The Chart of Accounts is the numbering system used by Banner to capture financial transactions and facilitate retrieval of information and financial reporting. The chart of accounts structure is composed of six elements: Fund, Organization, Account, Program, Activity and Location (FOAPAL).
The key consists of four major components:
The Fund describes the funding source. The fund code identifies a self-balancing set of accounts and identifies ownership. Funds can be restricted (permanently or temporarily) or unrestricted.
The first two digits of the center identify the funding source of the center and is classified by the financial reporting requirements.
The identifier portion is available to further define the uniqueness of the FOAPAL combination. Its meaning may vary depending on net asset category.
NOTE: Although set up as funds to facilitate accounting, any net balance will be reflected as liability.
The Organization (also known as the Org) represents a department. The first two digits of the org represent the school or college. The third, fourth, and fifth positions of the org are representative of the department within the school or college.
III. Account Code
The account code is a method of grouping the individual transactions into certain classifications.
The account code consists of four numeric characters where the first digit represents a specific type of the account by providing major balance sheet classification and revenue and expense groupings.
The program code identifies a function and enables the institution to establish a method of classifying transactions across organizations and accounts. Program codes are also known as the NACUBO (National Association of College and University Business Officers) function classification codes.