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Chart of Accounts and Financial Reporting Project Update

Mar 26, 2019

As part of its strategic plan, Pacific 2020R, University of the Pacific continues to build organizational capacities that support our vision to operate as a unified university. A fundamental resource necessary for strategic financial management and decision-making for the university is a robust financial reporting system.  

Foundational to delivering consistent and reliable financial reporting is the university's financial backbone, the Chart of Accounts (CoA). The CoA consists of thousands of accounts, and its design directly impacts financial reporting for stakeholders who are responsible for categorizing and tracking the university's financial transactions.

The goal of the new CoA system is to strengthen fiscal management across all institutional levels. Phase 1 of this project was completed last fall. In 2019, phase 2 continues by building on the initial design work with the goal of implementing the new CoA July 1, 2020. As part of this phase, enhanced financial operational reporting will be delivered beginning July 1, 2019, and continue rolling out through FY2020.

The CoA project is heavily focused on restructuring the finance module of the Banner system and, at the conclusion of this project, the redesigned Chart of Accounts will:

  1. Be simple, intuitive and easy to comprehend and use, while still capturing a meaningful level of detail for assessing institutional financial performance.

  2. Be scalable, flexible and dynamic to accommodate strategic shifts in the university's business operations while minimizing maintenance effort and promoting interdisciplinary, universitywide initiatives.

  3. Promote timely, accurate and comparative financial reporting and accountability.

  4. Be supported with robust guidelines, communications and documentation to promote standard practices, stakeholder understanding and data integrity.

The redesigned CoA will be a powerful yet easier-to-use tool that supports institutional decision-making by providing consistent financial information and reporting in a streamlined manner. After the July 2020 Chart of Accounts implementation, work will continue to ensure it is used effectively and to improve related processes and financial reporting.

The project team continues to seek input throughout the process and will update the university community through ongoing communication, including via in-person presentations. Please visit the Chart of Accounts community SharePoint site for more information, such as project team members and frequently asked questions. You can also submit questions and comments and request a presentation to your department or unit via the online form.

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