Electric Utility Implements the FERC Uniform System of Accounts

FERC | RUS Accounting
Written By Russ Hissom

Locked into a Municipal Chart of Accounts, an Electric Utility was not able to property assess its financial situation and rates. We assisted in blending the FERC Uniform System of Accounts into the municipal software requirements.

  • A municipal electric utility struggled to properly measure its financial results and set customer rates as it was using a city-wide general fund chart of accounts

  • The utility chose to implement the FERC Uniform Chart of Accounts to meet best-practices in the business

  • Implementation was difficult, as the utility still needed to use the city’s software platform

  • The utility was able to reserve 3-digits of a 24-digit string for the FERC chart of accounts

  • We assisted the utility with custom software modifications that reported on the FERC chart of accounts

  • We also performed training for utility team members on using the FERC chart of accounts and developed process changes for a smooth transition to the new formats

  • The next step will be a cost of service study to establish a baseline for equitable customer rates

Russ Hissom

My goal is to provide utilities with common-sense accounting and finance solutions and knowledge to help them successfully implement their strategy! 

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