Understanding ChartField Inheritance Setup

Inheritance refers to the process by which transactions are forced to balance by automatically copying, or inheriting, ChartField values from one entry in the transaction to other entries in the transaction. Values for nonbalancing ChartFields can also be inherited to provide additional detail for financial analysis. You can specify which ChartFields are automatically inherited for PeopleSoft Payables.

ChartField inheritance means that any offset entries created for distribution lines or payment entries inherit nonaccount ChartFields when they are created. ChartField inheritance enables the user to select the source of certain ChartField values on certain system-generated accounting entries.

For example, when posting PeopleSoft Payables vouchers, the user can choose to have the fund code on the supplier liability entry come from either the voucher distribution line, the PeopleSoft General Ledger business unit default values, or the accounting entry template.

Important:

When balancing by ChartFields, you must first establish inheritance options for each ChartField during implementation. Doing this prevents the system from posting the balancing entries to a rounding account. To correct entries posted to a rounding account, you must manually create PeopleSoft General Ledger journal entries to the appropriate ChartField accounts.

See ChartField Options Page.

Note:

If you implement the PeopleSoft Project Costing application, the system displays an additional six project that are related ChartFields. If you do not install PeopleSoft Project Costing, only the Project ChartField appears.