A Newsletter From the Core-CT Project

October 2002

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Core-CT Financials System Benefits

Following is a list of benefits of Core-CT's PeopleSoft Financials system identified by the Core-CT project team and state agency representatives

Module: General Ledger 

Overall Benefits

• Will allow for calculations and reporting in three accounting methods (cash, accrual, and modified accrual).
• For central agencies, the closing process and major end-of-year reports will be further automated.
• Central and line agencies will be operating from one budget, and there will be no conflicts between the two major legacy systems: SAAAS and the Comptroller's Accounting System.
• Agencies will be able to control their budget at a detail level that is useful to themselves.
• Increased detail in accounting categories will enable improved reporting across agency lines. 

Process: Reporting

• Will provide timely, accurate and consistent information.
• Will maximize electronic information access, thus reducing the need for hard copy transaction reports.
• Will provide comprehensive access to information as needed, not just function by function (e.g. HR vs. Financial vs. Payroll vs. Time and Attendance).
• Will provide greatly improved ad-hoc/query reporting capabilities that are better able to address specific agency and end user analysis needs.
• Will provide report printing on agency network printers.
• Will facilitate web access for viewing information with an option to print.
• Will provide analytical applications for performance measurement purposes in the financial and workforce areas.

Module: Purchasing/eProcurement

Overall Benefits

• Will reduces redundancies in data entry -- key information can be copied from form to form.
• Reporting will be much improved at every level.
• Better information will be available for leveraged buying.
• Standardization - will maintain one item file, one vendor file, consistent units of measure.
• Will reference all related documentation (can move directly from REQ to RFQ to PO to receiver, etc).
• Improved commitment control will result.
• Will use speed charts for commonly used accounting strings.
• Will contain online workflow that can include thresholds.
• Paperless processes will result.

Process: Purchasing Defaults

• Will eliminate redundancies in data entry.
• Will default accounting information for accuracy and consistency in reporting.
• Multiple defaults will exist for business unit, user, requester, buyer, item category, and item.

Process: Vendors

• One central vendor file will eliminate duplicate entries.
• Will capture set-aside information (this will be an interface with DAS to keep the information up to date).
• Will capture contacts on line - on line rolodex (for state to track vendor contacts).
• Will allow central certain users to enter comments about vendor status (e.g. debarred, inactive)- and to maintain notes (OSC only).
• Will list corporate vendor relationship (tracks buyouts, associates new companies with old).

Process: Items

• Will have the ability to requisition items not found in the item file by using the description feature. 
• Cohera module of PeopleSoft will assist in the entering of new items (used by DAS and DOIT). 
• A pre-defined item file will simplify the purchasing process by providing the majority of item information online. 
• Accurate reporting and buying power will result. 
• One central item file will eliminate duplication of items. 
• In Phase II, items list will be used in the inventory and asset modules. 
• Account (object or major/minor) information will be assignable to the item (default value). 
• Will standardize w/UNSPSC codes. 
• Will allow tolerances to be used for certain commodities (e.g. printing).

Process: Contracts

• Will be used to capture/document POS/PSA/Contracts/etc. (construction, engineering, other) data for easier reporting and management purposes. 
• Will capture the maximum amount for a contract so it may not be exceeded unless a contract amendment has been completed. 
• Will capture beginning and ending dates for contract. 
• Will allow contracts to be created directly online or via the RFQ process. Also, existing contracts may be copied to make new contracts. 
• Can be made available statewide or for specific business units. 
• Will not eliminate the normal negotiation process.

Process: Requisitions/eProcurement

• eProcurement will be user friendly and requires minimal user training. 
• Will have a request navigator, that walks the requester through the requisition process, displaying the process throughout and checking off completed items. 
• Will use product and service templates. 
• Favorites will allow simple return to often-purchased items. 
• Advanced search capabilities (keywords, multiple criteria, wildcards, Boolean search available for vendor, contract, etc.) will be available. 
• Will create a direct connect, enabling employees to directly connect with supplier sites. 
• Will allow ability to have multiple lines, schedules, and distributions. 
• Will create a pre-encumbrance to "hold or set asidethe funds for purchase. 
• Will allow attachments for conveying more detail information - such as custom work, blueprints, and terms and conditions -- with a purchase order to a supplier. 
• Will feature integration of purchasing card buys with the PS eProcurement database, enabling administration and tracking of purchase card spending. 
• Will monitor entire procure-to-pay process. 
• Phase II - Will include inventory availability check. 
• Phase II - Will allow automatic background requisition for inventory replenishments based on inventory parameters.

Process: RFQ's

• Allowing the creation of RFQ's from requisitions or prior RFQ's will result in reduced data entry. 
• Automated process and multiple dispatch methods will allow for quick creation and turn-around of bid process. 
• Will turn RFQ's into Purchase Orders or Contracts. 
• Vendor Quote Groups will be pre-defined for ease of selection when identifying vendors for RFQ's. 
• Will allow search for items in catalog. 
• Will be able to receive responses electronically (EDX).

Process: Sourcing

• Will allow background process, complete automation of turning requisitions, RFQ's, and contracts into Purchase Orders. 
• For PO calculation/creation/commitment control/dispatch, will run a batch process up to several times a day or on demand (On-demand to be used sparingly). 
• Will limit the number of requisitions available for sourcing based on criteria. 
• Phase II - Will source inventory items on a requisition from the warehouse.

