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Chart of Accounts


The Chart of Accounts represents the structure through which financial transaction data is organized and reported. Implementing a new financial system represents an opportune time to redesign the University of Wyoming’s Chart of Accounts. The goal of redesigning the Chart of Accounts is to help resolve many of the financial and management reporting challenges faced by UW today.

The University of Wyoming stakeholders and campus have identified several financial reporting challenges over the last year. The inability to respond to state and University management data requests in a timely manner is a challenge that plagues UW as a whole. On a department level, the current Chart of Accounts structure doesn’t produce information needed to effectively run daily operations. The new Chart of Accounts structure solves both the University’s state and day-to-day financial reporting challenges. 

UW’s Redesigned Chart of Accounts (CoA)

UW’s new Chart of Accounts structure consists of eight General Ledger Chart Segments.  Below you will find links to the documentation on the new CoA.

  • COA User GuideContains descriptions of all of the segments in the CoA and instructions for the use of the crosswalks
  • Fund/Org Crosswalk – Contains a full listing of the current Pistol Fund/Org combinations mapped to their new values in the WyoCloud Chart of Accounts. See instructions on the first tab of the spreadsheet.

How will my Sponsored Grants, Research Funds, and Capital Projects be tracked in WyoCloud?

In WyoCloud, a new module called Project Portfolio Management will track grants, research funds, and capital projects for project financial management and reporting. Each will be assigned a unique project number. When you enter the project number and other information, the Chart of Accounts will automatically populate.

The Chart of Account information will live in the General Ledger. However, the project and transactional detail will live in the subledger.

 Transaction detail

GO-LIVE & TRAINING

In July, the new Chart of Accounts structure will go-live with the WyoCloud Financial system. Training on the new Chart of Accounts will begin in June 2017. More information about training will be sent out and posted in the coming months. If you have any questions – please email wyocloud@uwyo.edu

BUDGETING

Along with the restructuring of the Chart of Accounts, the way we budget as an institution will also be changing. With the new way in which we budget, responsibility will shift from Old Main and Central Accounting to campus fiscal managers utilizing the new system’s financial reporting system to make better and more informed decisions.

budgeting graphic

The new Budgeting approach will offer many benefits to the University, including the following:

New Budgeting Benefits

A proposed budgeting process and timeline for FY18 under this new model can be found below:

Proposed Budgeting Timeline

The State of Wyoming: FY19-FY20 Biennium Budget Process under this model can also be found below:

FY19-FY20 Biennium


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