What is it?
Expense is an accounting term used to describe the actual cost of a good or service used in the course of the University’s operations. These include such things as salaries and benefits, supplies, travel, and professional fees.
At Carleton, the FOAPAL string is used to record financial transactions against our general ledger. The third element in the FOAPAL string, the Account, describes the type of expense.
Why is it important?
Having expenses charged to the appropriate account aids budget managers/Fund holders in tracking expenses and engaging in both short and long term planning.
Where do I find more information?
To view your current expenses, please log on to FAST.