Usage of Account & Object Codes
The Wesleyan financial system uses six digit
account numbers established for a specific purpose with responsible persons
assigned to each account. These account numbers are used to accumulate revenues
and expenses for that purpose. The revenues and expenses are categorized by
type within an account using a four digit object code. An object code
determines the nature of the expense by functional classification, whereas an
account number is used to create a relationship of expenses, most often by
be times when a department has a need to segregate activities for reporting
purposes. This should be done through the use of multiple accounts, not object
codes. The Inquiry system has the ability to report accounts based on account
attributes. An Inquiry report can then be run pulling only those accounts with
that one account attribute. This preserves the use of standard object codes for
expense purposes only but allows a department to assign more specific
relationships among expenses. Please contact the fiscal manager for your area
to discuss the need for an attribute change. Your fiscal manager will then
contact either Sun Chyung (for unrestricted accounts) or Valerie Nye (for
capital or agency accounts) in the Finance Office.
the following link to view the current Wesleyan account structure.
Finance Reporting - Account Structure
It is very important that the charging of object
codes is done correctly within the definition of the object code. FRS follows
sets of rules that allow only certain types of object codes to be used within an
account, depending on the nature of the account. For example, specific revenue
object codes can only be used with revenue accounts. A tuition revenue object
code will not be allowed in a 2-ledger departmental expense account.
Click on the following link to view a list of
commonly used object codes.
Finance Reporting - Object Codes