U.S. Federal Government Agency Restructures Clients’ Charts of Accounts to Comply with CGAC Initiative
The Federal Government has mandated that each federal agency must change its chart of accounts to a Common Government-wide Accounting Classification (CGAC) structure.
- The customers’ accounting flexfields did not track their financials in the way CGAC required. In addition, they needed to change the length of some of their segments and redefine the content.
- Federal budget tables are not linked to code combination IDs; they instead have the actual accounting segment values in the tables.