Managing Your Chart of Accounts

Overview

Managing ChartFields is crucial for maintaining accurate financial data, ensuring smooth reporting, and supporting budgeting across the University of Alberta. This section provides best practices and a step-by-step guide to help you manage your Chart of Accounts (COA) effectively. You’ll also find a helpful checklist for handling changes to ChartFields and a process video to guide you through the essentials.

 

Step-by-Step Guide to Managing ChartFields: 

1. Regular Reviews
It’s important to review your ChartFields regularly—ideally on a quarterly or annual basis. This ensures that your financial data stays up-to-date and relevant, helping departments avoid redundancies and inaccuracies.
2. Standardization

Ensure that ChartFields are standardized across departments. Standardized fields help reduce reporting inconsistencies and improve data integrity, making financial analysis easier and more reliable.

3. Data Integrity
Accurate and complete data is key to reliable financial reporting. Automating processes where possible helps minimize human error and ensures that all financial transactions are recorded properly.
4. Hierarchical Structure
Using a hierarchical approach to organize ChartFields allows for a clearer financial picture. By categorizing transactions by department, project, or business unit, it’s easier to track financial performance at both high and detailed levels.

 

Best Practices for Data Integrity

Training: Ensure that the right people—accountants, department heads, and anyone handling financial data—are trained on how to manage ChartFields.

Clear Ownership: Assign clear roles and responsibilities for updating and maintaining ChartFields. This helps ensure accountability and prevents mismanagement.

Cross-Department Communication: Miscommunication can lead to errors in financial reporting. Keep all relevant teams in the loop when making updates to ChartFields to avoid inconsistencies.

Regular Audits: Conduct periodic audits of your ChartFields to catch any potential issues before they affect financial reporting.

 

Transition Checklist

Managing changes to your ChartFields can be complex. This checklist helps ensure a smooth transition and minimizes disruption to financial reporting.

1. Review Current Structure
  • Identify any redundant or outdated ChartFields that can be retired or merged.
  • Ensure consistency across departments. 
2. Communicate Changes
  • Inform all relevant stakeholders—finance teams, department heads, and those managing budgets—about upcoming changes.
  • Provide clear instructions and timelines for the transition.
3. Document New ChartFields
  • Ensure that new ChartFields are well-documented, with detailed descriptions, codes, and how they relate to financial reports.
4. Test New ChartFields
  • Before rolling out changes, test them in a controlled environment to ensure accuracy.
  • Consider a phased approach by testing with a few departments first.
5. Train Users
  • Provide training materials such as guides, FAQs, or webinars to ensure everyone understands how to use the new ChartFields.

 

ChartField Request Process 

Watch the following video for an overview of the ChartField request process. 

 

Need additional help or resources?

Contact Support: Reach out to your Finance Partner for any questions or assistance with managing ChartFields.

 

Last Updated: October 2024