Given that there have been significant changes to budgets structures careful consideration need to be given when upgrading. This section is divided into two sections

1. Automatic upgrade – this describes the automatic migration of your configuration
2. Manual steps – these describe manual configuration steps that may be required

UPGRADING TO FINANCE V2.0

The Finance functionality designed in this guide is described within release notes as Finance V2.0 and is a mandatory upgrade for this release.

Within the new Chart of Accounts feature you will find a dedicated screen to assist you in this process. This is accessed from the front screen of the Chart of Accounts feature via the following widget

Upon clicking the configuration cog you will be presented with the following screen.

This screen will perform the following upgrade steps.

AUTOMATIC UPGRADE

When the system upgrades your configuration, it will perform the following steps

1. Reserve Types, Reserve Categories, Reserve Accounts and Head of Loss Categories (from Finance v1) will be migrated to Finance v2 Chart of Accounts segment codes with the relevant hierarchy.

MANUAL UPGRADE

When the system upgrades your configuration, it will perform the following steps

1. Via a manual running of the Finance V2 Migration pipeline (a one-time administrator action) the following updates will be made to the system: -
   1. Configuration Migrations
      1. Migrated chart of accounts codes are the deduplicated to ensure that a chart of accounts “code” property is unique for a given segment.
         1. For example, Finance v2 does not permit two segment codes with a code definition of “CO” (using “Costs Own” as an example for illustration). In this scenario, the second instance of the code will be automatically renamed as “CO.1”.
      2. Invoice and Payment Request Features are migrated to Chart of Accounts Work Type Configurations with the appropriate Phase level settings preserved from their Finance v1 counterparts.
      3. Account Code Combinations are created for financial work types which previously had reserve type restrictions in Finance v1
      4. Settlement Outcome Options are migrated to the relevant Budget Settlement Outcome Reasons option sets (one for Positive and one for Negative outcomes).
      5. Budgets and associated Budget Configurations are migrated from the existing Finance v1 Reserve Account settings. This migration comprises: -
         1. Addition of a new budget structure for each unique reserve account / head of loss category combination
         2. Creation of Budget Structure Position Types from the Reserve Account “Display Settings” property.
         3. Creation of Budget Structure Segment Values from the Reserve Account “Display Settings” property.
         4. Creation of Budgets Work Type Configuration records from the existing reserve – work type associations.
         5. Migration of Finance v1 “Settlement” records to a Budget Structure with the appropriate “Settled” phase.
   2. Data Migrations
      1. Invoice Transactions are migrated to the Chart of Accounts model with appropriate matching to the relevant codes via the existing reserve types.
      2. Payment Request Transactions are migrated to the Chart of Accounts model with appropriate matching to the relevant codes via the existing reserve types.
      3. Invoice Receipts are migrated to the new Invoice Payments work type, with associated Invoice Payment Transactions, which are again matched to the relevant codes via the existing reserve types.
      4. Reserve Transactions are migrated to Budget Transactions, where the positions and mapped to the appropriate budget structure position types and reserve types are mapped to the relevant Chart of Accounts codes.
   3. Portal Updates
      1. Given the wealth of new portal widgets and configurability available in Finance v2, it is likely that work type portals will need to be reviewed to ensure the best view of Finance data is available to users.
   4. Execution Engine Plans
      1. Although existing commands surrounding “reserves” and “settlements” have been updated to utilise the new Budgets framework, it is likely that some of the specific reserve account – budget structure configuration will need to be reviewed to ensure the correct budget structures are managed during action plan processes.