The Chart of Accounts is the basic foundational building block of an organization’s financial system. At face value, it is a categorical numbering and classification system for every single financial transaction that, when designed and used correctly, allows for an almost infinite matrix of customizable information. Beyond the surface, the Chart includes various organizational hierarchies and intelligence that given even more information than is available at pure face value. This matrix is the future of UNT System financial record-keeping and reporting.
FoaPs is the acronym used to help customers remember the 9 fields used within the Chart of Accounts (CoA).