Chart of Accounts Initiative

After working within the chart of accounts during the past year and hearing about the difficulties that you are experiencing with its use, we are exploring ways to improve the chart and how it is used. While the chart was designed to allow for flexibility in unit operations and reporting, we recognize that there are process improvements that can make it more user-friendly and better serve the University. These improvements include better controls, better education, guidance, and support, as well as additional policies to ensure best use of the chart of accounts.                                                  

The goal of this initiative is to improve how we support your operations by making the chart of accounts easier to use, ensuring the data are accurate and easily reportable across the University, and making certain that the project ledger interacts seamlessly with the general ledger.

During this phase of the chart of accounts initiative, we will:

  • Clearly define / redefine chart segments and values, and identify and communicate how to use the segments. This will improve consistency across the University while reducing ambiguity and minimizing overlap.
  • Parse out the Central units currently identified in Unit 900 into separate units to improve accuracy and ease in reporting.
  • Provide guidance and directives on common business practices. This will ensure consistency and clarity in reporting across the University.
  • Establish cross validation rules that will systematically reject invalid chart segment combinations. This will greatly reduce the amount of time everyone spends on fixing incorrect entries.
  • Optimize use of chart segments to make it more user-friendly, and provide reports that are more responsive to your needs.
  • Develop training courses that provide a more complete view of the chart of accounts and the best way to use it in conjunction with new business processes that will developed.

We will soon begin an impact assessment of the chart of accounts initiative, which will be used to determine the appropriate timing of implementing long-term changes to the chart of accounts and inform decisions regarding the chart and configuration updates. We will share more details about this effort in the coming weeks.

We want your voice in this process. The Budget Office and Controller’s Office are establishing an Advisory Group, with representation that is aligned with the University’s missions of instruction, research, public service, and clinical care. The group will review recommendations and options for changes to ensure all modifications are managed with minimal disruption to operations. In addition, ad hoc focus groups will be formed as needed to discuss topical issues. We will also seek input from you throughout the process.

We look forward to partnering with you on this important initiative to make Rutgers’ administrative and financial management operations more efficient and effective. 

We know there will be a lot of questions on this initiative. You can send your questions to budget@finance.rutgers.edu. We will respond to all emails within 48 hours.