New Finance System for ACU
Published: Wednesday 19th October 2016
The ACU Finance Directorate is delighted to announce that the existing Sun Finance System will be replaced by TechnologyOne - Finance One (F1).
The system is now ready for User Acceptance Testing (UAT). Training on the new system will be offered to all users in coming weeks. Training schedule will be published in the Staff Bulletin soon.
As a part of the changeover process, it was required to re-organise the existing cost centre hierarchy and natural account hierarchy.
The new finance system will bring enhanced features to the users.
- Chart components have been added to the ledger structure to improve the way of recording transactions.
- Project Code-Source of Funds
- Natural accounts
As a result, there is no requirement to maintain multiple cost centres within your responsibility areas to represent mix of entity and source of fund.
As a part of the new Finance System implementation, we are aiming to compile an ACU wide Activity Dictionary.
In the new system, the transactions can be coded only at project level. Which means, in addition to the normal projects, your business as usual cost centres will also have an equivalent project code in the ledger.
Current Sun Finance cost centre – 81400 will be replaced by TechOne equivalent cost centre – 84061. The equivalent project code for Finance cost centre is 840610 (BAU project code will always have the cost centre code as the first five digits).
National - 11
Finance - 840610
Source of Funds
Preparation of budgets – 1111
Natural Account code
Salaries – Professional staff - 20201
2. Ability to access the finance system by wider ACU community according to their business requirements.
3. Procure to pay
- Electronic purchase orders (PO) with automated 3-way matching process (PO, Invoice and Goods Received Notes (GRN)).
- Ability to punch out to e-catalogues.
4. Workflow approvals for journals and purchase orders, etc.
5. Commitment reporting - Not required to maintain excel worksheets.
6. Fixed asset module and ability to capture fixed assets related expenses at the time of originating POs.
7. Ability to drill down to the source documents of each transaction.
8. Account inquiry and basic reporting.
During this transition period, we will work closely with HR, Student Administration and relevant key stakeholders to communicate the changes in the Finance System and to take appropriate actions.
If you have any questions you are welcome to contact Keng Ong, Kamini Nagodavithane or myself.
Director of Finance