A Record Code Review.

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Account = Assets, Liabilities, Net Assets, Revenues, Expenses & Transfers ... For instance record code 5006 is utilized for excluded pay rates for all offices ...
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An Account Code Overview Or, What Do All These Codes Mean, Which Do I Use, When, And Why?

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What on Earth is a FOAP? FOAP = Fund, Organization, Account and Program codes Example - 100000-41011-6370-60 Fund = Accounting Entity Organization=Budget Units or Departments Account = Assets, Liabilities, Net Assets, Revenues, Expenses & Transfers Program = Functional classifications Activity = Optional code for use by divisions

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Fund Codes Funds are utilized for certain reporting elements. For example, working, limited or blessing. The asset code is a six digit number. Division of Funds 1XXXXX – Operating Funds – these asset are the expansive working asset utilized by ACU which are followed by spending plan 20XXXX – Internally Restricted or Designated – These assets are utilized when a movement supported by ACU is self supporting and should be followed independently from the working spending plan. An illustrations would be summer camps

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Fund Codes (Continued) Divisions of Funds (proceeded with) 21XXXX – Restricted assets – these assets are utilized to track the assets from a giver confined blessing. No costs ought to be paid from these assets; they are just used to hold the blessing until the assets should be moved into operations 22XXXX – Restricted Scholarship Funds – these assets are utilized the track the assets from a benefactor limited grant blessing. 23XXXX – Endowment Earnings to be utilized for operations. The equalizations from these assets are exchanged to operational records as required

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Fund Codes (Continued) Divisions of Funds (proceeded with) 3XXXXX – Grants and Contract Funds 5XXXXX – Endowment Funds – Used by Investment Services to track singular blessings given to the University 7XXXXX – Capital Projects Funds – Used for expansive renovating or building ventures 8XXXX – Agency Funds – Used to track subsidizes that don\'t have a place with ACU. Cases are understudy associations and substances which ACU serves as monetary operators

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Organization Codes Organization Codes are utilized to track incomes and costs for a specific office. The financial backing for an office is followed utilizing the association codes

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Account Codes Accounts Codes are four digit codes used to track resources, liabilities, net resources, incomes, costs and Transfers Division of Account Codes 1XXX – Assets 2XXX – Liabilities 3XXX – Net Assets 4XXX – Revenues 5XXX – Salaries and Benefit Expenses 6XXX – General Expenses 8XXX – Transfers

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Account Codes Account codes are utilized by everybody on grounds and are for the most part not particular to a specific office or movement. For instance account code 5006 is utilized for absolved compensations for all divisions See next slide for how to see a posting of record codes

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Account Code Hierarchy You can take a gander at posting of record codes – -Online utilizing FTVACCT; seeking is accessible through inquiry -Print report FGRACTH; can restrict by using account sort code

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Basic Financial Statements Statement of Financial Position (Balance Sheet) Banner Query Form – FGITBSR Statement of Activity (Income Statement) Banner Query Form – FGIBDSR or FGIBDST

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Balance Sheet Elements Assets – Account Codes 1XXX - Includes money (1090);do not utilize -"D" builds resources; -"C" diminishes resources Liabilities – Account Codes 2XXX Net Assets – Account Codes 3XXX - Net wage and costs -Warning: NEVER,EVER USE

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Balance Sheet Principle Assets = Liabilities + Net Assets Or 1XXX = 2XXX + 3XXX

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Income Statement Elements Revenue – Account Codes 4XXX Expenses – Account Codes 5XXX (Salaries and Benefits) Expenses – Account Codes 6XXX (Operating Expenses) Transfers – Account Codes 8XXX

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Are There Any Special Situations Or Rules I Need To Know? YES!

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Budget Pooling Account Codes Pooling records are 3 digits for working costs – related just to spending plan dollars Example: 630 – General Expenses Used to enter spending plan exchanges Can not be utilized for genuine exchanges Offset spending plan code – 675; will be a credit(- )

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Budget Pooling Hierarchy Example of Pooling Hierarchy 630 – General Expenses (Budget Pool) 6380 – Postage 6382 – Printing 6386 – Professional Dues 6440 – Supplies - Office

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Budget Pool Codes Budget Pool Codes For Restricted Accounts -Offset spending plan code is 675 -Will be a credit(- ) for a cost -Will be a debit(+) for an income

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Transfer Entries (2 Types) Type 1 - Formal Transfer Between Departments (Transfer In/Transfer Out) Use code 8105 for moves in & code 8205 for exchanges out - can\'t blend with some other record codes Transfer In = credit(- ); Transfer Out = debit(+) If an exchange from one asset is important to pay for a cost in another asset that has not yet happened (or has not yet been recorded in the other asset), please make a formal exchange as depicted previously.

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Transfer Entries Type 2 – Transfers among same classification of records for various offices Can be done among cost codes with the exception of those between 6800 & 6899 (use as approaching and active) Can be done among income codes (use as approaching and active) This technique is valuable when an exchange has as of now happened yet was coded to the wrong record/reserve. NOTE – Academic depts exchanging from confined records to operations must utilize codes 8105 and 8205

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Payments To Other Departments Some offices charge different offices for administrations gave (interdepartmental administrations income). The office giving administrations frequently considers exchange income and tries to post to an income code – 4XXX; this ought to be evaded. The exchange is really another type of exchange The division giving administrations ought to have an exceptional cost account code – for instance, 6962; the office giving administrations ought to record the exchange as a negative cost to this code.

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Ways To Pay Other Depts. Dept 1 - Dr. 8200 Correct Dept 1 - Dr. 8200 Incorrect Dept 2 - Cr. 8100 Dept 2 - Cr. 6353 (exchanges out of equalization) Dept 1 - Dr. 6300 Correct Dept 1 - Dr. 6803 Incorrect Dept 2 - Cr. 6370 Dept 2 - Cr. 6370 (intersection spending plan pools) Dept 1 - Dr. 4605 Correct Dept 1 - Dr. 6300 Incorrect Dept 2 - Cr. 4540 Dept 2 - Cr. 4540 (intersection rev & exp) Dept 1 - Dr. 6899 Correct Dept 2 - Cr. 6899

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Revenue or Expense? Income must be recorded as income (with the exception of in the restricted occasion noted before for interdepartmental administrations income) Expense must be recorded as cost Revenue may not be moved to diminish costs Budget modification ought to increment both income and cost (net spending plan ought not change)

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Example of Budget Revision Through Through Revenue 8105 In a solitary office: Funds spent Dr. 6300 Dr. 6300 Cr. Cash Cr. Money Funds received Dr. Cash Dr. Money Cr. 4540 Cr. 8100 Budget correction Dr. 630 Dr. 630 Cr. 4540 Cr. 810

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Scholarships are costs however not recorded in the classification of costs Treated as a contra or decrease of incomes Special gathering of record codes – Unfunded – 4091(Gen); 4092(Athletics) Funded – 4096(Gen); 4097(Athletics) Funded – 4098(Grants)

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Agency Accounts Identified by asset codes starting with "8", or 8XXXXX Do not create wage or cost for the University All exchanges recording in unique gathering of obligation record codes-2480 through 2492 Include understudy clubs, Pell, Perkins Loans

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Questions or Comments? Call us at whatever time at ext. 2795 Or email at fmsbrje@acu.edu

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