Purpose

To create and maintain Account Classifications and optionally to record the Organisational Unit Accounts corresponding to each Classification Code

SubSystem

Finance

Account Classifications provide a link between Fees to be disbursed and the Organisational Units due to receive disbursed amounts. Each Organisational Unit's Accounts are classified according to purpose, and corresponding classifications recorded against the formulas used to disburse Fees, as appropriate. The primary purpose of this form is to create and maintain the Classification Codes.

The Organisational Unit Accounts that receive disbursed income are set up using the form Maintain Fee Posting Accounts, FINF1800. These accounts can be matched to Organisational Units and recorded against the different classifications using the current form. Alternatively, the accounts and their classifications can be recorded against Organisational Units in the Maintain Disbursement Accounts form, FINF7100. Once recorded, the same data is displayed in both this form and FINF7100.

The formulas used to assign income to Organisational Units by classification are recorded using form FINF7210, Maintain Fee Disbursement Formulae.

The table above represents a sample of Fee Posting Accounts due to receive disbursed income from a specific Fee. For each student liable for the fee in a specific Fee Period, the income is divided - according to the set of formulas for that fee - across these accounts by way of their Classification Codes.

Scenario: A student's Tuition Fee is to be divided across the above Organisational Unit Accounts. The formulas for Tuition Fees have been set up so that the fee is divided in the following manner:

• A portion of each fee goes directly to Organisational Units with accounts classified as VC-ADMIN and LIBRARY - in this example, Student Services, Buildings & Grounds and Library.
• Disbursement to faculties and teaching departments depends on the courses and units studied by particular students. For a student taking an accounting degree, a proportion of their Tuition Fee will go to the CRSE-OWNER account of the Faculty of Business. (The disbursement for an Arts student would be made to the account classified as CRSE-OWNER in the Faculty of Arts).
• Teaching departments with accounts classified as TEACHING will receive a portion of a student's Tuition Fee according to their teaching responsibility for the units studied by the student.

The Account Classification block contains:

• Classification Code
• Description
• Closed check box

The Organisational Unit Account block contains:

• Organisational Unit
• Calendar Type
• Account Code
• Start Date
• End Date
• System Account Status

Rule/Notes:

Classification Codes are defined by an institution. Record all required Classification Codes in the Account Classification block.

Optionally, for each Classification Code select or enter:

• The Organisational Units whose fee posting accounts should have this classification
• For each Organisational Unit, a record for the Account Code to which the classification applies, in each financial period required.

Rules/Notes:

Form FINF7100 provides an alternative way to link classifications to Organisational Unit Accounts.

Existing data, whether entered in this form or in form FINF7100, can be queried in both forms.

The list of values (LOV) for Account Codes gives all active disbursement accounts, as defined in FINF1800.