2014 TheValueofRegularlyReviewingthe
- (Purcell, 2014) ⇒ Melanie Purcell. (2014). “The Value of Regularly Reviewing the Chart of Accounts.” In: PM2 Connections Journal.
Subject Headings: Chart of Accounts, Current Chart of Accounts.
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Abstract
An up-to-date chart of accounts helps the organization view itself and it resources accurately, making service and resource allocation decisions easier, as well as communication with citizens and officials.
Introduction
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The current chart of accounts reflects:
- Sources and uses of money.
- Accounting structure.
- Organizational structure.
- The evolution and history of the accounting and organizational structure.
- Activities and responsibilities of units within the structures.
There is a certain beauty in a clean chart of accounts that accurately reflects the organizational structure and includes definitive standards for its evolution. It provides guidance and structure for relating new activities to the existing organization (e.g., defining who is going to manage a particular project or grant or who has authority to sign for items in this area). When new programs and grants are initiated, using the chart of accounts and its defined methodologies to determine the accounts, and other parameters for its operations and accounting creates an opportunity for clear communication regarding expectations and authorities. The chart of accounts can and should be an invaluable tool for both financial and programmatic management.
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References
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| Author | volume | Date Value | title | type | journal | titleUrl | doi | note | year | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2014 TheValueofRegularlyReviewingthe | Melanie Purcell | The Value of Regularly Reviewing the Chart of Accounts |