Expense Accounts

June 29, 2016

Starting July 1st, units in FAES are required to use the new Standard Expense Account Numbers when submitting or approving eRequest, eTravel, or expense related journal entries. The goal of the new list is to simplify the accounting and reporting process and to create consistency among FAES units. 

These account numbers should be used whenever possible and it is the responsibility of the unit’s budget approver to review them when approving. In most instances, the Business Operations Center will not change account numbers on transactions, but may use discretion if a category change (ex. supplies vs. services) is appropriate.

Use of the full account number list should be rare and should have a reason stated on the request prior to submission.
Units that need to use cost of sales, receivable, or liability account numbers for their operations may continue to do so.

FAQ

Why do I need to change what I am using?

In order to create more consistency and stability in reports for the college, it is useful to use a limited set of account numbers. When one unit decides not to use the list, it will create difficulty at the college level when consolidating or comparing units.

Isn’t the University doing this?

The University will be considering a Chartfield overhaul when the new Enterprise Resource Planning system is implemented. By simplifying the process now, we can alleviate some burden in transitioning to a new chart of accounts.

Did you consider OSP requirements when creating this list?

Yes, some account numbers were specifically chosen because of OSP expectations.

What if I don’t find something on the list that applies to what I am doing?

Think critically before using an account number not from the list. For instance – you may be doing Photographic Services, but is there a reason you need an account number for this? Would Purchased Services provide enough information for your needs?

What if I am using an account number to track a transaction?

Let’s say you are using 61219 to track Safety Supplies. Does “Safety” have to be in your account number or could you use 61217 Lab Supplies instead and designate safety equipment using other Chartfield? Could you use a program number, a user defined, or even a fund number that relates to safety instead?

Do I need to go back and change my existing transactions, purchase orders, etc.?

No – the transactions that have already been or are in process can remain in the existing account numbers.

When is this effective?

7/1/2016