The individual values in the Chart of Accounts, which in combination, describe a specific financial activity. With the aid of reporting and query tools, chartfields provide access to accounting data needed for budget control, management reporting, and statutory (or formal and final financial) reporting.
The Chart of Accounts (COA) plays a role in Quantum financial systems for control, budgeting and reporting. The correct use of the COA is critical for accurate financial, management and donor reporting.
Used to establish a hierarchical structure, which visually represent a set of summarization rules for a particular chart field. For instance, a tree for account code 11000 (Cash and Near Cash) would have as components accounts 11005 and 11006 that would roll up to a total for reporting in code 11000.
Recorded at a chart field level in all Quantum financial systems, and ultimately as the data pass from one system to another, it is summarized by chart field in the General Ledger.