• Budget Period
• Business Unit
• Fund
• DeptID
• Project/Grant
• Program
• Account
• Class
• Statistics Code

Not all ChartFields are required for every transaction. Every revenue and expense transaction minimally requires Business Unit, Fund, DeptID, and Account. Definitions for each ChartField follow.

PeopleSoft ChartFields

The following table shows the relationship between elements in FRS and the PeopleSoft ChartFields.

Chart of Accounts
FRS Element	PeopleSoft Chartfield
Fiscal Year	Budget Period (BP)
Campus	Business Unit (BU)
Ledger	Fund
Account	DeptID
Account	Project/Grant
Account	Program
Subcode	Account
Variable Subcode	Class
None	Statistics Code

Reviewed 2011-01-19.