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Introduction to Chartfields

Introduction to Chartfields. 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.

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Introduction to Chartfields

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  1. 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. Where did it come from? Chartfields provide information about the pot of money What can it be used for? Who controls it?

  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

  6. Chart of Accounts:The Chartfield String Business Unit Project/Grant Department Account Program Fund Class UMBOS 53102 B008300000 A00 S00003020900000 734200 Chartfield - The individual components, or fields, that when combined make up the Chartfield String. 6

  7. Chart of Accounts:Business Unit UMBOS Identifies UMass Identifies Individual Campuses 5 characters Business Unit – Identifies data belonging to the Boston campus Department Project/Grant Business Unit Program Account Fund Class 53102 B008300000 A00 S00003020900000 734200 UMBOS 7

  8. Chart of Accounts:Fund Further detail fund breakdown 1 = State Funds 2 = Non-State Funds 5 = External Grant Funds GASB classifications i.e. Restricted, Unrestricted, Loan, Plant, Endowment, Agency 53102 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) Department Business Unit Project/Grant Program Account Fund Class UMBOS B008300000 A00 S00003020900000 734200 53102 8

  9. Chart of Accounts:Department Campus Identifier Cost Center Sub-Department Department B008300000 10 characters Department – Identifies a particular department or budgetary subset of a department Project/Grant Department Business Unit Program Account Fund Class B008300000 UMBO 53102 A00 S00003020900000 734200

  10. Chart of Accounts:Program GASB Expenditure Classification A00 3 characters Program – A standardized code indicating how the money is being used (e.g., for instruction, research, etc.). Used for external financial reports. Project/Grant Department Business Unit Program Account Fund Class UMBOS 53102 B008300000 S00003020900000 734200 A00

  11. Chart of Accounts:Project/Grant Further definition of project or grant Examples: A = Financial Aid E = State Specials, Gift Funds, Departmental Service Fund F = Facility Projects P = Other Campus Projects S = Sponsored Agreements S00003020900000 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. Project/Grant Department Business Unit Program Account Fund Class UMBOS 53102 B008300000 A00 S00003020900000 734200

  12. Chart of Accounts:Class 5 characters Class – UMB does not use this field; it will be blank. Department Project/Grant Business Unit Program Account Fund Class UMBOS 53102 B008300000 A00 S00003020900000 734200

  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. Chart of Accounts:Account 1 = Asset 2 = Liability 3 = Fund Balance 4 = Fund Addition 5 = Fund Deduction 6 = Revenue 7 = Expenditure Detail Item – e.g., Office & Administrative Supplies 734200 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. Department Business Unit Project/Grant Program Account Fund Class 734200 UMBOS 53102 B008300000 A00 S00003020900000

  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

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