What is a Chart of Accounts, and why is it vital for eCommerce businesses to have one?

Accounting Chart of Accounts

The University Financial Statements and internal management accounts are completed using the General Ledger Chart of Accounts. However, as circumstances change, adjustments to the chart of accounts are required.

INTRODUCTION TO THE ACCOUNTS CHART

Introduction

The 'Chart of Accounts' is the coding structure of General Ledger (GL). The following six components make up the accounts string:

• A cost center

• Code for natural accounts

• Activity

• Funding source

• Organisation

• Future

These codes let departments accurately record income and spending to the GL.

A list of current values, as well as guidelines for the usage of natural accounts and source of funds codes, can be found on the Oracle Financials Useful Documents page.

CHANGING THE ACCOUNTS CHART

When a department undergoes organisational changes, adds new activities, or adds new revenue streams, new codes may be required.

To discuss your needs, please contact your Divisional Financial Controller or the Director of Technical Accounting & Reporting.

Departments might request a variety of sources of funding codes in order to conduct internal analysis.