The Chart of Accounts project kicked off in February 2022, and design and validation efforts were completed in July 2022. Additional work to incorporate the new prototype into the ERP design will begin as part of the new ERP implementation.
The goal of this project is to create a new financial chart of accounts structure that effectively addresses the reporting and operational needs of West Virginia University. The updated chart of accounts should simplify reporting processes, enhance data analysis capabilities and support efficient business processes.
The project team will conduct a current state assessment of WVU's existing chart of accounts for both internally and externally supported funds to identify challenges and leverage opportunities. A system-agnostic chart of accounts prototype will be developed. The approach will include an intentional principle development process to guide design decisions.
The project is divided into four primary tasks:
Task 1: Planning and Initiation
Planning and initiation activities include establishing the project governance structure, finalizing the project plan and establishing guiding principles with the project design team.
Task 2: Discovery, Requirements Gathering and Gap Analysis
The current chart of accounts structure will be assessed through stakeholder interviews and document analysis. A full understanding of what data elements are required to achieve desired outcomes will be completed and the requirements will be prioritized. Gaps between the current state and desired outcomes will be identified. We expect this task to last approximately five weeks.
Task 3: Prototype Design and Validation
This task also should take about five weeks to complete. During this time, a proof-of-concept chart of accounts prototype will be developed that achieves desired outcomes. The new structure will be tested and validated with the design team and other stakeholders.
Task 4: Finalize Recommendations and Report
The last task of the project consists of the development of a final proof of concept using the redesigned chart of accounts and preparing a translation of chart elements into multiple enterprise resource planning (ERP) system formats.
- Lisa Sharpe, Team Lead and Finance Program Manager for Strategic Partnerships
- Paula Congelio, Project Sponsor and Vice President for Division of Finance and Chief Financial Officer
- Victoria Thomas, Controller and Senior Finance Director for Health Sciences
- Dixie Paletta, Assistant Vice President for Health Sciences Budget and Planning
- Jaime Bunner, Director of Financial Projects and Compliance for Division of Finance
- Kathy Day, Director of Institutional Accounting, Reporting and Analysis for Division of Finance
- Cathy Sampey-Barber, Assistant Director of Treasury for Division of Finance
- Cassie Caplan, Senior Business Planning Officer for the College of Law
- Julie Thalman, Assistant Provost, WVU Online
- Sam Morrone, Assistant Athletic Director Business Operations for WVU Athletics
- Kevin Stuchell, Lead Financial Management Analyst of Budget Planning for Division of Finance
- Rachel Hays, Director of Procure to Pay Operations for Procurement, Contracting and Payment Services
| Timeframe | Work to Complete | Status |
|---|---|---|
| February 2022 | Task 1: Planning and Initiation | Complete |
| March-April 2022 | Task 2: Discovery, Requirements Gathering and Gap Analysis | Complete |
| April-May 2022 | Task 3: Prototype Design and Validation | Complete |
| June 2022 | Task 4: Finalize Recommendations and Report | Complete |
After delivering a prototype that will be used to design and set up the chart of accounts in the University’s next financial system, the Chart of Accounts project is now complete.
This prototype continues to capture all needed information but simplifies the experience for end users by limiting the number of segments entered for any transaction. In the new chart of accounts, the end user will not be required to know information for every segment because we will use system capabilities to populate information in the chart segments.
Current MAP General Ledger Segments
Challenges:
- Users must know all segments to charge to the general ledger
- Segments are all numeric and display as numbers only
- The chart is not intuitive to populate certain segments based on choices or connections to employees
Prototype for General Ledger Segments (In New System)
Considerations:
- Segments may be a combination of alpha and numeric depending on system
- Segments will be expanded for reporting purposes but will be linked to limit entering all of them
- Users will not need to know all segments; some segments will relate to others and populate based on selections
- Users may need to know two or three segments at most, such as Org, Line Item and Program/Activity/Location
- The range of values will be shorter since selections will be aligned to the employee's role and organization
The new financial system has been selected. We expect the new system to be in place around midyear 2025. To find updates on the project, visit the ERP page.
Steps to implement a new chart of accounts will include:
- Validation of the prototype with the system
- Continued stakeholder engagement to refine chart of accounts needs
- Finalization of the chart structure in the new system
- Conversion and mapping of chart of accounts information from our current system to the new system
- Business process development and training