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INSTRUCTIONSHow should I review this chart of accounts template?
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We are looking for your input! Do you like this open source financial chart of accounts intended for all disciplines in the arts? We started our thinking about financial budgeting and accounting needs of non-profit arts organizations first (presenters, producers, arts services). The perspectives of individuals (creators, producers, consultants) will be added to the chart shortly (i.e., living expenses are not currently included). Feel free to add comments and suggestions from either perspective (individual or organizational including for-profits, partnerships, cooperatives, collectives, and other less common structures). Provide comments on individual rows in the notes field. Or to suggest new account(s), add new row(s) in appropriate location(s) within the list or add to the bottom with "NEW" as HATCH ACCT# and a description in account name. Add any additional detail to the notes field. Don't like specific words used for an account name? Suggest slang or other words in the Supplementary Words column so that account in the software can be either renamed or matched to similar word searches in the future. Only have a few minutes? We kindly ask to prioritize reviewing the Income Statement first. This chart of account is based on Canadian Arts Data (TheCADAC.ca). Your input on the chart of accounts will be applied to development of the open source arts management software project, Hatch Open.
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Want your contributions to be recognized?
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Fill out the following form to receive a public thank you on the Hatch Open profile page on ArtsPond.com:
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https://forms.gle/VNjyRytNBumLW67T6
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More Info?
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Hatch Open @ ArtsPond.com
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ArtsPond @ Facebook
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ArtsPond @ Twitter
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ArtsPond @ YouTube
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ArtsPond @ LinkedIn
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ArtsPond @ Instagram
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BACKGROUNDWhat is Hatch Open?
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Hatch Open is an open source arts management platform being developed by ArtsPond with support of a multi-year organizational transformation grant from Canada Council for the Arts' Digital Strategy Fund. Beginning with financial management for the visual, performing and disability arts, the goal of Hatch Open is to eventually become an accessible enterprise resource planning solution supporting the full management lifecycle needs of individual creators and producers and small arts organizations from every discipline. Planned modules include financial management, project management, constituemcy relationship management, team and asset management, business intelligence analytics, impact investing management, and more.
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How will Hatch Open software use this chart of accounts?
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Our goal for the Phase 1 development of Hatch Open's fnancial management modules (until fall 2020) will be to allow a user to import and automatically create a new, custom chart of accounts in the software from scratch.Using machine learning, individual users' custom chart of accounts will be automatically mapped to Hatch Open's shared financial accounts which will then quickly and automatically map to other popular financial accounts in Canada (such as CADAC, Canada Revenue Agency T1 General, T2 Corporate, and T3010 Charity) and others globally over time. A user will also be able to manually select only those accounts that are appropriate to them. This allows users to view and share their project and annual budgeting and bookkeeping details from multiple perspectives without sacrificing their own individual needs for day-to-day financial management. The first financial management tools to be developed will be budgeting, accounts receivable and accounts payable invoicing, receipting and payment processing.
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Header sums down, not subtotal up!
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Rather than taking up space with two rows for a header (which carries no values or sums) plus a subtotal that sums up to the header, this chart of account removes all subtotal rows and employs sums down from headers only. In the software, users may post individual transactions to the heading sum account. The header will sum both those transactions plus all transactions in sub-tier accounts. Therefore, it is permissable to post transactions to all accounts included in this chart.
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Why so many accounts?
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There are A LOT of accounts in this chart. At present there are:
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FOR BUSINESS:
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150 assets accounts
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109 liabilities accounts
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32 net asset accounts
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190 revenue accounts
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820 expense accounts
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15 surplus (deficit) accounts
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1906 total accounts
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Why so many? We expect few, if any, users will ever require all the listed accounts. Some may only need a few dozen, others perhaps a few hundred. Our goal, however, is to have as much flexibility as possible already pre-built into the system so users can scale to whatever degree of detail they require whether they are budgeting individual projects or aggregrating annual summaries for board reporting and accounting.
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For example, for budgeting and bookkeeping of their lead administration employees, a small arts organization may only ever require the single "tier 3" administration salaries account "17310 - Administration salaries and wages (employee)". Should they grow, however, or for a larger and more established organization, the chart has built-in many "tier 4" sub-accounts under #17310 for common administration positions which "sum upward" to the #17310 tier 3 account, such as:
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17324 Employee chief executive officer
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17328 Employee executive director
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17332 Employee managing director
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17336 Employee general manager
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17340 Employee operations manager
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17344 Employee admin director
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17348 Employee admin assistant director
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17352 Employee admin producer
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17356 Employee admin associate producer
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17360 Employee admin program manager
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17364 Employee admin program coordinator
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17368 Employee business development manager
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Having more line-item details pre-built into the system will help with budgeting and tracking details of individual positions while accounting and bookkeeping may choose to post only to the upper tier account instead.
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© ArtsPond 2020, released under CC-BY-4.0, which gives you permission to use content for almost any purpose (but does not grant you any trademark permissions), so long as you note the license and give credit. (https://creativecommons.org/licenses/by/4.0/)
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