Update: Chart of Accounts Optimization project

News

This message is sent on behalf of Myriam Bensimon, Controller, Financial Services

Dear Colleagues,

As part of the Chart of Accounts Optimization project, Financial Services participated in the initiative to provide a relevant and streamlined set of account codes.  This entailed a thorough analysis of account code usage and review of existing definitions for the Revenue and Non-Salary Expenditure account codes.  The Financial Services website now hosts a dedicated account code section where all relevant information is published and can be readily consulted.  

Salary account codes are being reviewed and streamlined in conjunction with the R2R project.

Based on the survey results of user preferences as to account code documentation, whereby a self-service resource to store FOAPAL related information was recommended, we developed a user friendly excel reference document for all active Revenue and Non-Salary Expenditure account codes with the following notable improvements :

A master list of account codes grouped by nature of activity as opposed to numerical order (separate listing for Revenue and another for Non-Salary Expenditure account codes)
Definitions  provided for every active account code including recommended unit-specific usage

Another recommendation was to provide a list of terminated account codes and alternate ones to use (where applicable) which we enclose in the attached pdf document for your reference.

Questions?

Email: fishelp.acct [at] mcgill.ca
Call the Finance Help Desk:  514-398-3463

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