I would like to make an announcement about an update to our chart of accounts (CoA) in the Organization (Org) section of the coding string. This is the second element of our 33 digit coding string, and it’s a 5 digit value that represents a cost center.
We have added two new Organizations (Org’s) to our CoA, one for the Faculty Startup activities and the other for Cost Share activities. Currently the activities for these two cost centers are being captured in Org 28610, which is a heavily utilized Org across the School. In order to streamline the reporting and better capture the transactions at these two areas, we are adding the new Org’s.
The changes will be effective for July 1, 2012 and it only affects the second element of the coding string. All other elements of the coding stay the same. If you are using HCOM to make purchases or processing any other transactions, prior to July 1st you should keep using the same coding string for the Org value (28610) for Faculty Startup and Cost Share, and then make the switch to the new Org’s beginning July. Additionally, we have already taken the steps to map salaries associated to these areas to be charged to the new Org’s effective 7/1/2012.
Below are the new assigned Org numbers for the two cost centers:
Old Org for Faculty Startup and Cost Share activities (to be used until 6/30/2012):
New Org’s for Startup and Cost Share activities effective 7/1/2012:
1) Faculty Startup – 28790
2) Cost Share – 28791
We will be monitoring and reviewing the old Org 28610 periodically in FY’13, and if we find anything we will let you know and make the necessary changes. We also ask to please let us know if you see anything that needs to be corrected as we transition to the new Org’s.
We’re planning to hold a brown bag session about this in late July/early August to talk to folks who are interested and answer any questions. We will send out more information on that at a later time.
If you would like more information on the chart of accounts (CoA) please click this link to see more coverage in this area:
Please let me know if you have any questions or require additional information regarding this change.