Intro to Chart of Accounts
What is a Chart of Accounts?The Chart of Accounts (COA) is the coding structure that defines an organization’s operations in financial terms and serves as the building block of the general ledger and financial reporting. Simply put, it organizes business activities using codes and hierarchies to enable financial analysis and reporting. We use this information to communicate how our transactions support Baylor’s educational and research mission.
Our COA in Ignite consists of 7 segments – entity, department, fund, designation, purpose, account, and activity. These segments allow Baylor to fully meet our regulatory and reporting needs. Additionally, they provide an opportunity for alignment and efficiencies.
The goals of our Chart of Accounts are to:
- Ensure the COA provides an effective and efficient structure for recording and reporting the university's financial information.
- Allow for information to be complete and on-demand.
- Align Human Capital Management (HCM), Project Portfolio Management (PPM) and ERP (Enterprise Resource Planning) systems.
- Eliminate redundancies by providing an efficient use of information.