Policies & Procedures

Policy: 6109

The general ledger is defined as a group of accounts that supports the information shown in the major financial statements. The general ledger is used to accumulate all financial transactions of the College and is supported by a subsidiary ledger that provides details for certain accounts in the general ledger. The general ledger is the foundation for the accumulation of data and reports.

The Gloucester Campus uses the Banner Software System to record accounting transactions. The Cumberland Campus uses Colleague to record accounting transactions. Both systems provide for separate, self-balancing sets of accounts in accordance with generally accepted accounting principles and procedures for colleges and universities.

The College’s chart of accounts accumulates all fund, account, organization, program, and activity codes to meet reporting needs of the institution. The chart of accounts is monitored by the Associate Vice President, Financial Services on the Gloucester Campus (AVP, FS) and Senior Executive Director, Financial Services on the Cumberland Campus (SED, FS). Responsibilities include the maintenance of all accounts, such as additions or deletions. Any additions or deletions of accounts will be approved by the Executive Vice President and Chief Operating Officer/Chief Financial Officer who ensures that the chart of accounts is consistent with the organizational structure of the College and meets the needs of each division and department.

References:

Rowan College of South Jersey Administrative Procedure, 6109 General Ledger and

Chart of Accounts