We’ve all heard the term “value added”—too often, for some of us. But add an “s” onto “value” in the phrase “segment values” and do it 1,800 times, and we’ve got ourselves some historic news in the Chart of Accounts initiative (COA2) within the Cornerstone project.
On February 29, the COA2 project team took a huge Leap Day leap into improved revenue and cost reports tracking across the university when it began adding approximately 1,800 additional Activity segment values to the chart. For those not familiar with the Chart of Accounts, it is a tool for identifying and categorizing transactions within the financial system. Within the chart, the Activity segment is used for items such as General Ledger (GL) project journals.
With 2,100 total values enabled as of March 8, it means the number has increased by 700 percent over what it was on February 28. And it adds greater specificity and more tailored items under which Oracle Financials Cloud users across the university—both in chancellor-led and central units—can add their line items.
Why does this matter? Well, as a result of the new segment values, Rutgers units will now have 2,100 values to choose from when populating the chart. This is especially beneficial for those working on:
- Payroll costs against General Ledger (GL) or projects in PeopleSoft
- Any costs going through RU Marketplace for purchase orders (POs); invoices against those POs, as well as non-PO invoices
- Non-sponsored projects for revenue or transfers
- GL/project journals
The concerted Activity segment workstream efforts began in November 2022, but the need was there years before. And it has now been met—about 2,100 times.