The Recognition and Appreciation Group acknowledges our Business Services Team as they have been working on creating a new Chart of Accounts to benefit financial reporting across all areas of the college.
Our previous Chart of Accounts (COA H) was established in 1999 as a migration strategy to minimize potential Y2K glitches that might have happened during that time. Since then our COA H has served its purpose and is in need of an upgrade.
The capabilities of our new Chart of Accounts (COA 1) include the ability for department managers and deans to be able to look at their areas as a unit and see how their department operational systems are working as well as generating account types on a more cohesive and consistent basis making financial statements easier and more accurate to produce – something that could not be done with COA H.
Notably the new COA 1 will also allow Human Resources a more effective way to budget for wages and salaries from year to year. In addition, there is more room for fund number expansion in order to retain flexibility with the growing needs of the college.
Although almost all account numbers will be new, processes for submitting an invoice will remain the same, with the only addition of providing Business Services with an Organization fund code.
All in all, these changes will streamline the process, while making the generation of financial reports more accurate and efficient.
Thank you Business Services for all of your hard work on the new Chart of Accounts!
You can learn more about COA 1 here
Meet the Business Services Team
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The CAT Recognition and Appreciation Team: Paul Willard, Sonja Glover, Carla Bos, Sarah Baar, and Rachel Bishop