Financial Management Services (FMS) has partnered with University IT (UIT) on an enhancement project to streamline, standardize, and automate the capital projects closeout and cancellation process by adding new functionality to PTA Manager. PTA Manager is a system in Oracle Financials that enables schools and departments to request, approve, track, and close non-sponsored and miscellaneous accounts (PTAs).
The new functionality, PTA Manager Capital Projects Closeout and Cancellation (abbreviated as PTAC Closeout), launched Oct. 9, 2023. Those identified as Form 1 users and approvers with a need for access to PTAC Closeout will be granted the appropriate authority by their unit’s budget officer or designee. Setting up a capital project PTA will remain unchanged and follow the process in Topic Overview: Request New Account (PTA).
Why the change?
- Opportunity (current state): The current capital project closeout process is manual and inefficient. Schools/departments email closeout/cancellation requests and the FMS Capital Accounting department manually creates iJournals transfers to return funds. In fact, closeout/cancellation is the only capital project lifecycle function process not yet automated.
- Improvement (future state): The new functionality will leverage existing PTA Manager system capabilities to create an integrated interface and workflow for closeout/cancellation requests and the return of unused funding. The interface will include: automated PTA validations, financial reporting details to help users review their capital project financial position before submitting their request, and fields for schools/units to provide detailed instructions to Capital Accounting for fund return (see screenshot below for a sneak peak at the interface).
The new functionality will provide many benefits to distributed users across Stanford schools/units:
- Standardization/documentation: Maintain central record of capital project closeout/cancellation requests and attachments (versus manual emails that do not have tracking mechanisms and/or can get lost with employee turnover).
- Internal controls/accuracy: Automated validations prompt users to confirm that the in-service date is correct and all purchase orders and work orders are closed before allowing the closeout/cancellation request to proceed.
- Process improvement/efficiency:
- Action can be taken first by those most knowledgeable about the fund, enabling more thorough information provided and efficient review/completion of requests from Capital Accounting.
- Automated processes (validations, routing of requests, and follow-up email notifications) will enable financial analysts to spend less time manually collecting/processing data and gain more time for reviewing/analyzing the data.
- Return remaining capital project funds faster to schools/units, enabling them to recommit these funds earlier for other purposes.
Resources and Support
To learn how to use the new functionality and get support, refer to the following resources:
- Post-Launch Information Session (Oct. 17, 2023)
- Fingate resources (new and updated)
- Learn About: PTA Manager
The updated access section describes the appropriate authority needed to access PTAC Closeout: SU PTA Manager Capital Distributed User (user access) or SU PTA Manager Cap Distributed Approver (approver access).
- Topic Overview: Capital Projects - closeout section updated
- Topic Overview: Close PTAs - capital project section updated
- How To: Close or Cancel a Capital Project PTA - New!
- How To: Review and Act on a Capital Project PTA Closeout/Cancel Request - New!
- Learn About: PTA Manager
- Further assistance
No current issues.
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