The Chart of Accounts project establishes consistency in UC Davis accounting structures and practices with UC systemwide requirements, enabling better reporting and access to data.
Updated Dec. 22, 2022
Purpose and Benefits
The UC Davis Chart of Accounts (CoA) project involves the design and implementation of a new chart structure to align with the systemwide Common Chart of Accounts (CCoA), established by UC Office of the President. The systemwide CCoA was designed to create consistency in accounting structure and practices while allowing each location to develop their own local CoA within the established framework. This new chart structure also serves as the foundation for the new Aggie Enterprise financial system, supported by Oracle Cloud Financials, which will effectively meet the needs of our growing university.
The UC Davis Chart of Accounts creates a common language for all financial transactions. It serves as the foundation for:
- Organization of a simplified, scalable structure for financial data
- Collaboration across UC Davis
- Communication with UC Office of the President
- Consistent, reliable and verifiable financial reporting, providing better access to data
Financial Transformation Process
Redesigning the CoA is a multi-phased initiative that begins with designing a chart structure that meets UC Davis financial and management reporting needs. CoA value sets and hierarchies are developed to support mapping the existing FAU values to the new chart format. The process ends with the translation and transition to the new structure, processes and system.
All UC locations are required to report financial transactions to UCOP in the new Chart of Accounts format beginning July 1, 2023, and UC Davis will fully implement the new CoA on Jan. 1, 2024, concurrent with the launch of the Aggie Enterprise system.
During the interim period from July 1, 2023, through Dec. 31, 2023, units will continue transacting in KFS with the existing FAU. To meet UCOP reporting requirements, the central Finance and Financial Systems teams have developed an Interim reporting solution to translate KFS FAU data to the new CoA format.
Inventory and definitions of key business processes
|Discovery and Design
|Information and requirements gathering, prototype CoA design and segment definition.
|Proof of Concept
|Scenario demonstration, validation of prototype CoA segments.
|Final Segment Definitions & Use Criteria
|Final segment names, definitions and use criteria, approved by Governance July 1, 2021.
|Value and Hierarchy Development
|Determination of new CoA values and hierarchies.
|Clean up and consolidation of current KFS values and balances.
CoA rationalization to remove duplicate or unnecessary values.
|FAU to CoA Data Mapping
|Mapping of KFS FAU values to the new Chart of Accounts.
Includes baseline mapping by the CoA team, and mapping review efforts by units.
|CoA values finalized. Any new value creation is supported by centralized data
governance policies and procedures.
|Central Office Data Translation
|All UC locations are required to report financial transactions on the new Common Chart of Accounts beginning July 1, 2023. To meet this requirement, the central offices will translate KFS FAU data to the new CoA from July 1, 2023, until Aggie Enterprise go live on January 1, 2024.
|Deployment and cutover
|On January 1, 2024, UC Davis will fully adopt the new Chart of Accounts. KFS users will transition to the Aggie Enterprise system, and begin transacting with CoA values.