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Finance Terms

Banner Finance Terms

A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z

A

Account
The first "A" in "FOAPAL" that describes the nature of expenditures and revenue in the Operating Ledger. (in FRS, it was our subcode)

B

Banner
Banner is the name of the integrated suite of software products that use client/server architecture and web applications. It serves as an interface between users and the database where all system records are stored. Banner is a trademark of SCT (Systems and Computer Technology Inc.)
Budget Transfer
Transaction that reduces the budget in one FOAPAL and increases the budget in another FOPAL by an equal amount. Budgets may only be transferred within Funds.

C

Commodity level accounting
Commodity level accounting allows you to assign one or more FOAPALs to each specific commodity (item).

Commodity level accounting must be used when you order inventory items.

Example:
Computer paid by 1st FOAPAL (100%)
Printer paid by 2nd FOAPAL (100%)
Server paid by 2nd FOAPAL (50%) and by 3rd FOAPAL (50%)

D

Document level accounting
Document level accounting allows you to assign FOAPALS at the document level, rather than to specific commodities by a percentage (or other distribution) of the total.

Example:
Paper (plus)
Books (plus)
Chair ( = total charge)
paid by
1st FOAPAL (100%)
or
1st FOAPAL (75%) and 2nd FOAPAL (25%)
or
1st FOAPAL ($partial amount) and 2nd FOAPAL ($balance)

E

Encumbrances
An amount of the available balance in a FOAPAL earmarked for paying anticipated or known obligations.

F

Fiscal Year (FY)
Any yearly accounting period. The State's & College's fiscal year begins on July 1 and ends on the following June 30.
FOAPAL
FOAPAL is the acronym representing each element of the new Charts of Accounts: Fund, Organization, Account, Program, Activity, and Location. This the numbering system used by Banner to capture financial transactions and facilitate retrieval of information and financial reporting.
Fund
The "F" in "FOAPAL" that defines the source or money and whether a restriction has been imposed by the contributor of the money as how it can be spent.

G

H

I

Internet Native Banner (INB)
This is the place you will go to create requisitions and direct payments.

J

K

L

Luminis
The Portal Technology that provides centralized Web access to information and services in a secure environment. This is a Sungard SCT product that serves as a gateway to electronic information at the University. The Luminis software is called myGate at MSU.

M

N

O

Operating Expenses
Non-compensation expenses such as supplies and equipment.
Organization
The "O" in "FOAPAL" that defines the departmental entities or budgetary units within the Univer
Modified 7/7/2014
Article ID: 530