HCM System generates the accounting lines for payrolls processed and send it to financial systems to load the data into the respective Financial Systems. If a Financial department user wants to update/adjust the Funding/Expense information for already generated Journals, user will use the Salary Cost Transfer (SCT) tool in HCM system. Delivered PeopleSoft does not have a tool to perform the SCT’s with complex requirements needed to adjust the expenses on the Restricted Funds (Federal grants) like NIH (National Institutes of Health) and HHS (Department of Health & Human Services).
As a higher education organization deals with Multiple Contracts & Grants for the salary transactions that are sensible on spending limits and reporting out the information in a timely manner, it could be challenging for the fund administrators and staff to calculate the spending limits accurately. To alleviate the issue an Automated Cost Transfer tool is built which helps users to accurately calculate the Contracts & Grants spending limits. The tool is built on the PeopleSoft/People tools framework.
The presentation will include some of the insights on the pre-requisites and data that are needed to build the tool to do the complex cost transfers, it will explain the type of Salary expenses that can be transferred using this tool, talks about important features implemented to achieve the rules, also mentions generating the accounting data required to send to financial systems. This presentation can provide the data process flow used to achieve the integration between HCM and Financial systems for Salary Cost transfers.