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Chart of Accounts 101

Chart of Accounts 101. What is a chart of accounts?. It’s a classification system to record accounting transactions. The system is designed to be in agreement with the organizational structure of the institution and the presentation of financial information and reports. What is a FOAPAL?.

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Chart of Accounts 101

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  1. Chart of Accounts 101

  2. What is a chart of accounts? • It’s a classification system to record accounting transactions. The system is designed to be in agreement with the organizational structure of the institution and the presentation of financial information and reports.

  3. What is a FOAPAL? • FOAPAL is an acronym for the six elements of the Chart of Accounts (COA) • Most chart elements are hierarchical in structure. The higher levels are for report summarization only and are not data enterable. All transactions must be entered at the lower levels of the hierarchy.

  4. F A fund is a smaller piece of a larger entity consisting of a self balancing set of accounts. • O An organization represents a department, center or administrative unit. • A Account codes are used to describe transactions as a type of expenditure or income. • PProgram codes are used to aggregate the activities of the Rensselaer Plan. • AActivity codes are used to aggregate the priorities of the Rensselaer Plan. • L Defaults to traditional NACUBO standards, for the use of Financial Reporting.

  5. So, Funds… Funds are categorized into seven major types: • Unrestricted • Designated • Restricted • Loan • Endowment, Annuity & Life Income • Plant • Agency

  6. …and Orgs Organizations represent the human element within the chart of accounts. Default orgs are established on funds to connect the fund to the organization and persons responsible for the fund. Although default orgs are assigned, there is no requirement that the default org be used for transactions on a fund.

  7. Banner Forms Campus Banner users have access to two Fund forms and two Org forms that can provide helpful information: • FTMFUND • FTIFNDH • FTMORGN • FTIORGH

  8. Questions?

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