Presentation on theme: "Chart of Accounts Overview New Hanover County Schools Finance Department."— Presentation transcript:
Chart of Accounts Overview New Hanover County Schools Finance Department
Each State and Federal Program publishes a list of approved codes for that program. If the code is not listed, then that program may not be used for that purpose. It is important to code expenditures to the appropriate code so we know how funds were used. Funds may be transferred between line items within specific parameters. Chart of Accounts
The Chart of Accounts -Basic Account Structure X.XXXX.XXX.XXX.XXX.xxx.xx Fund|Function|Program|Object|School| Use1 | Use2 The Blue Codes must be in compliance with the Uniform Chart. Green are for Local Use.
Fund Codes A Fund is an Independent Fiscal and Accounting Entity. The Following Funds are used by NHCS: 1State 2General 3Federal 4Capital Outlay 5Enterprise (Child Nutrition) 6Trust Funds 7Not Used 8Other Restricted Funds
Four Types of Function Codes: 1. 1xxx - Assets 2. 2xxx - Liabilities and Reserves 3. 3xxx - 4xxx - Revenue: 3xxx - State and Federal 4xxx - Local Sources 4. 5xxx - 9xxx - Purpose (Expenditures Codes) Function: Purpose or Type of Account
Purpose Codes: The reason for the expense 5xxx: Instructional Services 6xxx: System-Wide Support Services 7xxx: Ancillary Services 8xxx: Non-Programmed Charges 9xxx: Capital Outlay
2.5400.805.411.304.000.00 School Leadership Services Purpose Codes
PRC - Program Report Code A pot of money PRC examples include: 061 -Classroom Materials 032 - Exceptional Children 802 - Maintenance 884 - Art
Object Codes Object Code – Service or Commodity obtained as a result of a specific expenditure 100 - Salaries 200 - Benefits 300 - Purchased services 400 - Supplies and Materials 500 - Capital Outlay 600 - Reserved for Future Use 700 - Transfers
Location Codes X.XXXX.XXX.XXX.XXX.xxx.xx School Department School Numbers – Defined by DPI Department Numbers – Only necessary when more than one department is allocated funds.
Roll-up Codes Reduce number of budget transfers Allow funds to be budgeted in one code and spent in related codes without budget transfers The budget is posted to the primary code and expenditures can be coded to both primary and roll- up codes. Budget manager can see the roll-up (combined) remaining balance on any of the related codes More information on Roll-Up Codes may be found on the Finance Web site under Memos & Procedures
Roll-up Codes Example: Program 028 – Workshop Expenses x.XXXX.028.312.xxx.xxx.163 (Payroll).166 (Payroll).2XX* (Payroll) Roll to *Fringes will match purpose of Sub
Roll-up Codes List of PRCs that currently have Roll-up function: Staff Development (028) Classroom Materials/Instructional Supplies (061) School Building Admin (805)
Budget Transfers General Rules Not allowable to transfer between funds Transfers are allowable between object codes within a program. Transfer may be allowed between local programs X.XXXX.XXX.XXX.XXX.xxx.xx Fund|Function|Program|Object|School| Use1 | Use2
Textbook Code Local PRC 830 Not real money Allowable transactions are State Adoption Textbook orders and State approved Budget Transfers No outside purchase orders on this code - even if they are for textbooks Managed at School level Multi-year budget – Save money for replacement books and expensive adoptions Detailed textbook procedures are on the Finance website
Printing Allocation Not real money Allocated by Purchasing and used for tracking purposes only May transfer in additional money, but may not transfer out
Funding Spend State First Federal more restrictive - make sure expenditures are appropriate for this program
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