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As with any new system, changes will be identified as the system is developed and introduced to those who will use it most frequently. Check this page periodically to keep up on the newly identified changes and how they may affect your department.
Chart of Accounts
Making changes to the Chart of Accounts has significant implications for all departments. Changes to the Chart of Accounts are not made lightly. Much thought has gone into the anticipated changes. Two factors drive those changes. First, Oracle Cloud Financials has a different structure than UMB’s current PeopleSoft financials system, eUMB Financials. Second, some of the anticipated changes will allow for more detailed reporting at the department and campus levels.
In February 2018, departments took the first step in moving to a new chart of accounts. Departments began by cleaning up and/or closing old eUMB projects, consolidating where it makes sense, transferring small balances and similar activities — all in preparation for the transition to the Quantum Financials chart of accounts. Additionally, departments were asked to begin thinking about how they will adapt department-based systems that depend on the chart of accounts.
Some Business Processes
Moving to cloud-based financial software requires that UMB strive to follow the business processes as delivered by Oracle Cloud Financials. There are some exceptions — such as where UMB processes are required by state of Maryland processes. In most instances, however, UMB will adopt the delivered business processes as delivered in Oracle cloud applications.
What's In Scope?
By now, you know that UMB is moving from eUMB Financials to Quantum Financials. But you might still be wondering exactly which areas of the financial system are changing. If so, check out the Quantum Financials scope document. Learn which areas are included — and which components are not included in the project.