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In response to recommendations that best business practices for financial accounting systems be adopted, the University of Wisconsin System has developed the concept of the Shared Financial System. This system will be an integrated suite of core financial systems software that is shared by all UW institutions, with full local control over the procurement and disbursement processes. This integrated suite will minimally include the general ledger, accounts payable, accounts receivable, billing, purchasing and asset management modules of PeopleSoft Financials for Education and Government. Ultimately, there will be integration with budget, payroll, human resources, and student information systems.

The Shared Financial System has the following characteristics:

• a core system resides at a central site
• all software resides on the same database
• local institutions maintain control and flexibility over reporting and data structures
• full local institution access to data
• ability to integrate with all local institutional systems.