Book Image

Oracle PeopleSoft Enterprise Financial Management 9.1 Implementation

By : Ranjeet Yadav
Book Image

Oracle PeopleSoft Enterprise Financial Management 9.1 Implementation

By: Ranjeet Yadav

Overview of this book

PeopleSoft financial management applications have been recognized as a leading ERP product across a wide range of industries that helps organizations automate their accounting operations, cut costs, and streamline business processes. They offer industry leading solutions for organizations' global needs, however complex they may be. PeopleSoft Enterprise Financial Management 9.1 Implementation is probably the only learning resource for a novice practitioner, who may otherwise have to rely on thousands of pages of documentation for such a complex ERP system. This book covers all the crucial elements of PeopleSoft Financials—a business processes, configuration, and implementation guide. This is the ideal one-stop resource before entering the world of PeopleSoft implementation. Beginning with the fundamentals of a generic financial ERP system, this book moves on to basic PeopleSoft concepts and then dives into discussing the individual modules in detail. You will see how to leverage financial modules such as Billing, Accounts Receivable, Accounts Payable, Asset Management, Expenses, and General Ledger. Dedicated chapters discuss key PeopleSoft features such as application security and commitment control for budgeting. You will learn fundamental ERP concepts such as the chart of accounts, used by organizations for recording and reporting financial transactions, and how to implement them in PeopleSoft through chartfields, business units, and SetIDs.
Table of Contents (16 chapters)
Oracle PeopleSoft Enterprise Financial Management 9.1 Implementation
Credits
About the Author
About the Reviewers
www.PacktPub.com
Preface
Index

Summary


With this we come to the end of the first chapter where we learned some critical concepts about PeopleSoft Financial applications. We also saw some of the important cross-module configuration activities needed for a working financial system. Here is what we learned.

A Chart of Accounts is the foundation of PeopleSoft financial applications. It includes various attributes that need to be recorded for each accounting transaction. These attributes are called chartfields. We can perform Standard or Advanced configuration to modify delivered chartfields according to our needs. It is always advisable to use standard configuration instead of advanced configuration.

Business Unit is an organizational unit that independently maintains its account balances. Business Units of an organization can be organized on the basis of geography, line of business or any other parameter that we choose. All the financial transaction data such as invoices, journals, and purchase orders are segregated by Business Unit. A SetID is a collection of master data elements such as vendors, customers, banks, and so on. It determines which setup values can be accessed by a Business Unit. SetIDs allow master data to be shared by multiple BUs.

A ledger is the central piece in PeopleSoft financial applications. An organization's account balances are stored in the ledger. Journals consolidate the accounting entries created by various PeopleSoft modules and post them to ledgers. A batch process known as Journal Generator automates the journal creation process. After these journals are created, the Journal Edit batch process validates them. Another batch process - Journal Post - posts valid journals to the ledger, thus completing the journal processing.

Banks are used by an organization to receive customer payments as well as make payments to its vendors. Each bank can have as many branches as needed. Each branch can have multiple bank accounts associated with it.

Configuring a PeopleSoft module involves a large number of tasks that need to be completed in the right order. PeopleSoft delivers a tool called Setup Manager to help in the setup activities. It lists tasks necessary to implement a module in the appropriate sequence. It also provides navigation paths and hyperlinks to the PeopleSoft pages where setups need to be done.