Presentation on theme: "Introduction to Chartfields. 2 What is a Chart of Accounts? System of organizing and identifying the campus’s funds Created and maintained by central."— Presentation transcript:
2 What is a Chart of Accounts? System of organizing and identifying the campus’s funds Created and maintained by central Finance departments (Controller’s, Budget, Office of Research and Sponsored Programs) Provides a structure for financial reporting
3 PeopleSoft Chart of Accounts Each pot of money is identified by several pieces of information, called chartfields The set of chartfields is collectively referred to as a “chartfield string” or “chartstring”
4 Who controls it? What can it be used for? Where did it come from? Chartfields provide information about the pot of money
5 Why Do You Need To Know About Chartfields? Used in Personnel Action forms, travel vouchers and other campus forms Used to look up account balances, to make a purchase, to reallocate Procard expenditures, to organize information in financial reports
Business Unit UMBOSB008300000A00S00003020900000734200 Fund Department Program Project/Grant Class Account Chart of Accounts: The Chartfield String Chartfield - The individual components, or fields, that when combined make up the Chartfield String. 53102 6
Identifies UMassIdentifies Individual Campuses 53102B008300000A00S00003020900000734200 Business Unit Fund Department Program Project/Grant Class Account UMBOS Chart of Accounts: Business Unit 5 characters Business Unit – Identifies data belonging to the Boston campus UMBOS 7
53102 1 = State Funds 2 = Non-State Funds 5 = External Grant Funds GASB classifications i.e. Restricted, Unrestricted, Loan, Plant, Endowment, Agency Further detail fund breakdown UMBOSB008300000A00S00003020900000734200 Business Unit Fund Program Project/Grant Class Account 53102 Department Chart of Accounts: Fund 5 characters Fund – Identifies a particular pot of money, such as the Curriculum Trust Fund (21005) or the State Maintenance Appropriation (11000) or Federal Grants & Contracts (53102) 8
9 B008300000 Campus Identifier Department Sub-Department Cost Center UMBO53102A00S00003020900000734200 Business Unit Fund Program Project/Grant Class Account Department B008300000 Chart of Accounts: Department 10 characters Department – Identifies a particular department or budgetary subset of a department
10 A00 GASB Expenditure Classification UMBOS53102B008300000S00003020900000734200 Business Unit Fund Program Project/Grant Class Account Department A00 Chart of Accounts: Program 3 characters Program – A standardized code indicating how the money is being used (e.g., for instruction, research, etc.). Used for external financial reports.
11 S00003020900000 Examples: A = Financial Aid E = State Specials, Gift Funds, Departmental Service Fund F = Facility Projects P = Other Campus Projects S = Sponsored Agreements Further definition of project or grant UMBOS53102B008300000A00734200 Business Unit Fund Program Project/Grant Class Account Department S00003020900000 Chart of Accounts: Project/Grant 15 characters Project/Grant – Used to identify a sponsored project (a grant administered by ORSP) or a non- sponsored project, such as a Facilities project or an internal grant awarded to staff or faculty.
12 UMBOS53102B008300000A00S00003020900000734200 Business Unit Fund Program Project/Grant Class Account Department Chart of Accounts: Class 5 characters Class – UMB does not use this field; it will be blank.
13 Chartfields Used to Identify Departmental Funds Business Unit (GL Unit, Set ID) Department Fund Program Project/Grant (in specific cases)
14 Related Fields SpeedType: A six-digit, randomly generated number used as a shortcut for a particular chartfield string. Can be entered in various PeopleSoft pages in place of the entire chartfield string. A timesaver. Called “SpeedChart Key” in Requisition HR Account Code: Consists of the speedtype with a B in front of it. Used on Personnel Action forms. Generated only for those chartfield strings used for payroll purposes.
15 Detail Item – e.g., Office & Administrative Supplies 734200 UMBOS53102B008300000A00S00003020900000 Business Unit Fund Program Project/Grant Class Account Department 734200 Chart of Accounts: Account 1 = Asset 2 = Liability 3 = Fund Balance 4 = Fund Addition 5 = Fund Deduction 6 = Revenue 7 = Expenditure 6 characters Account – Used to identify type of goods or services in a requisition and a purchase order. Used to organize information in monthly reports.
16 How to Locate Your Department’s Chartfields Navigate to inside.umassadmin.net Click on Finance Point to Reference and click on Chartfield Lookup Select Business Unit = UMBOS Enter your Department ID (B + first 4 digits) Click on Get Data