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Upcoming Events

  • Fiscal Year End Deep Dive: Wednesday, June 14th 2:00 – 3:30 pm College of Agriculture Auditorium (WyoCast Link)
  • Financial Reporting Deep Dive: Wednesday, June 28th 1:00 – 3:00 pm College of Agriculture Auditorium (WyoCast Link)
 

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WyoCloud Executive Steering Committee Decisions

Decision

Date Approved

Decision Background

UW Conversion to Accrual Accounting

July 7, 2016

With the implementation of the Oracle Cloud Finance System, UW will adopt accrual accounting to record transactions.  This approach will ensure best practice compliance with GASB/FASB accounting standards and will also result in:

  • Streamlining of the budget process to compare progress on university objectives and improve decision making with the distribution of funds available;
  • Common, consistent definitions and procedures can be implemented at the university across colleges for the recording and reporting of financial information; and
  • The ability to produce reports at the required level of summary or detail, with significantly less manual effort or adjustments needed to produce timely & accurate financial reports at any time during the fiscal year.

 

UW will use a single business unit

September 14, 2016

This is an overall system setting in the Oracle system and based on business practices at UW and recommendation from our partners at Oracle, UW will use a single business unit in the future state.

 

UW will transition to a more open security model

 

October 6, 2016

 

A budget year reference will no longer exist within the new Chart of Accounts.

 

October 6, 2016

During the budget redesign process the University will establish new carry-forward policies and processes, where appropriate, for budget amounts not used in a budget year.

 

WyoCloud finance system will start with balance sheet values only at the start of the system period on 7/1/17.  5 years of historical data will be held in the Data Warehouse.

 

November 3, 2016

The configuration and integrations team recommended converting 3 years of historical data, based on industry best practices.  Based on need for 3 full biennium’s of data for accurate forecasting in the future, 3 years of data will be initially available in the data warehouse and an additional 2 years of data will be converted after go-live.

 


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