Introduction to Chartfields

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 UMBOSB A00S 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

Identifies UMassIdentifies Individual Campuses 53102B A00S 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

= State Funds 2 = Non-State Funds 5 = External Grant Funds GASB classifications i.e. Restricted, Unrestricted, Loan, Plant, Endowment, Agency Further detail fund breakdown UMBOSB A00S Business Unit Fund Program Project/Grant Class Account 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 B Campus Identifier Department Sub-Department Cost Center UMBO53102A00S Business Unit Fund Program Project/Grant Class Account Department B Chart of Accounts: Department 10 characters Department – Identifies a particular department or budgetary subset of a department

10 A00 GASB Expenditure Classification UMBOS53102B S 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 S 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 UMBOS53102B A Business Unit Fund Program Project/Grant Class Account Department S 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 UMBOS53102B A00S 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 UMBOS53102B A00S Business Unit Fund Program Project/Grant Class Account Department 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