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What's A FOAPAL?
What's A FOAPAL?
A FOAPAL is an acronym representing each element of the new Chart of Accounts. They are: Fund, Organization, Account, Program, Activity, and Location. Combined they provide a very powerful reporting tool. FOAPAL replaces the Fund, Center, Account, Project from CARS.
Description of FOAPAL elements is below. Click on the links for further details and information about each element.
You must specify a Chart of Accounts code when using Banner. Macalester's code is "M".
Fund – A six-character code used to specify the funding source--WHERE the money comes from or goes to. Each grant in Banner is assigned a separate fund code to identify the funding source. For the most part, CARS projects have transformed into Banner Funds. Each fund identifies a self balancing set of accounts and identifies ownership and restriction.
- This code is required input in Banner for all accounting transactions.
- 100000 is the code for the general unrestricted fund.
Organization – A six-character code used to identify the organizational unit that is responsible for financial activity captured within the code. It identifies your department. It defines WHO is processing transactions.
- This code is a required input in Banner for revenue and expense transactions.
- If you're unsure of your Banner organization code, please call Accounting to help you with it.
Account – A six-character code used to classify revenues & expenditures by type and spending categories. It defines WHAT kind of revenue you are depositing, or for what you are spending funds.
- This code is required input in Banner for all accounting transactions.
- 5xxxxxx Revenue
- 6XXXXX Payroll and fringe benefit expenses
- 7XXXXX General expenses
Click here for a list of Commonly Used Expense Accounts.
Click here for a list of Commonly Used Revenue Accounts
Program – A two-digit code that is used to identify the major purpose of expenditures. Defines WHY you are collecting or spending the funds. This is an additional identifier for your department. Program codes accumulate expenditure information into major categories such as instruction, research, and academic support. They are required in order to meet external reporting requirements. This code is assigned by Accounting and is a required input in Banner for revenue and expense transactions. Most organizations have a default Program code associated with it. For the most part Program codes will default from the Org.
Revenues are always program code 99. For expenses, if you are unsure of which program code to use, please check with Accounting.
Activity – An optional four-character code used to group all costs associated with a specific event or major activity. Activity codes are assigned to transactions involving multiple organizations or funds that share responsibility for a common event or activity.
This code must be set up in Banner by Accounting prior to use. As this is an optional code, transactions with an invalid activity code will be posted without it. An example of an activity would be Conference A, Field Trip B, Event C, or Speaker D.
Click here for a list of Activity Codes.
Location - An optional four-character code used to specify the physical location of an asset or transaction. It enables the college to establish reporting by physical location. This code will be used mostly by Facilities Management & High Winds to track fixed assets.
This code must be set up in Banner by Accounting prior to use. As this is an optional code, transactions with an invalid location code will be posted without it
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