A new Chart of Accounts will be launched in late November to bring a consistent, organized coding structure to all types of accounts, department codes, funds, programs and projects at Queen’s.
The university will be launching the new structure as part of the Queen’s University Administrative Systems Replacement (QUASR) project implementation, a major step in fundamentally transforming how we do business at Queen’s. It will affect almost all activities that touch financial data – forms, requisitions, purchasing, journal entries, financial reports and many other accounting functions.
The new finance account structure will both simplify and standardize account coding across the university. For example, it will feature distinct codes to easily identify the fund (such as research or operating), department, and account ID associated with the financial data. Users will also have the ability to track specific expenditures for things like events, program activities, research projects and capital items.
Those who use financial systems or work with budget information will be familiar with the current structure of department and account codes, minor and subminor accounts. They will transition to the new structure that features:
Over the next two weeks, additional details on the new Chart of Accounts will be distributed to account holders and posted on the QUASR website.