Policies & Procedures
Name:
General Ledger and Chart of Accounts
Policy Number:
AP-6109
Approved Date:
07/01/19
Most Recent Revision:
04/16/24
Series:
Finance, Financial Controls
Administrative Procedure: 6109
GENERAL LEDGER AND CHART OF ACCOUNTS
Chart of Accounts
The chart of accounts is the framework for the general ledger system and the basis for the College’s accounting system. The chart of accounts consists of funds, accounts, organization, program, and activity codes. General ledger accounts are used to accumulate transactions and the impact of these transactions.
The College’s chart of accounts is comprised of ten types of accounts:
- Assets
- Liabilities
- Control Accounts
- Fund Balance Accounts
- Revenue
- Labor
- Expenditure
- Transfer
- Fund Addition
- Fund Deduction
Distribution of Chart of Accounts
Only the Associate Vice President, Financial Services, or designee, is authorized to update the College’s chart of accounts.
References:
Rowan College of South Jersey Board of Trustees Policy Manual, 6109 General Ledger
and Chart of Accounts