General Accounting
Financial & Accounting Services
May 08, 2013

Purpose
Purpose:
To provide guidance to the campus community on the steps necessary to prepare, support, approve, and submit the entries.
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• Introduction
• C-FOAPAL
• Journal Entry Form
• Supporting Documentation
• Approvals
• Submission to FAS
• Deadlines
• Questions
• Additional Information
Agenda
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Introduction
Journal entries are used to record financial transactions into the general ledger.
Transactions are summarized to create the financial statements for WFU.
Types of journals entries:
 Standard
 Recurring
 Reversal
 Correction
 Allocation
 Transfer
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Introduction
Most common types of manual journal entries:
 Corrections - Used to correct amounts and/or reclassify errors.
Amount posted to GL $1 32 .25. Correct amount $1 23 .25.
- Reclass from Supplies (53010) to Housekeeping Supplies (53018).
 Transfers – Move available funds from one fund/org to another.
- Physics gives funds to Chemistry to co-sponsor guest speaker.
 Allocations - Services provided by one department to another department.
- Copy Center allocates charges to departments.
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C-FOAPAL
C-FOAPAL is the acronym representing each element of the chart of accounts.
C = CHART CODE
F = FUND CODE
O = ORGANIZATION CODE
A = ACCOUNT CODE
P = PROGRAM CODE
A = ACTIVITY CODE ( OPTIONAL )
L = LOCATION CODE ( OPTIONAL )
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C -FOAPAL
Chart Fund
Required*
Org Account Program
Optional
Activity Location
Chart Code
• One character (alpha).
• WFU has four charts to organize financial information.
- Chart R – Reynolda Campus
- Chart H - Reynolda House Museum of American Art
- Chart F – WFU Development Foundation
(Where gifts of real property are held until sold)
- Chart X
– WFU Foundation
(Transactions related to property on and in the vicinity of Deacon Boulevard)
• Each entity has its own tax ID number.
• Individual entities also needed for separate internal and external financial reporting.
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CF OAPAL
Chart Fund
Required* Optional
Org Account Program Activity Location
Fund Code
• 6 characters (alpha-numeric).
• The source of the funding. “ Where ” the money is coming from.
Grants Gifts
Tuition and Fees
Investment
Income
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CF OAPAL
Chart Fund
Required* Optional
Org Account Program Activity Location
Examples:
Fund
111111
PXXXXX
RGXXXX
ERXXXX
Description
Unrestricted
Plant Fund
Grants
Endowment Restricted
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C-F O APAL
Required*
Chart Fund Org
Organization Code
• 6 characters (numeric).
Account Program
Optional
Activity Location
• Designates a department or a unit of budgetary responsibility.
“ Who ” pays the expenses or receives the revenue of a transaction.
Org Description
112201 Human Resources
500005 Provost’s Office
703001 Athletics: Football
713002 Stores: Deacon Shop
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C-FO A PAL
Chart Fund
Required*
Org Account Program
Optional
Activity Location
Account Code
• 5 characters (numeric). “ What ” type of transaction.
Classification
Asset
Liability
Revenue
Expense
Allocation
Transfer
Account
Range
1XXXX
2XXXX
4XXXX
5XXXX
7XXXX
9XXXX
Account
Example
10010
20010
40010
53010
70011
98010
Account Description
Example
Cash Deposits
A/P - Trade
Tuition
Supplies
Allocation General
Trsfr in from Dept/Rest Funds
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C-FOA P AL
Chart Fund
Required*
Org Account Program
Optional
Activity Location
Program Code
• 2 characters (numeric).
• Not included on journal entry form. Located in Banner tables maintained by FAS.
• Used by FAS for required external reporting. Identifies the
“purpose” or “function” of revenue and expenditures.
• The following are examples of the functional classifications:
Instruction (10), Academic Support (25), Student Services (35)
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C-FOAP A L
Required* Optional
Chart Fund Org Account Program Activity Location
Activity Code
• 6 characters (alpha-numeric).
• Optional FOAPAL element typically used to track revenue and expenses for a special program or event.
• Can be used with multiple orgs or set up to be used with only one.
Activity Code Description
U00011
U00888
U01103
Commencement
Facilities and Campus
WFDD Membership
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C-FOAPA L
Required* Optional
Chart Fund Org Account Program Activity Location
Location Code
• 6 characters (alpha-numeric).
• Optional FOAPAL element primarily used with fixed assets to identify physical places or sites, such as buildings and room numbers.
• Used by facilities when projects cover multiple rooms in a building to segregate costs by room.
Location Code
L00176
1N107A
Description
Deacon Tower
FAS Office Reynolda 1st Fl-107A
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Journal Entry Form
Website: http://finance.wfu.edu/faculty-staff/financial-reporting
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Journal Entry Form
Journal Entry Template 16

