{"id":3279,"date":"2015-04-27T09:58:47","date_gmt":"2015-04-27T13:58:47","guid":{"rendered":"http:\/\/carleton.ca\/facts\/?p=3279"},"modified":"2015-06-17T14:21:28","modified_gmt":"2015-06-17T18:21:28","slug":"a-special-tips-from-a-financial-services-insider-series-called-did-somebody-say-foapal","status":"publish","type":"post","link":"https:\/\/carleton.ca\/facts\/2015\/a-special-tips-from-a-financial-services-insider-series-called-did-somebody-say-foapal\/","title":{"rendered":"A special \u2018Tips from a Financial Services Insider\u2019 series called \u2018Did Somebody Say FOAPAL?\u201d (#1 of 7)"},"content":{"rendered":"<p><strong>A special \u2018Tips from a Financial Services Insider\u2019 series called \u2018Did Somebody Say FOAPAL?\u201d. <\/strong><\/p>\n<p><strong>Banner \u2026 what is it?<\/strong><\/p>\n<p>Banner is the University\u2019s enterprise resource planning system, and is comprised of 4 main areas: Finance, Student, Advancement and Human Resources. In plain language, the Banner Finance system does the heavy lifting for most of the university\u2019s financial transactions\/ tracking. If you\u2019ve done any of the following, you\u2019ve worked with a Banner system<\/p>\n<ul>\n<li>claimed a travel expense<\/li>\n<li>created a journal<\/li>\n<li>claimed a PER in 2015<\/li>\n<\/ul>\n<p><strong>Banner \u2026 how does this relate to FOAPALs?<\/strong><\/p>\n<p>If you don\u2019t already know what Banner is, you\u2019ve likely just read more than you\u2019ll ever need to know. The key point is that the backbone of the Banner Finance system is the FOAPAL. The FOAPAL is the accounting string used to denote where a revenue or expense item is to be transacted in the <a href=\"http:\/\/carleton.ca\/facts\/glossary\/c\/\">chart of accounts<\/a> or <a href=\"http:\/\/carleton.ca\/facts\/glossary\/g\/\">general ledger<\/a>.<\/p>\n<p><strong>FOAPAL \u2026 why is this important?<\/strong><\/p>\n<p>You can read all about the reasons that the <a href=\"http:\/\/carleton.ca\/facts\/glossary\/f\/\">FOAPAL<\/a> is important. However, what it really boils down to is the FOAPAL is used to ensure that money comes from and goes to the correct places. Much like your account number tells the bank where to put your pay cheque every two weeks. And just as you would not want to provide the wrong bank account number and fail to receive your pay cheque, it is equally important to get FOAPALs right.<\/p>\n<p><strong>The FOAPAL is critical to getting the University\u2019s business done, but remains the thing that Financial Services receives the most questions about.<\/strong><\/p>\n<p>We\u2019re hoping to begin to fix that with this series. Each letter in FOAPAL stands for an element of the accounting string (i.e. the FOAPAL is the accounting string). This series will provide plain language explanations for each of the elements.<\/p>\n<p>Next week, we\u2019ll put the \u2018F\u2019 in FOAPAL. Stay tuned!<\/p>\n<p><strong>Feedback<\/strong><\/p>\n<p>We always love to hear from you! Email your feedback to &#102;&#x61;&#99;&#x74;&#115;&#x40;c&#x61;r&#x6c;e&#116;&#x6f;&#110;&#x2e;&#99;&#x61;.<\/p>\n<h3>Links to Related Tips:<\/h3>\n<ul>\n<li><a href=\"http:\/\/carleton.ca\/facts\/?p=3284\">Tip #2 of 7: Fund Codes<\/a><\/li>\n<li><a href=\"http:\/\/carleton.ca\/facts\/?p=3318\">Tip #3 of 7: Organization Codes<\/a><\/li>\n<li><a href=\"http:\/\/carleton.ca\/facts\/?p=3326\">Tip #4 of 7: Account Codes<\/a><\/li>\n<li><a href=\"http:\/\/carleton.ca\/facts\/?p=3331\">Tip #5 of 7: Program Codes<\/a><\/li>\n<li><a href=\"http:\/\/carleton.ca\/facts\/?p=3337\">Tip #6 of 7: Activity Codes<\/a><\/li>\n<li><a href=\"http:\/\/carleton.ca\/facts\/?p=3354\">Tip #7 of 7: Location Codes<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>A special \u2018Tips from a Financial Services Insider\u2019 series called \u2018Did Somebody Say FOAPAL?\u201d. Banner \u2026 what is it? Banner is the University\u2019s enterprise resource planning system, and is comprised of 4 main areas: Finance, Student, Advancement and Human Resources. In plain language, the Banner Finance system does the heavy lifting for most of the [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_mi_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[1],"tags":[4],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>foapal<\/title>\n<meta name=\"description\" content=\"foapal fund (Carleton University&#039;s Financial Service&#039;s FACTS program for financial administration training)\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/carleton.ca\/facts\/2015\/a-special-tips-from-a-financial-services-insider-series-called-did-somebody-say-foapal\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"lauralandriault\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/carleton.ca\/facts\/2015\/a-special-tips-from-a-financial-services-insider-series-called-did-somebody-say-foapal\/\",\"url\":\"https:\/\/carleton.ca\/facts\/2015\/a-special-tips-from-a-financial-services-insider-series-called-did-somebody-say-foapal\/\",\"name\":\"foapal\",\"isPartOf\":{\"@id\":\"https:\/\/carleton.ca\/facts\/#website\"},\"datePublished\":\"2015-04-27T13:58:47+00:00\",\"dateModified\":\"2015-06-17T18:21:28+00:00\",\"author\":{\"@id\":\"https:\/\/carleton.ca\/facts\/#\/schema\/person\/67986e0747682af8c3a6d519a0bb7609\"},\"description\":\"foapal fund (Carleton University's Financial Service's FACTS program for financial administration training)\",\"breadcrumb\":{\"@id\":\"https:\/\/carleton.ca\/facts\/2015\/a-special-tips-from-a-financial-services-insider-series-called-did-somebody-say-foapal\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/carleton.ca\/facts\/2015\/a-special-tips-from-a-financial-services-insider-series-called-did-somebody-say-foapal\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/carleton.ca\/facts\/2015\/a-special-tips-from-a-financial-services-insider-series-called-did-somebody-say-foapal\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/carleton.ca\/facts\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"News\",\"item\":\"https:\/\/carleton.ca\/facts\/category\/news\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"A special \u2018Tips from a Financial Services Insider\u2019 series called \u2018Did Somebody Say FOAPAL?\u201d (#1 of 7)\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/carleton.ca\/facts\/#website\",\"url\":\"https:\/\/carleton.ca\/facts\/\",\"name\":\"Financial Administration Community Training &amp; 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