Chart of Accounts (COA)



Chart of Accounts Summary

▪ This is the basic structure of UD’s accounting system

▪ Ours consists of nine segments (not all required) called Chartfields. Together they are called a Chartfield String

▪ It allows for budgeting, tracking and reporting on all University financial transactions

▪ The Purpose chartfield is the backbone of our Chart of Accounts

Description of Chartfields:

1. Purpose – identifies the lowest level at which UD aggregates transactions, begins with a 4-character acronym to help with recognition (exception is assets and liabilities). Example – Electrical Engineering Purposes begin with ELEG.

2. Account – identifies the nature of a transaction (expenses, revenues, assets, liabilities)

3. Class – identifies a budget line associated with a position (salary)

4. Dept ID – identifies an administrative unit

5. Fund – broad category that identifies a Purpose as operating (budget, balance or self-supporting) or non-operating (loan, endowment, plant or agency). UD has six funds, plus one for “outside” agencies closely associated with the University.

6. Program – defines a type of expense such as instruction, research, public service, administrative, scholarships, etc.

7. Project ID – defines a contract and grant code or a facilities project

8. Source – identifies the source of the funding; it tracks contract and grant agency information, capital projects and State of Delaware funds

9. UD Userfield – (optional) tags transactions with a code that each user or department can assign a meaning to as they choose. They are generic numbers 00001 to 99999.

Speedtype – shortcut that eliminates data entry for most of the chartfields

▪ Used in webforms to make the Chartfield entry EASIER & ACCURATE

▪ It auto-populates many chartfield values.

▪ Accept the auto-populated Chartfields, only make changes when you know they are needed.

▪ Often shares the same value as the Purpose code (95% of time)

• Caution - some Purposes have multiple Speedtypes for different Programs (instruction, research, etc.)

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