Finance Office

Chart of Accounts and General Accounting

The Chart of Accounts is a listing of the accounts available in the accounting system in which to record entries. It consists of balance sheet accounts (assets, liabilities, net assets) and income statement accounts (revenues, expenses, gains, losses). The Chart of Accounts can be expanded and tailored to reflect the operations of the university.

The Finance Office is responsible for maintenance of the Chart of Accounts for the University's GP Dynamics financial system. This is coordinated and updated with the assistance of other departments as it interfaces with other financial systems including CAMS, Rivier’s Student information System.

General Ledger Account

The G/L account is a thirteen-digit number (x-x-xxx-xxx-xxxx-x) that identifies the nature of revenue/expense transactions (e.g., tuition, printing, office supplies) or balance sheet items (e.g., cash, deferred income). The group of G/L accounts defined for the University as a whole is referred to as the Rivier Chart of Accounts. G/L account numbers that begin with a second segment of 1 or 2 are balance sheet accounts. G/L account numbers that begin with a second segment of 3 are used to record revenues from various sources. G/L account numbers that begin with a 4 are used to record disbursements for the purchase of goods or services.

Departments are identified in the third segment in the GL account (x-x-dep-xxx-xxxx-x). Departments are used to plan, gather, and track costs in a university unit as academic, administrative, and auxiliary units. Departments are three-digit numbers. Within a department, multiple cost centers may be set up to further delineate by project, activity, grant, or other restriction. See below for an explanation of the structure of a cost center.

Object codes are the fourth segment in the GL account (x-x-xxx-obj-xxxx-x). These are used to gather similar costs across all departments. For example, object code 202 to 203 is student labor, 410 is office supplies, and 525 is telephone. Cost objects are used to plan, gather, and track revenues and costs across all departments.

Cost Centers

Multiple cost centers (fund numbers) may be set up to further delineate by project, activity, grant, or other restriction. Fund numbers are the fifth segment in the GL account (x-x-xxx-xxx-fund-x). Grant or contract funds are generally restricted by donors or other outside agencies to the specific purpose for which they may be expended. Restricted Scholarship funds may be current restricted or endowed. Endowed funds have a permanently restricted corpus, temporality restricted (income from investments). Agency funds include funds held by the University as custodian or fiscal agent for others.

Fiscal Calendar

The fiscal year is July 1 through June 30. Each calendar month represents a separate posting period. For example, period one would be July; period two would be August, and so on.


 

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