What are Chartfields and Chartfield Strings?
In order to track spending and revenue, it is necessary to break down where expenses and revenues should be posted to in the General Ledger. To do this, the Financial System uses a Chart of Accounts (COA) . UMBC’s Chart of Accounts (COA) is desinged to meet some of the following objectives: • Comply with external financial reporting requirements (State, GAAP, OMB, etc.) • Improve access to financial info in support of faculty and staff • Provide flexibility for future growth • Integrate with Human Resources and Student Admin Systems In Peoplesoft, the Chart of Accounts is comprised of information fields that provide the basic structure to segregate and categorize transactional and budget data. Each informational field is called a “CHARTFIELD”. Combining a series of chartfields makes up a Chartfield String. A Chartfield String is used to define, identify, categorize and sort transactions.
