Frequently Asked Questions

“What is the “Chart of Accounts”?”

  • The “Chart of Accounts” refers to the structure within our Banner (Mason Administrative) system that allows us to transact and report on financial data for the University. It is used in all financial transactions.  More specifically, the Chart designated as “Chart 1” refers to our specific current structure (through FY22).  We will be creating and moving to a new Chart structure in FY23 (July 1, 2022), refered to as “Chart P” in the system.
When will the new COA structure be reflected in the General Ledger?
  • It will be available to be used on July 1, 2022.  We are investigating if any elements may need to be in place prior to that date for transaction processing.

What will happen to transactions that are posted in the system with Chart 1?

  • Transactions prior to July 1, 2022 will remain in “Chart 1”. However, reports will be created in Microstrategy that will utilize the crosswalk (chart 1 X chart P) to convert 5 years of historical data from “Chart 1” to “Chart P” to enable historical comparison reporting

What is changing within the chart of accounts?

  • We are changing the way we use the various elements of the chart, and also how they are rolled up through the hierarchy of the structure, to bring the structure in alignment with Mason’s current structure and reporting needs.

Why is the chart of accounts changing?

  • The University has grown and changed significantly from that time.  The structure no longer serves the needs of the University and creates confusion and need for manual and custom processes to maintain.  We need to create the new chart to reflect our current business needs and structure.

Why is everyone so concerned about the impact of changing the chart of accounts?

  • Because it’s a really big deal!  Everything financial touches the chart of accounts in some way, from transactions in Mason Finance Gateway, to the reports you run to reconcile your finances.  There are multiple external systems, reports, custom processes, and business rules that are built to reference the current chart and structure.  The impact to all of these things is significant, which is why this project is using an “all hands on deck” approach to identify and update all of the processes and reports across units to make sure our critical processes work in the new chart.

What will be impacted by the change to the chart of accounts?

  • Anything that references the Chart itself, or elements within it, including Fund, Organization, Account, Program, and Activity codes.  Anything that relies on a part of the chart for reference or security (e.g. Organization security, workflows that rely on the organization structure in Banner). External systems that connect to Banner for financial data.

How is the chart of accounts connected to so many other things?

  • It is the basic “skeleton” upon which our financial structure is built.

What types of jobs at Mason will see the impact created by changing the chart of accounts?

  • Anyone who creates, approves, or reviews financial transactions or reports.  This would include students paying bills or buying services all the way to executives who receive financial data.  Our external reporting is also potentially impacted, so the Commonwealth of Virginia and interested residents are included. The most impacted group, however, will be those who regularly transact and reconcile based on the current chart. Owners and users of external systems/processes that rely on the chart should be very focused on this project and its impact to those systems and processes.

Why does the chart have to change now; what’s the rush?

  • Mason has been aware the chart would need to be fixed for several years. The number of “work arounds” and manual processes are becoming unmanageable. Additionally, many strategic initiatives require a change to the chart before implementation can occur. Changing the chart in our systems can only occur at the transition between fiscal years. The current date for our transition is July 1st 2022 (the first day of FY23). If we do not change the chart on that day, we would have to wait for the next fiscal year (July 1st 2023) and all the initiatives dependent on this new chart would not be able to start until after that date.

What are the tangible benefits of all those changes for the final users of financial information?

  • A leaner and more efficient COA structure will allow quicker analysis, enable better decision making, more user-friendly, simple, transparent and logical reports, Banner processes to work better, standard language across the University, ability to link data from different modules of Banner in the same analysis.

Why are so many people asking me about processes and reports that I use?

  • We want to make sure that all current processes and reports are working when the new Chart (Chart P) goes live. Also, as we evaluate current reports, we are identifying reports and processes that are not needed and don’t need to be maintained anymore and changes to used reports that can offer more flexibility to final user.

What is happening with Pool and Indirect and Grants and Contracts organizations?

  • Pool and Indirect organizations were set up to track a bucket of funds from a specific source and for a specific purpose.  The fact that these were set up as organizations, and not funds, requires manual processes to maintain balances in these organizations.  In our new Chart, our principles state that the source of money and spending restrictions should be a fund.  These individual funds will be assigned to an organization of the department to which they belong.

    Grants and Contracts organizations will no longer be necessary in the new Chart.  Grants and their associated funds will be assigned the responsible organization, whether that is the home organization of the PI or the Center or Institute the proposal was submitted under.

How does the new Chart impact my existing financial analysis & reporting?

  • The Reporting Working Group is assessing the impacts to reports and making recommendations for a set of standard reports that can be used across the University.  With the new structure, the hierarchy will be used to help drill up and down through the chart to give meaningful data at all levels.  The link (via attributes assigned to the organization) to the academic structure will allow you to report academic and financial data together.