Description of a Financial Unit (FinUnit)


Overview


Although departments are not limited to one Financial Unit, the new standard/policy is that each Financial Unit must have their own budget, employees, and space

Critical Concepts


Financial Unit (FinUnit) represents a unit with:

  1. An ongoing business objective
  2. A responsible individual with fiscal authority over budget and costs
  3. An identifiable group of employees and generally physical space
  4. Its own budget, along with approvals, routing, and authorizations

A Financial Unit is not:

Steps to Take


If you have a new qualifying Financial Unit, refer to: How to Request New Chart of Account (COA) Segments

1. Download, complete, and attach the Financial Unit request form to a case* submitted with the following categories:

About: Financial Accounting
Related To: Chart of Accounts
More Specifically: Chart of Accounts Inquiries
*VC approval must be attached to the case!

2. Once a Financial Unit is approved and created, submit Oracle and Concur Role Request

a. Roles and Approvers need to be assigned to the Financial Unit in order to transact with the Financial Unit
b. In order for transactions to be approved for the Financial Unit, workflow Approver roles must be assigned

If you still have questions or need additional assistance, please Submit a Ticket