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Financial Management Solutions (FMS) v9.1
Chart of Accounts
At BGSU, the FMS system accumulates and reports financial information to those responsible for administration of the university's funds. In FMS as in any financial system, the Chart of Accounts is the backbone of the system.
The Chart of Accounts (COA) provides the organizational framework for budgeting, recording, and reporting on all the university's financial transactions. The COA is an accounting code that allows BGSU to segregate costs based on where the money came from and how it is being used. In addition to the standard accounting functions of general ledger it also performs the functions of accounts payable, accounts receivable and grants management. The system maintains a financial database from which standard reports are to be produced.
All BGSU employees who use the FMS system need to have a basic understanding of Chart of Accounts because all financial transactions and activities (e.g., buying and paying for things, getting reimbursed for business and travel expenses, managing funds, etc.) utilize this accounting structure. The following documentation provides employees with appropriate reference material to develop and document an understanding of BGSU's Chart of Accounts for FMS 9.1.
Each segment of the Chart of Accounts is called a Chartfield. Chartfields are used to track and report on transactions. The Chartfields are Fund, Department, Account, Function, Program, Budget Reference, and Project/Grant which includes PC Business Unit and Activity. [ more ]