Chart of Accounts Initiative

What is the Chart of Accounts?

The Chart of Accounts, or COA, is a system of tracking every financial transaction that occurs at the College. Our Banner system currently catalogs these transactions using an alpha-numeric sequence called a FOAPAL, which can then be used to deliver streamline financial reports.

Why are we updating the Chart of Accounts?

As new best practices and advancements in technology evolve, the Chart of Accounts becomes outdated. In order to effectively utilize updates in the Banner system and general financial processes, our Chart of Accounts has to be modernized for maximum efficiency. The updated structure is consistent with the organization of the college hierarchy. This will lead to improved financial reporting, easier maintenance, and greater budgetary transparency.

What is a FOAPAL?

FOAPAL (foe-pul) is an acronym used to describe each segment of a financial transaction in the Banner system. This chart outlines what each letter represents. For specific information on FOAPAL, please watch the video below:

What is changing with the Chart of Accounts?

The most extensive change for a normal user will be the new coding structure. Users will receive an index code that will automatically fill in the new FOAPAL string without the user having to remember all of the new elements. For most departments, the index code will be their old organization code.

Who can I contact if I have questions?

You can email [email protected] where we will answer your question, or direct you to the person who can help you further.

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