Purpose

To assign Revenue and Tax Account Codes to Fee Types for a specific Fee Period (Calendar Instance)

SubSystem

Finance

Revenue and Tax Account Codes represent general ledger accounts held in an external Financial System. They are recorded in Callista in FINF1800 (Maintain Fee Posting Accounts). At least one Revenue Account Code must be assigned to each active Fee Type in a Fee Period. For those fees that are Taxable (for example, in Australia, subject to GST), it is recommended that a separate Tax Account Code or codes are also recorded against the Fee Type, though this is not a requirement enforced by the System.

Use of revenue and Tax Account Codes

The Account Codes associated with a particular fee are included in invoice and credit records raised for that fee. When these records are transferred via interface to an external Financial System, the amounts involved are credited to the corresponding account in that System.

For both revenue and tax accounts, more than one Account Code can be specified for a fee within a Fee Period, as long as there is no overlap of the time-spans during which accounts of the same type are in effect. This flexibility allows for accurate reporting of 'unearned' income, where a student or sponsor is invoiced for services to be provided in a future Financial Period rather than the current period. An example is given below.

Tax Amounts are not disbursed. If a separate account is not recorded for the tax component of a Taxable Fee, the Tax Amount is credited to the Revenue Account.

Access

This form is accessed through FINF2100 by selecting the Fee Type Calendars button (bottom right), and then selecting the Revenue Accounts button (top button, bottom left). Account Codes can only be specified at the Fee Type (FTCI) level.

Example

This example demonstrates the use of two Revenue Account Codes and two Tax Account Codes assigned to a fee in a Fee Period. In this scenario –

• Returning students re-enrolling at the end of 2003, and
• New students enrolling at the start of 2004

are all being assessed and invoiced for year 2004 first Semester general service fees.

 

Fee Type	Fee Period (Year 2004)	Account	System Account Type	Start Date Alias Instance	End Date Alias Instance
GSF	FEE-SEM1 (1/1/2004 - 30/6/2004)	123	REVENUE	01/07/2003	31/12/2003
		777	TAX	01/07/2003	31/12/2003
		456	REVENUE	01/01/2004	30/06/2004
		888	TAX	01/01/2004	30/06/2004

For invoices created between July and December 2003 for 1^st Semester 2004, revenue amounts are allocated to account 123 (representing a Balance Sheet account 'Future Year Income') and the tax component of the invoice to account 777. For invoices created between January and June 2004, also for 1^st semester 2004, revenue is allocated to account 456 (Revenue Account 'Fee Income') and the corresponding tax to account 888.

The Fee Type Calendar Instance block contains:

• Calendar Type
• Start Date
• End Date
• Fee Type
• System Fee Type
• Fee Trigger Category

The Fee Type Calendar Instance Account block contains:

• Account Code
• Financial Period
• Start Date
• End Date
• System Account Type
• Status
• Start Date Alias
• End Date Alias

  Button

• Back

Rule/Notes:

The Fee Calendar Instance block identifies the selected Fee Type and Fee Period to which the revenue and Tax Account Codes apply.

For each required Revenue Account, use the Fee Type Calendar Instance Account block to select –

• An Account Code of System Type REVENUE (associated with the required financial year) which is to receive income from this Fee Type in the Fee Period displayed, and during the time-span specified. This income may or may not include tax, depending on whether a separate tax account is specified
• The Start Date and End Date (inclusive) defining the time-span during which this account is in effect.

If the tax component of a Taxable Fee is to be held in a separate account, also specify –

• An Account Code of System Type TAX (associated with the required financial year) which is to hold the tax component of income for the Fee Type in the Fee Period, together with the Start and End Dates defining its effective time-span.

Rules/Notes:

At least one Revenue Account Code must be recorded for any active Fee Type in a Fee Period (calendar instance). Account Codes may be recorded against planned Fee Types.

It is important to ensure that the effective time-spans of active Account Codes for a Fee Type cover the entire period during which finance interface processing will occur.

The Account Code list of values (LOV) lists all active revenue and Tax Account Codes recorded in FINF1800 for the Financial Period/s (Finance Calendar Instance/s) Superior to the Fee Period selected.

The Date Alias Instances shown in the LOV are those recorded for the Financial Period/s associated with the account selected.