Hi I'm in Toronto at the Rogers center thought I talked a bit about the chart of account. Chart of account is an important element in any financial any structured quantitative systems that have been built for centuries now, chart of account to find the balances that will be kept within that system. The transactions are tagged with the chart of account and then the balances are created based upon the chart of account in most instances. The tribe account has many elements in it today in a modern chart of account would have started historically though, with the account number. account number was simply something that the owner and the bookkeeper decided they wanted to keep track of particular balances by best customers would have been originally assigned an account number something that continues today is as we sign up for an account. Today's account numbers though for customers are kept in a subsidiary ledger, but the subsidiary ledger does the same sort of processing that done in the general ledger account was added to when we added the legal entity.

As a bookkeeper started keeping track of the books for multiple different companies. They added a field that said which company owns these balances these assets with these liabilities, add to that field called the call center profit center that says that the set of balances are owned and managed by a particular person against the budget or against revenue target. That's a cost center, profit center field. There's new fields that were being added, continually. And there's always attention to try to add more fields to have more balances because balances answers questions quickly. You can have product types or customer types, book codes, currencies, all of these can be elements of a chart of account.

Modern organizations, they'll have so many values in these, these fields that they typically have someone that has to be responsible for not letting People add new values and trying to use existing values for things that have already been defined. They didn't know existed in another company or another cost center. Rather than adding new values to the chart of account values in chart of account when you talk about the each individual field, often they're in the thousands to maybe 10s of thousands for a large organization. I've seen some that have been in the hundreds of thousands for particular, a single value when you go to combinations of values across the rows. So when you look at what actually the balances are, that are assigned, you'll end up in typically 10s of thousands for a medium sized organization to hundreds of thousands, and even into the millions for a large organization.

These balances are what answer the question so we want these balances the things that can be embedded in the chart of account the meaning that can be embedded in a chart or account can be extensive by an organization Two years ago had a 30 year old chart of account values that were used everywhere in the organization very valuable for the people to be able to tag things with, they decided to model all of the meaning embedded in their chart of account. Using data modeling techniques, they ended up with 122 different entities, different meanings for the chart of account, things from employee locations to mail stops, to HR groups, to all sorts of financial metrics, we're all embedded in the chart of account. The chart of account is powerful because it cuts across the entire organization. Even if organizations merge and bring together to financial systems. Someone in order to make a consolidated view has to make a consolidating chart of account, consolidate the chart of account will be a summary of all of the financial transactions in the organization for whatever period of time that covers this power of the chart of account, deciding upfront what balances to keep and then capture During the transactions being tagged against every financial transaction is a very powerful concept.

The chart of account will play prominently in our discussions going forward, as we attempt to describe how one would have to build a metric engine