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Understanding Chart Fields: The Good, The Bad, and The Ugly in Financial Transactions

This guide delves into the intricacies of Chart Fields in financial transactions, highlighting their pivotal role in General Accounting. Learn how appropriate combinations of Chart Fields ensure smooth posting to the General Ledger, while inappropriate combinations can stall transactions. Discover essential components for grant and non-grant transactions, and understand the importance of budget considerations. Furthermore, find key contacts in General Accounting and the Controller’s Office for assistance in troubleshooting transaction issues.

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Understanding Chart Fields: The Good, The Bad, and The Ugly in Financial Transactions

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  1. Chart FieldsThe Good, The Bad, & The Ugly • Chart field values drive all financial transactions • It all begins with what you provide the Foundation • The Foundation gives General Accounting • An electronic transfer of the cash • A spreadsheet with the detail for posting to General Ledger

  2. What Happens with Bad Chart Fields • Transactions are posted to General Ledger using journals • Journals contain a batch of similar transactions for the day • Journals may contain up to hundreds of lines • If one chart field on one line is not correct • The entire journal stalls • Nothing on that journal posts to General Ledger

  3. There are Appropriate and Inappropriate Combinations of Chart Fields • We use a feature called combination editing • Aka Combo Edit • If an inappropriate combination of values is used the transaction will fail and the journal will not post

  4. Good Chart Field Strings • For grant transactions use • Operating Unit • Fund ID • GL account code • Department • Product • Initiative • Project ID • Activity ID

  5. Good Chart Field Strings • For other transactions (non-grant) • Operating Unit • Fund ID • GL account code • Department • Product • Initiative

  6. Bad Chart Field Strings • Never use a GL account code beginning with 7 • Never use a GL account code beginning with 8 • Never use a GL account code beginning with 3

  7. Bad Chart Field Strings • With a Department ID that begins with a 6 • Always use HSC as the operating unit • With Fund ID 10000, 10009, 13000 or 13009 • Never use GL account codes beginning with 4 • Use only expense codes (beginning with 5 or 6)

  8. You Must Have Budget on the Chart Field String • If there is no budget, the transaction fails • If there is insufficient budget, the transaction fails • If the project has ended, the transaction fails

  9. You Must Have Budget on the Chart Field String • You will be notified if the transaction fails • If budget is the reason, work with the Budget Office to clear the error

  10. Find Help From • Cheryl Tanner (General Accounting) • Tony Alvarez (General Accounting) • Mark De Vore (Controller’s Office)

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