What is it?

Account Codes are six digits in length and are the third element of the FOAPAL. They represent the nature of each transaction, including revenue and expense, asset and liability.

Diagram of the Account Code element in a FOAPAL

Why is it important?

The Account Code tells us what we spend University money on.  There are many different revenue and expense account codes and care should be taken in choosing the appropriate code to correctly identify the transaction.  For example,

  • revenue (5xxxxx)
  • salaries (6xxxxx)
  • expenditures (7xxxxx)
  • budget (726xxx)

Where do I find more information?