New functional expense COA requirement begins July 1
June 17, 2024
June 17, 2024
NASHVILLE, Tennessee, June 17 -- Vanderbilt University issued the following news:
Beginning July 1, 2024 (FY25) all expense reports and requisitions will require the use of a functional expense code within the chart of accounts (COA) string. The functional expense code will replace the existing Future 1 Field and will be mandatory for all expense accounts along with any capital asset additions.
Why are we doing this?
The functional expense chart of accounts . . .
Beginning July 1, 2024 (FY25) all expense reports and requisitions will require the use of a functional expense code within the chart of accounts (COA) string. The functional expense code will replace the existing Future 1 Field and will be mandatory for all expense accounts along with any capital asset additions.
Why are we doing this?
The functional expense chart of accounts . . .