Chart of Accounts Structure Features and Functions
The chart of accounts is a list of ledger account names and account numbers, creating consistency in terminology and eliminates redundant accounts. A chart of accounts structure should include fields for account and ledger descriptions, to prevent shadow accounts from being created. Data tree tools allow users to see the structure of the fields and summaries, to help with reporting requirements, foster change, etc.
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- Common chart of accounts
- Common chart of accounts for both the ledgers and the sub-ledgers
- Fields and segments can be defined in an account structure
- Account numbers may contain upwards of thirty alphanumeric characters
- Account description field accepts up to twenty-five alphanumeric characters
- Track multiple organizational divisions such as business areas and profit centers
- Create cost center entities, supporting up to at least 999
- Ability to change accounting structure each year and create crosswalk from year-to-year
- Numerical Account Code Structure Types
- Performs fund accounting
- Runs PEIMS edit checks when creating new accounts, in real time
- Account numbers may be alphanumeric
- Accounts, cost centers, and departments are ordered in a logical manner or in numeric sequence
- Controlled access to the chart of accounts when adding or deleting accounts, or changing account names or definitions
- Creates accounts in accordance with structure of the chart of accounts
- Hides account number or portions of account number during editing
- Specifies account types in structure
- Categorizes revenues by fund, source, and appropriation
- Maintains a standard chart of accounts at the company or department level that rolls-up elements into district chart of accounts
- Multilevel hierarchy roll-ups as defined by the user
- Manage account hierarchies via a GUI interface (drag-and-drop)
- Data fields using descriptive flexfields may be added without programming
- Standard chart of accounts that can be automatically copied from one ledger to the new ledger. Results in the automatic creation of a standard set of financial statements, for example, balance sheets, income statements, and overhead statements
- Accounts may be added to the chart of accounts with characteristics replicated for all departments
- The current balance of an account may be determined from within a chart of accounts.
- Statistical accounts, which specify user-defined values and descriptions containing information that is not monetary
- Tracks multiple entities in instances where each organization has a specific accounting structure
- Consolidates multiple entities (unlimited) results including calendars, chart of accounts, and currencies
- Manages structures for all levels of all organizations
- Comprehensive system reorganization facilities including the ability to relate a new chart of accounts to a previous one
- Provides date sensitive chart of accounts used to generate other chart of accounts for historical periods
- Automates relationships between the chart of accounts and user security profiles
- Associates titles and description information with all accounts
- Validity checks to ensure existence of standard accounts
- Budget accounts for current and future year
- Shares accounts across multiple budget or fiscal years
- Crosswalk from local coding structure for projects and grants to an externally designated (i.e. federal, state, etc.) grant and project numbers
- Provides hierarchical structure that groups projects across departments for district-wide reporting purposes
- Uses effective dating when adding or deleting accounts
- Adds accounts regardless of whether they are active or inactive
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General Ledger Features and Functions
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