What is the Chart of Accounts?
Rutgers’ chart of accounts lists the names of the accounts that the university has identified and made available for recording transactions in its general ledger (GL), the record-keeping system for the university’s financial data. The GL provides a record of all financial transactions and is used to prepare Rutgers’ financial statements.
The chart of accounts was designed to allow for flexibility in unit operations and reporting. It helps improve operations by ensuring the data are accurate and easily reportable across the university, and making certain that the project ledger interacts seamlessly with the general ledger.
After working with the chart of accounts for a couple of years and hearing about difficulties staff, faculty and central administration have experienced with its use, we recognize that there are process improvements that can make the chart more user-friendly and better serve the university. These include better controls and education, guidance, support, and policies to ensure best use of the chart of accounts.
The Chart of Accounts initiative was created to improve how we support your operations by making the chart of accounts easier to use.