One common Chart of Account (COA) structure, with values shared by all UT entities that are facilitated by a robust governance process, promotes standardization of reports across UT. The new COA makes it easier for UT to maintain and report data in the general ledger, as users can only select one data type by dimension when coding transactions. Also, the fewest possible dimensions are used in the COA structure, which minimizes keystrokes while fulfilling UT’s reporting requirements.
While there are numerous benefits, the new Chart of Accounts: 1) ensures each dimension stores a unique data set, 2) meets UT’s reporting requirements, 3) minimizes the number of keystrokes for end users, 4) simplifies reporting, 5) ensures standardization across UT, and 6) adheres to the DASH implementation Guiding Principles.