Process: Purchase Orders

• Will allow commitment control to be done by a batch process or online. 
• Will reduce the pre-encumbrance and encumber the funds. 
• Will allow Purchase Order to be created by batch process or online. 
• Will allow Purchase Order to be dispatched by batch process or online. 
• Will allow vendors to receive Purchase Orders via email, fax, EDI, or in print (mailed). 
• Will create online purchase orders for POS, PSA, MOU, and other contracts (construction, engineering, etc.) without requiring requisition. 
• Will allow PO numbers to be reserved for emergency purchases. 
• Will allow comments (internal or for vendor). 
• Will be integrated with Asset Management, Inventory, Petty Cash, and Grants Modules (Phase II).

Process: Receiving

• Will create a simple process to keep track of receiving - matching process. 
• Will provide a common place to receive, inspect, return, and put away goods. 
• Will keep track of receipts that have not been matched to vouchers for payment. 
• In Phase II, will help with inventory and asset management. 
• Will copy all relevant PO information.

Other:

Process: Procurement Card

• Will allow user to set up relationships on PCard statement using merchant to vendor cross references for small business/set aside reporting.

PeopleSoft Version 8.4 Enhancements

• Will have a new look for navigation. 
• Will provide for a requisition change order to track changes made after a requisition has been approved, budget checked, or sourced to a PO or material stock request. 
• Will allow partial/final liquidations on requisitions and POs. 
• Will allow Purchase Order Rollover - create a PO with a life that extends beyond the accounting year-end. This feature will enable you to liquidate distributions in one budget period and create new distribution lines in the succeeding period.

Module: Accounts Payable

Process: Voucher process 

• Will allow streamlined invoice data entry with automation tools (copy from template voucher, Core-CT receiver and Core-CT purchase order). 
• Will create a payables contract transaction for recurring vouchers and deferred payments. 
• Will allow automated payroll voucher creation in Payables for third-party deduction recipients (health provider, etc.). 
• Will allow automated voucher creation for Procurement card transactions. 
• Will allow integrated matching process with purchasing transactions (PO, Receiver). 
• Will include online budget checking real-time process that checks voucher expended amount against previously encumbered amount. 
• Will include contract retainage features developed for Core-CT. 
• Will have partial and full liquidation features. 
• Will include electronic workflow tool for voucher approval. 
• Will have powerful voucher inquiry capabilities. Process: Payment process 
• Will allow optimized procure-to-pay process with simplified cash requirement and payment processing. 
• Will have discount evaluation and processing integrated in pay cycle. 
• Will allow offset process developed for Core-CT as part of the payment process. 
• Will allow automatic bank reconciliation features to update payment clearing information in Core-CT. 
• Will include integrated escheat feature. 
• Will have powerful payment inquiry capabilities. 

Process: Vendor process 

• Will include online vendor self-service features. 

Module: Accounts Receivable

• Agencies will have the ability to record and reconcile deposits in Core-CT. 
• In phase 1, most agencies with customer billing systems will continue using their current databases. Some Federal grants will be identified as receivables. 
• In phase 2, based upon need, agencies will implement full billing functionality. (See Phase 2 benefits, below.) 
• Will allow automatic payment processing (payment predictor). 
• Will allow electronic inter-unit transfers. 
• Will accommodate the direct journaling of cash receipts for miscellaneous payments; direct journaling does not require an established customer receivable.

Financials Phase: A preview of the benefits that will be provided in phase 2

Module: Accounts Receivable/Billing

• Will allow reporting on customer activity across agencies, programs, and funds. 
• Will have the ability to establish a variety of billing cycles, including recurring and installment billing plans. 
• Will have the ability to "pre-codethe underlying accounting that will be passed to the general ledger. 
• Will facilitate integration of billing data from other modules (e.g. Projects), enhancing data integrity while reducing redundant data entry. 
• Will have the ability to manage write-offs, bad debt and uncollectible accounts.

Module: Projects

• Will allow project definition and other information (e.g. status, project manager, phases or milestones, etc.). 
• Will include budget (estimated and approved), expenditures, billing and reporting for projects at different levels and with multiple funding sources. 
• Will allow project budgeting and integration to GL for commitment control at all feeder modules. 
• Will include a central repository for project costs (detailed vs. GL summary level).

Module: Asset Management

• Mass change function will allow the state to make changes to a large number of asset records with a minimum of manual entry. For example, suppose a restructuring requires the state to transfer all assets from one agency to another. Core-CT allows the state to select a particular set of assets from the database, define the alteration that needs to be performed, and make those changes online or in a batch process. Copy Asset will allow users to create several similar asset records simultaneously or at different points in time. 
• Will have the ability to store financial and physical attributes of an asset including a picture or image of the asset as well as the asset's location, custodian, manufacturer and product registration detail.

Module: Inventory

• Will support processing for multiple inventory business units. 
• Will be integrated with other modules including Purchasing and Billing. 
• Will provide the ability to collect inventory transaction data electronically.

Process: Grants

• Will have enhanced reporting capabilities including system-calculated and -generated Federal grant reports. 
• Will have the ability to report across the state on grant proposal and award activity. 
• Will use electronic routing of proposals for approval. 
• Will have the ability to copy previous proposals and proposal budgets for future use (i.e. last year's proposal as a starting point for this year's). 
• Will result in controlled program spending due to project budgets that are created right within the Grants module.

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