Chart of Accounts Initiative
Welcome! This page provides you with information about the redesign of the Chart of Accounts (COA), including a list of resources as well as frequently asked questions. More information about the new Chart of Accounts will be made available here throughout the project.
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As new best practices and advancements in technology evolve, the Chart of Accounts becomes outdated.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 consistant 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:
Where does the money come from?
Who is responsible for the money?
What type of transaction is it?
What is the funtional purpose of the transaction?
Does the program need to be tracked across different orgs, funds, etc.?
Is this transaction specific to a campus?
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 can be used to find their new FOAPAL string. Instructions for using the index code to find your new FOAPAL can be found on the New Structure page.
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.