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 department. 

There may 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.  

Click on 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