Chart of Accounts Maintenance Policy

Title: Chart of Accounts Maintenance Policy
Policy Owner: Robin Hoagland
Applies to: Staff
Campus Applicability: Storrs and Regional Campuses
Effective Date: August 19, 2014
For More Information, Contact Robin Hoagland
Contact Information: (860) 486-3780
Official Website:

REASON FOR POLICY

The financial position of the University must be represented in conformity with Generally Accepted Accounting Principles (GAAP) in the United States of America and the Governmental Accounting Standards Board (GASB).

APPLIES TO

This policy applies to all staff of the University of Connecticut, Storrs and Regional Campuses.  Fiscal staff are responsible for adhering to this policy, and the Accounting Office staff ensure adherence.

DEFINITIONS

General Ledger – part of the accounting system which contains the balance sheet and income statement accounts used for recording financial transactions.
Chart of Accounts – listing of accounts and their characteristics as defined by their attributes.
Fiscal staff – are generally responsible in their respective areas for financial matters including but not limited to procurement, adhering to budgets, safeguarding assets, and completing transactions in the financial system.

POLICY STATEMENT

The Accounting Office is responsible for ensuring the proper recording and classification of all revenues, expenses, assets, liabilities and fund balances. The Accounting Office will ensure the proper recording and classification by properly maintaining the Chart of Accounts of the General Ledger and overseeing account setup and the assignment of attributes to accounts.  All submissions by departments to the Accounting Office to change attributes on accounts or to set up new accounts must be reviewed and approved by the Accounting Office.

PROCEDURES/FORMS

All new accounts proposed to be set up in the General Ledger are first reviewed and approved by the Accounting Office via electronic workflow to the Chart Manager Group.  This group consists of several Accounting Office staff.  In addition, all changes to account attributes are reviewed by a staff person in Accounting in the Chart Manager Group.

For more information, please see Learning Tools at http://financesystems.uconn.edu/