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 update is designed to improve the financial reporting process and will ensure compliance with external reporting requirements by enhancing the accuracy and efficiency of financial data in Oracle. Vanderbilt is required to ensure that reporting on research expenditures is complete and accurate. By updating the enterprise resource planning (ERP) system to have the functional expense codes, we are reporting on supported data from our general ledger. More accurate reporting on the Higher Education Research and Development (HERD) Survey will strengthen the visibility and impact of research at Vanderbilt.
For more detailed information, the following videos and documentation are available for your reference:
If you have questions, email financialreporting@vanderbilt.edu.