Journal Entry Form
Example Journal Entry 17

Journal Entry Form
• Hash Total – Total debits plus total credits (formula).
Used by FAS when keying journal entries.
• Preparer – Print name, signature, phone ext., and date.
• Approver Print name, signature, and date.
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Journal Entry Form
• Sequence No. – General Accounting uses sequence numbers when keying entries into Banner. If possible, do not skip lines when completing form or include lines with FOAPAL elements and zero amounts.
• FOAPAL (highlighted in orange)
– Refer back to previous section on C-FOAPAL.
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Journal Entry Form
• Debit/Credit
• Debits increase asset and expenses. Decrease liabilities and revenue.
• Credits increase liabilities and revenue. Decrease assets and expenses.
• Debits must equal credits.
• Enter debits and credits as positive numbers not negative numbers.
Round 2 decimals ($1.334 = $1.33). Rounding formula: =round( A1 ,2)
• Line Description – Maximum 35 characters (character count formula after description). Should provide enough information for users to understand purpose.
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Supporting Documentation
• All journal entries must be adequately supported by attached documentation that explains the purpose and supports the amount of the journal entry.
• Documentation may be in the form of a Cognos report , receipt, invoice, email, or some other record of the transaction.
• Do not include sales tax.
• If JE amount is a portion of invoice amount, show how amount was calculated.
Note : Make sure supporting documentation is sufficient when sending
JE form to FAS since it is required by auditors.
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Approvals
FAS will be reviewing approvals on all entries to determine if satisfactory authority has been established before recording the entry. If an approval is in question, FAS will contact the preparer to gather more information.
In order to prevent delays in the processing of your entries, please make sure that your entries have sufficient approvals prior to submission.
Examples of sufficient approvals include but are not limited to :
• Preparer's Supervisor
• Preparer's departmental Budget Officer
• Preparer's Department Head
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Submission To FAS
• Journal entries must be approved prior to submission to
Financial & Accounting Services (FAS).
• All journal entries should be sent to FAS located at
University Corporate Center (UCC), attention to Ruth
Smith.
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Deadlines
• Journal entries must be received by Financial &
Accounting Services by 5:00 PM on the 2 nd business day of the new month.
• All journal entries received after this deadline will only be processed if time permits.
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Questions
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Additional Information
For more information about Journal Entries, as well as, other useful tools, please visit the Financial Reporting website.
Website: http://finance.wfu.edu/faculty-staff/financial-reporting
General Accounting Contact List:
Name
Jennifer Killingsworth
Terri Tyson
Ruth Smith
Freddy Acuna
Kathryn Hackworth
Jessica Gorrell
Title
Manager, General Accounting
Accountant, General Accounting
Senior. Accounting Coordinator
Accounting Coordinator
Accountant, Fixed Assets
Accountant, Plant Funds
Phone Email ext. 4088 killinjl@wfu.edu
ext. 3205 tysontl@wfu.edu
ext. 5977 smithrr@wfu.edu
ext. 5186 acunafo@wfu.edu
ext. 4096 hackwok@wfu.edu
ext. 6408 gorrellj@wfu.edu
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